The Turkish citizenship guide has been updated. The Turkish government has set out some new conditions for applying for citizenship of Turkey by investment. This new amendment to the Turkish Citizenship Law aims to prevent the exploitation of the vague areas surrounding Turkish citizenship by investment programs. The new regulation brings changes to the application conditions through real estate investments.
Fundamental requirements, like the total amount of investment required for applying for Turkey’s citizenship through investment, are still the same. However, buying property in Turkey and citizenship acquisition are now subject to some additional requirements.
What Has Changed in Turkey’s Citizenship Program and What Has not?
The total investment amount required for applying has not changed. People who want to get Turkish citizenship through real estate investment should purchase property worth at least 400.000 USD. However, there are some additional requirements as to which types of properties are suitable for citizenship application. Here are the new requirements;
• The minimum investment amount does not need to be invested in just one property. The purchase of multiple properties worth a total of 400.000 USD is suitable for the application.
However, if the purchase is being carried out under an agreement to sell, there should be only one contract. Multiple agreements to sell can not be used for application.
Additionally, properties from different projects can not be sold through the same agreement to sell. So, in order to apply, one or more properties from the same project worth at least 400.000 USD should be purchased through a single agreement to sell.
• Residential properties, commercial properties, and plots of land can be used for applying for citizenship. However, the residential properties to be used in the application should have floor easement or ownership title deeds. This means timeshare properties can not be used for applying for Turkish citizenship.
• Shared ownership deeds can only be used in citizenship applications under specified circumstances. For instance, it’s not possible to apply for citizenship by buying a share (or some of the shares) of a property with a shared ownership deed. This means, no more than one foreigner can use a single property deed to apply for citizenship.
To put it more simply, foreigners can not apply for citizenship through joint ownership. However, a foreigner can apply for citizenship by buying all shares of a property (or properties) that previously had a shared ownership deed and was owned by multiple persons.
You can check out our Citizenship in Turkey page for detailed information on the requirements and procedures.
When Will These New Requirements for Turkish Citizenship Be Effective?
These requirements set out by the new regulation will come into effect on January 1, 2023. Previously set out requirements will be taken into account for assessing the citizenship applications made until 12 PM on December 31, 2022.
However, it’s always best to assess each situation with an expert to save time and not run into trouble. Call our experts to get accurate information for your case.