New amendments to the law of obtaining Turkish citizenship through real estate investment

New amendments to the law of obtaining Turkish citizenship through real estate investment

According to the amendment made in Circular No. 05/2019 issued within the scope of the executive regulations of the Turkish Citizenship Law, essential modifications will be made in implementing the Turkish Citizenship Law as of 01/01/2023.

• Amendments related to initial sales contracts

Transactions based on the preliminary sales agreement regarding the sale of immovable property are required to take place with one contract as of 01/01/2023 In other words, in the case of signing the preliminary sales agreement for more than one property, the citizenship application cannot be accepted even if the price exceeds 400 thousand US dollars.

Properties purchased with a preliminary sales agreement cannot be used with other properties to complete an amount of USD 400,000.

• Amendments related to sales shares

It will not be possible to apply for citizenship with joint properties, for example: if two non-Turkish investors buy a property worth 900 thousand US dollars in equal shares, they will not be able to apply for citizenship and therefore there will be one owner for each independent property and that owner alone will be able to apply for Turkish citizenship.

• Amendments related to the foreign currency purchase document

The preliminary sales agreement stipulates that the foreign currency purchase document must be issued against the minimum amount paid in advance and no later than the date of the contract.

• Other important modifications

It has become possible to use the secure payment systems offered by banks optionally in the transfer/payment of immovable property, in this context it is considered that payment by prohibited check is also allowed.

Real estate (resale) subject to sale or preliminary sale agreement should not be among the immovable property that has been transferred to a Turkish citizen/company by any real foreign person within the last three years, and transfers of ownership arising from employment contracts are specified as exceptions to this article.