العربية
The Turkish Citizenship by Investment Law allows foreign nationals to acquire Turkish citizenship through various means, one of which is real estate ownership. However, is it possible to both invest in and derive financial benefits from the property purchased for the purpose of obtaining Turkish citizenship?
Turkish Citizenship by Investment Law
The Turkish Citizenship by Investment Law was first introduced in early 2017 and has undergone several amendments in subsequent years, including in 2018, 2019, and 2022. These amendments added new methods and altered the financial requirements for obtaining Turkish citizenship. Among these methods, real estate ownership stands out.
Turkish Citizenship through Real Estate Ownership:
Initially, the law required the purchase of real estate worth at least one million US dollars. However, this amount was reduced to $250,000 in September 2018, and then increased again in May 2022 to $400,000, as per the latest amendment. The law also stipulated a fundamental condition: the property must be held for at least three years.
Conditions for Obtaining Turkish Citizenship through Real Estate:
- The property value must be at least $400,000.
- Any type of property title deed (tapu) must be presented.
- The citizenship application must include a property valuation report showing the actual value of the property.
- The property value must be registered in Turkish Lira, equivalent to $400,000.
- The investor should exchange their foreign currency to Turkish currency at the Central Bank of Turkey.
- The value of the property must be transferred in Turkish currency to the seller’s account.
- The buyer must be of a nationality eligible for real estate ownership in Turkey.
- The seller must be of Turkish origin and not a foreigner who has obtained Turkish citizenship by any means.
- The property must be sold for the first time with the purpose of obtaining Turkish citizenship.
- The property must be new and not previously traded.
- The property should be located at least 400 meters away from Turkish military and security zones.
- The payment method should be via a bank transfer, and cash payments are not accepted.
- Installment payments are not accepted unless the down payment or the total amount exceeds $400,000.
- The applicant should not pose a threat to Turkish national security.
- Turkish residence (if available).
- Residence permit based on the title deed.
Documents Required to Obtain Turkish Citizenship through Real Estate
- Notarized real estate purchase contract in Turkey.
- Property valuation report indicating the actual value of the property.
- Title deed (tapu) registered with the property value in Turkish Lira.
- A receipt for the sale of foreign currency to the Central Bank of Turkey and its exchange for Turkish currency through an intermediary bank, with an explicit reference to obtaining Turkish citizenship.
- A receipt for transferring the property value from the buyer’s account to the Turkish seller’s account in the local currency through the same intermediary bank.
- A document matching Turkish citizenship requirements.
- The taxpayer identification number of the investor.
- Form “Numarataj.”
- Four personal photos.
- The foreign passport.
- A translated and notarized copy of the passport for the investor, spouse, and children under 18.
- A written consent from the spouse to grant her and the children Turkish citizenship.
- A copy of the entry stamp to Turkey.
- Turkish residence permit (if available).
- Property-based residence permit.
Real Estate Investment Methods in Turkey:
Real estate investment in Turkey can involve ready-to-move properties or properties still under construction. There are two main methods: leasing the property in Turkey, known as long-term investment, and investing in resale properties, which is considered a short or medium-term investment.
Real Estate Investment through Leasing:
According to Turkish law, a foreign national who purchased a property worth $400,000 in Turkey for the purpose of obtaining Turkish citizenship can either live in the property or proceed to invest in it by renting it for short or long-term periods. The investor can benefit from the monthly rental income without affecting their citizenship application or acquired Turkish citizenship, even if they begin investing in the property immediately after the purchase.
Real Estate Investment through Resale:
The second method involves selling the property. According to the Turkish Citizenship Law, the investor must retain the property for a minimum of three years. Selling the property or transferring ownership to a new investor before the end of the legal period may result in the revocation of Turkish citizenship or the rejection of the application. However, once the legal period is over, the investor can sell the property and receive the price difference between the sale and purchase without any legal repercussions, as long as they comply with Turkey’s general laws.
