Has the law on obtaining Turkish citizenship through real estate investment in Turkey really been changed
Turkey announced today, Wednesday, 4/13, that it has made amendments to the law on obtaining Turkish citizenship through exceptional ways (such as investing in Turkey or buying real estate in Turkey).
Is Turkish citizenship worth 400 thousand dollars?
In accordance with the regulation for amending the conditions for obtaining Turkish citizenship, which will be published on Thursday morning, 4/14/2022 in the Official Gazette, the regulation shall enter into force after its publication in the Official Gazette.
The latest amendments to the Turkish Nationality Law, according to the decision taken in the Cabinet session held on Tuesday 12/4/2022, are summarized as follows:
- It is now possible for a foreigner to obtain Turkish citizenship when owning a property worth more than 400 thousand US dollars, after the value was 250 thousand US dollars (provided that the property is not sold for 3 years)
- That is, when the application comes into effect those who buy a property worth at least $400,000 or its equivalent in foreign currencies provided that an annotation is placed in the land registry that it will not be sold for 3 years
- Those who are determined by the Ministry of Environment, Reconstruction and Climate Change who are promised to sell real estate to them shall release the contract in the notary, provided that it is annotated and the commitment not to sell the property for 3 years will be able to obtain Turkish citizenship through real estate investment by a decision of the Council of Ministers.
It is worth noting that by a decision taken in September 2018, the cost of buying a house to obtain citizenship was reduced from one million US dollars to 250 thousand US dollars.
Within the scope of the decision, it is necessary to amend item “B” of the second paragraph of Article 20 of the executive regulations of the Turkish Nationality Law, which contains exceptional provisions through real estate investment.
What are the motives of the Turkish government to amend the Turkish citizenship law in return for owning a property in 2022?
How did the Turkish government take such a decision, after the reduction in the amount of obtaining Turkish citizenship in return for buying a property made it possible to raise the number of foreign owners from 22,000 in 2016 to more than 50,000 in 2021, most of whom are applicants for Turkish citizenship?
Each stage has its strong reasons and requirements, and the legislative authorities of the Turkish government also have motives to raise the amount of real estate investment for the purpose of obtaining Turkish citizenship.
- Obtaining a Turkish passport for $ 250,000 in exchange for a property on the condition of a pledge for a period of 3 years. He paid a lot to the property in order to apply for Turkish citizenship, and it can be resold after the expiry of the 3-year period in record amounts compared to the purchase amount, which turned the file into a trade for some.
- The Turkish opposition, "personalities and parties", used the issue of granting a Turkish passport for only $250,000, as a card to pressure and recruit the street against Turkish President Recep Tayyip Erdogan in the 2023 elections.
- Real estate pricing in Turkey in Turkish lira.
- Turkey is the only country that sets the duration of ownership of the property for Turkish citizenship at 3 years. In the rest of the European countries that implement citizenship programs through real estate investment, they require at least 7 years.
- With all realism and transparency, the amount of buying a property in Turkey for $ 250,000 is considered low compared to the legal benefits that the foreigner obtains directly without complications, full ownership of the property, real estate residence and Turkish citizenship in less than 3 months.
Is it possible to buy more than one property in order to obtain Turkish citizenship?
Yes, of course, it is possible to purchase more than one property with a total value of not less than 400 thousand US dollars, as the ministry accepts requests for Turkish citizenship through real estate ownership if the total values declared to the Ministry of Environment and Construction exceeds 400 thousand US dollars in the real estate registry
Aren Real Estate Company in Turkey makes it easier for you to obtain Turkish citizenship by facilitating the procedures from the moment of owning the property until submitting the citizenship file and receiving the Turkish passport
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