- What are the most prominent amendments to the law related to obtaining Turkish citizenship through investment?
- The Turkish government has recently made new amendments to the law on obtaining Turkish citizenship through investment, which will be effective starting from 01/01/2023, and these amendments are:
- The condition of one contract In “promise to sell” contracts (forward sale contracts), all purchased properties must be placed in one sale contract in order to obtain Turkish citizenship.
- Not accepting joint properties (two or more partners) as the property must be owned by only one person in order to be able to apply for Turkish citizenship.
- The process of obtaining Turkish citizenship cannot be carried out for properties that have not yet begun construction, and accordingly, the property owner must start construction in order to be able to apply for citizenship.
- Only appraisal reports prepared during the sale process will be accepted (reports before the purchase starts are invalid).
- The property must not be purchased from a Turkish relative or from a Turkish citizen who obtained citizenship by exceptional means.
- Real estate that has been sold to a Turkish citizen or company during the past three years, and was previously owned by a foreigner, cannot be used to obtain citizenship until three years have passed since it was sold to the Turkish person or company.
- It is not possible to apply for Turkish citizenship if the property has a legal mortgage of any value.
- It is no longer possible to submit a citizenship declaration application from another title deed administration.
- The participatory title deed (which allows the ownership of the property for a certain period of time, such as a tourist hotel) will not be accepted in the citizenship application process.
- The foreign currency purchase document will be sent to the Land Registry by the banks.
- Removing the requirement that receipts and prices of foreign currency purchase certificates be exactly the same.
- The purchased property should not be owned by a company, in which the buyer’s relatives are partners or managers.
- The purchased properties should not belong to a company in which foreigners own the majority of the shares regardless of their nationalities.
- The purchased real estate should not belong to a company owned by the majority of people who obtained Turkish citizenship through investment (in exceptional ways).
- Note: The above relatives are first-degree relatives “husband, children, mother, father”.
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