Legal regulation in relation to Real Estate Investment and Acquiring Turkish Citizenship
The long-awaited legal regulation regarding the acquisition of Turkish Nationality through real estate investment has now been published and put into effect.
Following are the requirements for the acquisition of Turkish Nationality by means of real estate investment
1-A foreign national person is required to acquire an immovable property that is worth at least or more than 250,000.- USD ( or in any corresponding currency) in Turkey.
Such amount has been set as 1,000,000.- USD for the properties that were purchased between 12.01.2017 and 18.09.2018.
2- The value of the property will be appreciated by the determination of the official authorities that are announced by the Banking Supervision Board, and according to such valuation determined by the authorities, the value of the property shall have to be 250,000.- USD.
3- The officially declared value of the property at the time of its ownership transfer at the Land Registry Office shall have to be at least 250,000.- USD.
4- With the property purchase, the purchase price shall be paid to the seller via bank transfer. It should be proven and supported by means of bank verified receipts that show the money has come of the Buyer’s account and put into the Seller’s account.
5-Once the immovable property is purchased, the owner must keep it for at least 3 years and this commitment is to be registered as an annotation on the deed.
6- Any such property within this scope must not be registered under any foreign real person’s name including the Applicant’s spouse or children; properties that have been transferred by the Applicant’s spouse or children after 12.01.2017 are not within the scope of the regulation.
7-In case the property is subject to mortgage or is purchased with a mortgage loan, the mortgage value will be deducted from the appreciated value and the remaining such will be taken into consideration.
8-It is possible to fulfil the requirement of 250,000.- USD with more than one immovable property according to the provisions of the regulation.
9-Application will be directly sent to the Directorate of Foreigners’ Department through the Land Registry Office and finalized there.