• What does the new regulation in the scope of Turkish citizenship through investment bring?
According to the decision taken at the Presidential Cabinet meeting held on 12.04.2022, the application requirement of 250 thousand dollars will be increased to 400 thousand dollars.
Within the scope of this decision, it is envisaged to amend the “b” clause of the second paragraph of the 20th article of the Regulation on the Implementation of the Turkish Citizenship Law, which contains exceptional provisions regarding the acquisition of Turkish citizenship.
With the entry of this amendment in the following days, those who purchased the immovable property worth at least 400 thousand USD or equivalent in foreign currency, provided that an annotation is put in the title deed records that it will not be sold for 3 years will be able to acquire Turkish citizenship by the decision of the President.
Likewise, those who have deposited at least 400 thousand US dollars or its equivalent in foreign currency in cash and are determined by the same Ministry that the sale of the immovable has been promised by a contract drawn up in the notary public, provided that a commitment not to be transferred or cancelled for a period of 3 years is annotated in the land registry, will be able to acquire Turkish citizenship as well.
Feel free to contact our Citizenship Lawyers in Antalya and our Real Estate Lawyers in Antalya for more and detailed information about the changing requirements of Turkish citizenship through investment.
• What was the situation in the scope of Turkish citizenship through investment before the change?
Until the new regulation, the real estate value required for the acquisition of Turkish citizenship through investment within the scope of the exceptional acquisition of Turkish citizenship was determined as 250.000 USD or its foreign currency equivalent.
In this way, foreigners who wanted to acquire Turkish citizenship through investment could acquire citizenship by purchasing one or more immovable in the amount of 250.000 USD or in foreign currency, and by annotating the 3-year transfer and sale ban to the land registry.
This amount, which was 1,000,000 USD before 2018, was reduced from 1,000,000 USD to 250,000 USD in order to encourage foreign investors to invest in Turkey.
The value of real estate acquisitions, to be realized after the new rule is published in the official gazette, will have to be at least 400,000 USD or equivalent in foreign currency.
With the new rule, it is aimed to preserve the value of the Turkish lira without affecting the foreign investors’ acquisition of Turkish citizenship through investment.
As it has been seen recently, the issue of foreigners’ acquisition of citizenship through investment has become quite dynamic and constantly changing. This issue has changed continuously since the beginning of this year for different reasons, primarily to protect the rights of foreign investors and to protect the value of the Turkish lira. For this reason, as a foreigner who plans to invest and acquire Turkish citizenship in this direction, it is very important to get support from a citizenship lawyer in Antalya.
Antalya Lawyer Ceren Topcu İncetaban and her team existing of real estate lawyers in Antalya and citizenship lawyers in Antalya provide legal support to foreign investors, especially on Turkish citizenship through investment, and protects the rights of all foreign clients in and around Antalya.
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