The General Directorate of the Land Cadastre of Turkey has changed the rules for obtaining citizenship by investing in real estate from $400,000. The new rules will come into force on January 1, 2023. The agency assures that the additions were made in order to prevent fraudulent schemes.
New Rules
You can not buy objects for citizenship in turn
When buying real estate by issuing a notary agreement Satış Vadi sözleşmesi, you cannot use the right to accumulative registration of real estate in ownership. A notarized deal for citizenship can only be formalized by purchasing real estate for $400,000 at the same time.
It is impossible to acquire a share of real estate even at a high cadastral value.
That is, two foreigners cannot purchase one object in equal shares, for example, worth more than $800, and obtain citizenship. One property, one owner.
You can not apply for citizenship twice when buying the same object.
A foreigner who has received citizenship cannot then sell this object to another foreigner in order to obtain a Turkish passport. When buying secondary real estate, you will have to check whether they have received citizenship on it before.
You can not take the amount of investment required for citizenship on credit
In the case of buying a home with a mortgage, the amount remaining after deducting the loan amount from the sale price must be at least $400,000.
It is now possible to pay in foreign currency for a purchase under citizenship, if required by the seller, only before the issuance of a currency exchange document
If the transaction takes place before the issuance of a currency purchase certificate, the transfer must be made in foreign currency. If the buyer transfers the amount after the issuance of a certificate for the purchase of currency, the transfer must be made in Turkish lira.
Do you want to buy property to apply for Turkish citizenship? Our managers will select a suitable object for you, taking into account the changes in the rules for obtaining citizenship. And lawyers will help you understand the intricacies of Turkish law.
