Acquisition of Turkish Citizenship Through Investment
Latest Legal Developments Regarding the Acquisition of Turkish Citizenship Through Investment (This Article is based on the amendments listed in the 2019/5 numbered circular for the implementation of Turkish Citizenship Law)
As of 01.01.2023, changes regarding the implementation of the Turkish Citizenship Law are listed below.
- Amendments Regarding Preliminary Sales Contracts
As of 01.02.2023, all real estate purchased with the intent to acquire Turkish Citizenship must be listed under a single Preliminary Sales Contract. Even if the total sum is over 400.000 US Dollars, several properties listed under more than one single contract shall be ineffective with regard to the acquisition of Turkish Citizenship.
- Amendments Regarding Joint-Ownership of Properties
The purchase of a share of real estate shall not be applicable to the acquisition of Turkish Citizenship. Only one real person(including his/her spouse and children under the age of 18) per property shall be eligible to apply for Turkish Citizenship.
For example, Two real persons can not apply for Turkish citizenship with joint- ownership of a property, even if the property is worth more than 800.000 US Dollars. Only one person and his/her mentioned family shall be eligible to apply for Turkish Citizenship.
- Amendments Regarding the Currency Purchase Certificate( this document is purchased via Turkish Banks)
The Currency Purchase Certificate provided along with the Preliminary Sales Contract must have been purchased on the signature date of the contract at the latest. In other words, a Currency Purchase Certificate dated after the contract date shall be invalid.
- Other Major Developments
- Security measure options provided by banks with regard to the payment of property purchases shall be applicable. So buyers can opt to benefit from these security measures without concern of it affecting their chance of gaining Turkish Citizenship.
- Any second-hand properties sold within the last 3 years to a Turkish Citizen (or company) shall not be the subject of a Preliminary Sales Contract (or a regular sales contract) for the purpose of acquiring Turkish citizenship.
For example, A villa was sold to a Turkish Citizen in June 2021. A foreign citizen must wait until June 2024 to purchase this villa with intention of gaining Turkish Citizenship.
This article was written by
Hazal Joyce Marlborough Özden
Legal Counsel & Real Estate Agent
At Oasis Estate