Turkish citizenship by Property Investment
Citizenship will be granted to whoever buys property under construction or from the project
According to the new section added to the regulation on 07.12.2018, the process of gaining Turkish citizenship becomes easier. According to a circular published in the Official Gazette, foreigners will be able to obtain citizenship if they take a $ 250,000 transfer contract from unfinished housing projects to a notary.
According to the regulation published on 19.09.2018, title deed and valuation report were required to obtain Turkish citizenship. When investors wanted to buy property from a project under construction, they lost their right to acquire citizenship because the actual value of the property under construction was not the same as the value declared in the valuation report. This rule was abolished by a new regulation. With the new arrangement, when buying property from a project under construction, the promise of selling the property will suffice.
According to a circular published in the Official Gazette in recent months, the right to acquire Turkish citizenship was made easier by changing some conditions. The amount of capital they could qualify for Turkish citizenship was reduced from 2,000,000 USD to 500,000 USD, the amount stipulated for acquiring Turkish citizenship through the purchase of property was reduced from 1,000,000 USD to 250,000 USD, and the employment limit was reduced from 100 people to 50 people.
Citizenship will be granted with a notarized commitment to purchase property
The new section added to the regulation on 07.12.2018 provided new facilities for foreigners wishing to acquire Turkish citizenship. Foreigners who make a commitment to purchase a property worth USD 250,000 through a notary contract for the sale of the property will be able to obtain Turkish citizenship. The contract held from the notary that promised the sale of the real estate in advance in the said amount will be sufficient for the acquisition of citizenship to be annotated in the land registry with the commitment that the transfer and abandonment cannot be done for three years. Foreigners who wish to own property from unfinished or project buildings will also be able to apply for citizenship.
According to the new ruling published in the Official Journal;
* The property committed to purchase must be worth at least USD 250,000.
* The purchase commitment must be notarized.
* The notarized contract must clearly state that the promised property will not be sold for 3 years.
* The commitment to purchase property also applies to properties under construction or under Project.
You can contact iamistanbul team by e-mail or telephone for any further questions regarding the conditions for obtaining Turkish citizenship.
Sign up for Turkish citizenship by Property Investment newsBy Iamistanbul
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