Through the extensive experience in the field of real estate consultancy, we as a Right Way Group® are going to break down the new law of acquiring Turkish citizenship, as we understand the importance of this topic for the investors.
The Turkish government is highly interested in attracting real estate investment and it is aware of the vital role played by investors in the real estate market to support the Turkish economy. The Ministry of Environment and Urbanization in Turkey have issued the regulation of granting Turkish nationality through different means.
On Wednesday 19/09/2018 the text of the amendment of the conditions of granting Turkish nationality to foreigners in exchange for the purchase of a property in Turkey or through a deposit in Turkish banks for investment was published in Turkish Official Newspapers.
After reviewing the law by the legal specialists, it has been concluded that there are 4 ways to get Turkish citizenship:
- Purchase a property in Turkey worth $250 000 (previous value = $1 million), with one condition, that the property cannot be sold within the first 3 years.
- Depositing $ 500,000 in Turkish banks (previous value = 3$ million).
- The value of fixed investment in exchange for citizenship became $500 000 (in the previous law it was $2 million).
- Employment of 50 Turkish citizens in the company/project (previously 100 citizens).
The Official Gazette is the main source of information for decisions, declarations, and governmental and parliamentary laws. We provide you with the exact contents of the Official Gazette relevant articles as follows:
Decision No. 106
Approved the amendment of the regulation on the application of Turkish citizenship, and the amendment of article 46 of the Turkish Citizenship Law No. 5901.
How to apply for Turkish citizenship by owning a property:
Firstly, it is necessary to know that the Ministry of the Environment and Urbanization of Turkey is the official governmental body that make the decisions and laws of nationality regulations on 15/10/2018 relating to the mechanism of implementation of the Nationality Law under No. 36189470.
After studying the legal regulations with the legal advisory teams at the Right Way Group, we put forth the criteria that gives the investor the right to benefit from the law to obtain The Turkish citizenship through the property:
- The property purchased prior to the issuance of the President's signature should be $ 1 million.
- The property purchased after the issuance of the property should be signed by the President, after the date of 19/9/2018, at a value of at least $ 250,000 keeping in mind the importance of transferring the amount of the property through the bank.
- Obtain the title deed of the property, means that the owner of the property paid for the price of the property in full. The value of the property is assessed by the issuing company that provides the investor with an official document of property value.
- Signing a pledge not to sell the property for three years in return for Turkish citizenship, and the decision is made by the Directorate of Real Estate Registry (Tabo).
- Register an address for the investor in Turkey. This title does not necessarily have to be in the owned property, where the investor can rent a property and provide the address of that rented property.
What documents are required for citizenship and property investment:
- Real estate registration document (Tabo)
- Payment receipt. This receipt can be obtained from the bank where the transaction was made.
- Passport.
- Valid residency in Turkey (officially registered in migration office)
After collecting all the documents, they will be submitted to the relative department of Ministry of foreign affairs of the province in which the investor resides.
Right Way Group’s Legal team provides you with the text of the new regulations that outline all the conditions, details and procedures for the application of the new law:
In order to apply for Turkish citizenship under item (b) of the Act (a) in respect of (immovable property / immovable properties), the value of the immovable property bought during the period between 12/01/2017 and 18/09/2018 shall be not less than USD 1,000,000. As for (immovable property / immovable properties) bought on 19/09/2018 and after, it must have a value of at least USD 250,000.
For the purpose of fixing the value mentioned in the relevant article of the above legal regulation, a report must be obtained to assess the value of the immovable property, the report should be prepared in accordance with the evaluation criteria and approved by the evaluation institutions working in this field Article 11 of the Legal Regulations (F) When applying for an acquisition, the date of the evaluation report must be 3 months prior to the date of application. The evaluation report is valid until the completion of the procedures. If action is taken for a property that has completed acquisition procedures, the valuation report prepared prior to the date of acquisition of (immovable property / immovable properties) must be requested. The evaluation report is valid until the completion of the procedures.
If the procedure for a property has been completed and the acquisition has been completed, the evaluation report must be requested.
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