TURKISH CITIZENSHIP BY INVESTMENT
With the new regulation which was declared on September 18t, Republic of Turkey grants citizenship to foreigners who make
1. 250,000 $ property investment
2. found/buy a company with 500,000 $ capital
3. deposit 500,000 $ in State investment instruments or state banks operating in Turkey provided that they do not withdraw such amount for three years. Also, employing 50 personnel is determined as a criteria for applying for Turkish citizenship with the new regulation. Several regulations published in the Official Gazette No. 106 decision of foreign nationality were changed with the concept of Turkish citizenship. Turkey intended to qualify for citizenship fixed capital amount was The minimum amount required for applying to citizenship by immovable property in Turkey have also determined as 250.000 $. The most common type of investment for Turkish Citizenship is the purchase of an immovable property of 250,000 $. When the real estate is purchased, the annotation of the real estate must not be sold for three years. When the regulation was first implemented, the Ministry of Environment and Urbanization wanted the annotation to be sold for three years at the time of the purchase of the real estate. This situation has caused great difficulties for foreigners who are not aware of the legislation. Fortunately, the Ministry of Environment and Urbanization went to a new arrangement on this issue and eliminated this requirement. After the purchase of an immovable property of 250,000$, an expiration date of three years cannot be placed on the land registry records.
Turkish Citizenship by Property Investment
As informed in (b) Regulation (a) Article 20 of the Regulation with the amendment of the Article 2 «b» which regulates the condition for the exceptional acquisiton of Turkish citizenship and referred as « it is possible to obtain Turkish citizenship on exceptional basis for foreign nationality who purchased the immovable property with a minimum amount of 250,000 $ having land registry record which are determined by the Ministry of Environment and Urbanism on the condition that it is not going to be sold for three years». Within this scope; 1. In order to benefit from this arrangement and determine the amount which is indicated in the application for the slae of the immovable property, there should be prepared an immovable valuation report which should be accepted by the Capital Market Board in accordance with valuation standards by valuation expert who has a valid license. 2. Based on the value in the immovable valuation report that shows the market value, the value of immovable/immovables in US dollars is calculated on the effective selling rate of the Central Bank of Turkey at the date of transcation. 3. The amendments of the Regulation dated 12.01.2017 and the effective date of this instruciton, in case if more than one immovable is acquired by the same person, the sum of which corresponds to a price stated in the relevant article or above, the value calculated in accordance with the effective sales price of each immovable on the sale date shall be taken as basis. 4. The foreign real person who has bought the real estate should be arranged and declared; Within the scope of Article 20 of the Regulation on Implementation of the Turkish Citizenship Law states that this immovable / immovables property will not be sold for a period of 3 years for purpose of acquisiton of Turkish citizenship; Within the scope of the 20th Article of the Regulation on the Implementation of the Turkish Citizenship Law” is stated that within 3 years is declared that it will not be sold for 3 years from the date of acquisition”. “Within the 20th Article of the Regulation on the Implementation of the Turkish Citizenship Law, there is a commitment not to be sold within three years from the date of acquisition”. 5. From now on, the immovable property which will be purchase for purpose of obtaining Turkish citizenship should commit that tyhe property will not be sold for 3 years. However, the immovable property which was purchased between the Regulation on implementation dated 12.01.2017 and the date of entry into force of this directive without declaration of not selling the property should declare and undertake that in accordance with article 20 of the regulation on the implementation of the Turkish Citizenship Law there is a declaration that the immovable property will not be sold within three years from the date of acquisition. 6. With the condition to have the same date and the same journal number, If more than one immovable is requested for the same person with a value equal or exceeding stated in the related article, the statement of each immovable shall be made within the scope of “Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law There is a commitment not to be sold within three years from the date of acquisition”. Point (b) The condition that the amendment of the regulation taken on the date of 12.01.2017 and for the immovable/immovables acquired in the date interval in which this directive entered into force shall not be required to be purchased with the same journal number. 7. According to the decision taken with the regulation the said statement with the requirement the abandonment following the three years stated within the law, If the applicant’ cancellation requested by the applicant within 3 years from the date of the entry of the declaration, the MERNIS registry shall be checked to see if the applicant has obtained Turkish citizenship. by; (i) If the owner is registered as a Turkish citizen in the system, the citizenship will be revoked until the end of three years’ (ii) In case of not being registered, the question of whether to abandon the commentary from the General Directorate of Population and Citizenship Affairs should be questioned and directed to the procedures to be taken. 8. Foreclosure, measure etc. on immovables acquired in this way is possible by establishing annals with the same limited rights and in case that the property’s owner change within the three year period without the agreement of the owner the General Directorate of Population and Citizenship shall be informed urgently. 9. The evaluation reports which will be submitted within the scope of this instruction shall belong to the same year and the application and operation made at the end of the year or the applications which have not been finished in the same year the reports submitted will be reevaluated according to the reevaluation ratio determined by the Ministry of Finances. 10. If the amount of the immovable valuation report based on the sales transactions under this instruction is lower than the value of the real estate tax determined for the municipal acquisition year according to the provisions of the Real Estate Tax Law No. 1319, the title fee shall be collected on this value. 11. The title deed registration is given to the applicant following the completion of the procedure.
Turkish Citizenship by Purchasing Public Debt Instruments
With the new regulation, it’s possible to become Turkish citizen by purchasing public debt instruments with the condition of not selling for three years. The minimum amount is determined as 500.000 USD for the public debt instruments concept. You can also make your investment to the state banks in order to benefit from the citizenship concept in Turkey.
The Foreigners Who Purchase House Can Be Turkish Citizens
Many developments have been recorded since January 2017 regarding the acquiring of foreigners to Turkish citizenship. The works have completed for foreigners who purchase houses, have an account in a bank and establish a business in Turkey about being a “Turkish citizen” if they demand. The government is working on expanding the application of citizenship in order to led up for foreigners to bring foreign currency investments to the country. Selling 16500 houses to foreigner in the first months of 2016 took up time of the real estate market especially. In the first months of 2017, the Committee of Ministers took action when the prospect of an explosion in housing sales in the case of “recognition of citizenship for who purchase house”
The giant companies of real estate sector gave explanations about this subject. With the law published in the Official Gazette on 12 January, the scope of exceptional cases in the acquisition of Turkish citizenship in Article 12 of the Turkish Citizenship Law was expanded. With the regulation on the implementation of the Turkish Citizenship Law published on 25 May, some changes were made in practice. It was known that the immovable property with a minimum of 1 million US Dollars could not be sold for three years in the title deed restriction, provided that the Ministry of Environment and Urbanism who determines purchasing, they can acquire Turkish citizenship with the proposal of the Ministry and the decision of the Council of Ministers.
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