Issued in the Official Gazette on May 13, 2022
The attention of investors, businessmen, and those wishing to own property in Turkey is directed to the new amendments related to granting “Turkish citizenship” based on the purchase of a property worth $250,000.
One of the most prominent amendments that came into effect on June 13, 2022, according to what was decided by the Turkish government, is to raise the value of the property that must be purchased to obtain “Turkish citizenship,” from 250,000 US dollars to 400,000 dollars, on the condition that it is not sold for 3 years.
According to the decision, anyone who buys immovable property, or who constructs a building or a construction service, with a value of no less than $400,000 or its equivalent in foreign currency, will obtain Turkish citizenship, provided that an explanatory comment is placed in the land registry records prohibiting its sale for a period of three years.
Commenting on this, Abdul Aziz Al-Kashif, Chairman of the Board of Directors of “Omran Trk” Company, based in the city of Yalova in northwestern Turkey, said, “There is an increase in demand for real estate investment in Turkey after the publication of news about amending the value required to obtain Turkish citizenship, contrary to expectations that These amendments will affect the real estate market.”
He pointed out that "the numbers reported by the Turkish Statistical Authority since the beginning of the current year 2022 indicate a noticeable recovery in the real estate market, and therefore I firmly believe that the Turkish government knows what it is doing well and all the steps it takes and the decisions it issues will have positive repercussions whether on the economy or the sector." Real estate or any other field.
This amendment is the second of its kind during the current year 2022, as the first amendment (early 2022) came with a number of conditions, most notably:
Foreigners wishing to obtain exceptional Turkish citizenship must sell the foreign currencies specified in the law (buying real estate worth 250 thousand dollars, which has become 400 thousand US dollars based on the new update that will begin on 6/13/2022, or a bank deposit of 500 thousand dollars). American) through active Turkish banks to the Central Bank of Turkey.
The Turkish lira resulting from the sale of the dollar to the Turkish Central Bank is kept in lira accounts in Turkish banks, or in one of the government debt instruments, for a period of no less than three consecutive years, for bank deposits only.
The Ministry of Industry and Technology proves that it has invested a fixed capital of at least 500 thousand US dollars, or its equivalent in other foreign currencies.
A property is purchased for no less than 250 thousand US dollars, or its equivalent in foreign currency, by adding a condition in the real estate registry records that it will not be sold for a period of three years, or the construction of a building or ground service.
Employing at least 50 Turkish personnel according to the specifications of the Ministry of Labor and Social Security in Turkey.
The Banking Regulatory and Supervision Agency determines that the applicant for naturalisation has deposited at least 500,000 US dollars, or its equivalent in foreign currency, in banks operating in Turkey, on the condition of keeping it for a period of three years.
Purchasing participation shares in a real estate investment fund, or shares in a venture capital investment fund, for an amount of no less than 500 thousand US dollars, or its equivalent in foreign currencies, provided that they keep them for at least three years, according to the specifications of the Capital Markets Council. .
Turkey had made amendments, in mid-2019, regarding obtaining Turkish citizenship through exceptional methods such as investing, purchasing real estate, or employing citizens.
Obtaining Turkish citizenship can be summarised in four ways:
- Residence for the purpose of continuous work for 5 years.
- Marriage to a Turkish citizen.
- Exceptional citizenship is granted in very special cases.
- Real estate investment (purchasing a property), for an amount of no less than $400,000, for a period of at least 3 years, according to the new amendment. Or deposit an amount of $500,000 in Turkish banks for three years
It is worth noting that the Turkish government amended the law granting Turkish citizenship through real estate investment in the year 2018, by reducing the amount necessary to obtain citizenship by purchasing a property to $250,000 instead of the million dollars that was specified in the year 2017, before the new amendment takes place.