It has been announced by the authority that the value of real estate to be bought when applying for Turkish citizenship will be increased from US dollars 250 thousand to US dollars 400 thousand.
According to Turkish media, the Presidential Cabinet headed by President Recep Tayyip Erdogan discussed raising the value of real estate that must be purchased for exceptional Turkish citizenship, yesterday.
Thus, it was decided to increase the value of real estate to be purchased to apply for exceptional Turkish citizenship, from US dollars 250 thousand to US dollars 400 thousand, at said cabinet meeting.
Within the scope of the decision, it is envisaged to amend provision “b” of paragraph 2 of Article 20 of the Regulation on the Application of the Turkish Citizenship Law, which contains provisions on the acquisition of Turkish citizenship in exceptional circumstances.
This change will go into effect after being published in the Official Gazette in the coming days and impose following legal procedure as to for whom and how Turkish citizenship via property sales will be made available for foreign property buyers:
- Those who buy property for the value of at least US dollars 400 thousand or equivalent foreign currency provided an addendum is put on title deed of said property that it will not be sold for 3 years.
- In the situation where the Ministry of Environment, Urbanization and Climate Change identifies / confirms the sale of real estate is promised by a notarized contract; “Provided condominium or construction servitude has been established, an amount of at least 400 thousand American dollars or equivalent foreign currency has been deposited in advance and commitment has been made to the land registry that the transfer and abandonment of concerned property will not be made for 3 years” it will be possible to obtain Turkish citizenship with the decree of the President.