From 250.000 to 400.000 Dollars | Raising the required value of the real estate investment in the Turkish Naturalization Law

In the presidential meeting held by Turkish President Recep Tayyip Erdogan yesterday, 13/04/2022, with the Government Council, new and fundamental decisions were made, regarding the Turkish naturalization law, specifically, the real estate ownership law for foreigners in Turkey.

One of the most important resolutions was the reformulation of the conditions for getting Turkish citizenship. According to the version of the new resolution, it has been approved to raise the value of the approved property to apply for Turkish citizenship through real estate investment.

New Turkish Naturalization Law | The value of Turkish citizenship real estate is defined at 400 thousand dollars

Under the issued resolution, the property value that an applicant for exceptional Turkish citizenship must purchase has been raised from $250,000 to $400,000.

The resolution stipulated the amendment of Article B of the second paragraph of Section 20, which includes provisions related to getting exceptional Turkish citizenship through real estate investment, which is included in the regulations of the implementation of the Turkish Nationality Law.

Awaiting the publication of the new amendments to the Turkish Naturalization Law in the Official Newspaper

The new amendment to the real estate investment law in exchange for Turkish citizenship will enter into force after publication in the Official newspaper.

If the new resolution enters into force, Turkish citizenship will be granted by a presidential decision to those who buy a property worth at least 400,000 US dollars while maintaining the condition not to sell it for 3 years, after the statement of the Turkish Ministry of Environment, Urbanization and Climate Change.

That is under a contract by the notary public, stating the right of real estate ownership with floor ownership and floor easement, provided that the ownership is not transferred for 3 years, also the amount must be paid, which must not be less than 400 thousand US dollars or equivalent in other currencies.

In this context, it is worth noting that the resolution of the Turkish Naturalization Law in exchange for real estate ownership was amended in September 2018, stipulating a reduction in the value of the property that must be purchased to get Turkish citizenship from $1 million to $250,000.

How to apply for Turkish citizenship through real estate investment

The application process for getting Turkish citizenship begins after purchasing a property(s) worth at least 400,000 US dollars. The application is submitted to the Directorate of Land Registry (Tabu). After that, the application is sent with a real estate appraisal report to the Turkish Ministry of Environment, Urbanization and Climate Change to ensure that the purchased property price is at least $400,000.

After examining and verifying the papers, the Ministry submits a request to the Land Registry Directorate to suspend the sale of the property for 3 years. When the Ministry sends the application to the General Directorate of Population and Nationality Affairs, the transaction reaches its final stages. Finally, the applicant is invited to the Directorate to receive the Turkish ID card and Turkish passport.

Is it possible to purchase more than one property to get Turkish citizenship?

More than one property can be purchased, with a total value of at least 400,000 US dollars, provided that all of them are submitted in the Turkish citizenship file according to the new Turkish naturalization law.

According to the new resolutions, the Ministry will not accept applications for naturalization if the total real estate values ​​reported by the real estate buyer to the Land Registry Directorate do not reach at least 400,000 US dollars.

Legal controls for foreigners to own real estate in Turkey according to the Turkish Naturalization Law

• A foreigner has the right to buy no more than 30 hectares of immovable property throughout the country.
• The Land Registry Directorate must ask the concerned authority whether the property is outside the prohibited military and security areas, after receiving a positive response, the ownership process takes place (noting that this procedure has been canceled in 71 governorates in which the measurement and planning of the prohibited military and security areas have been completed).
• A foreigner can own up to 10 percent of the area of ​​a district, thereby getting limited rights in rem.
• Legal restrictions are not applied in doing a mortgage for the benefit of real people and commercial companies with legal personalities established in foreign countries under their own legislation.

If you would like to benefit from the new or old Turkish naturalization law, contact us soon during this period to complete the required legal papers, and the Binaa Investment team will be happy to help you.

Source: ensonhaber

Edited by: Binaa Investment ©

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