Possibility of transition to Turkish Citizenship with real estate purchase
As applied in many countries of the world, the right of citizenship can be obtained on the condition that real estates that are in compliance with the characteristics determined by the law are taken in our country and these real estates are kept in times determined by the laws.
Who is eligible for citizenship by making real estate purchases for the borders of Turkey?
In 2012, the right to acquire citizenship was granted to the citizens of foreign countries after the right to purchase real estate. In this context, citizens of all countries can purchase real estate. In particular, the citizens of a particular country is not optimized intake restriction within Turkey’s borders.
What are the necessary arrangements for citizenship?
The Regulation on the Amendment of the Regulation on the Implementation of the Turkish Citizenship Law, which was published in the Official Gazette dated 19.09.2018 and numbered 30540, was amended with respect to the quality of the real estates to be acquired for the transition to Turkish Citizenship. With the new regulation, the requirements for citizenship have been mitigated. the following arrangements are made.
o The value of the property to be purchased should be at least 250.000 USD (Two Hundred and Fifty Thousand USD).
o The necessary real estate appraisal report in the transition to Turkish citizenship should be prepared by the valuation institution with the CMB and BRSA Licenses.
o The real estate appraisal report prepared in accordance with the Law must be submitted to the Head Office Directorate.
o The property will be registered for a minimum period of 3 years and will be annotated to the title deeds.
What changes have been made with the new regulation?
Before the amendment of the law, the requirement to purchase real estate for a minimum of 1.000.000,-USD (One Million US Dollars) has been revised as 250.000 USD (Two Hundred and Fifty Thousand US Dollars) in order to mobilize the real estate sector.
The main reason for the emergence of a situation which may be regarded as serious contraction in the last 2 years Ease of Turkey. Growth figures in the last 2 years have been extremely low. During this period, Turkish Lira depreciated against foreign exchange and the current account deficit and inflation increased. The limit, which is determined as 1.000.000 USD, has exceeded the real estate prices in the country due to the high increase in foreign currency.
Turkey’s economy constitutes a large part of the construction industry. As a result of the economic slowdown, real estate sales declined to the lowest level in recent years. Increasing the share of sales to foreign nationals in order to bring some action to the construction sector has emerged as a good alternative in the short term.
You must issue a real estate appraisal report to valuation companies with CMB License
According to the Regulation, the reports to be submitted to the title deed offices must be submitted to licensed valuation institutions authorized by CMB. Reports of real persons or individuals belonging to such persons are not accepted. In order to avoid any loss, it will be appropriate to check whether the company to be licensed is licensed or not from the list of licensed real estate appraisers listed on the CMB website.
If you are a foreign citizen and are planning to acquire a Turkish Citizenship right, you can apply to Varlık Real Estate Appraisal Company for real estate appraisal reports showing that the value of your real estate that you will receive at least 250.000 USD (two hundred fifty thousand US dollars) meets the minimum qualifications.