At the beginning of 2017, Turkey launched a program called “Citizenship in exchange for investment,” and the Investment Office of the Presidency of the Turkish Republic identified several investment methods for obtaining Turkish citizenship. This program underwent several amendments in the subsequent years 2018, 2019, and 2022.
Among the investment methods that are considered the easiest and most economical for a foreign investor compared to other methods is obtaining Turkish Real Estate citizenship Law, and there are several conditions and rules that the foreign investor must take into account in order to obtain Turkish Real Estate citizenship Law and smooth manner, away from any problem that could prevent or delaying his acquisition of Turkish Real Estate citizenship Law.
Turkish citizenship in exchange for investment program
Turkish Real Estate citizenship Law is a program launched by the Investment Office of the Presidency of the Republic of Turkey with the aim of encouraging foreigners to invest in Turkey by granting them Turkish citizenship by choosing to invest in one of the following sectors:
Real estate investment in Türkiye:
When the program was first launched, it required the purchase of a property with a value of no less than one million dollars and not selling the property for at least 3 years.
Investment banking:
Initially, the law obligated those wishing to invest in banking in Turkey to deposit an amount of three million dollars in any Turkish bank and not withdraw it for a minimum of 3 years.
Direct investment:
Establishing a company and employing 100 Turkish workers and not laying off any of them before 3 years of employment, while giving all workers the minimum wage and registering them with the Ministry.
Turkish Real Estate citizenship Law
The law granting Turkish citizenship to foreigners has undergone several amendments in recent years, the most recent of which was on 05-13-2022.
When the Turkish Official Gazette published a decision amending the conditions for obtaining Turkish citizenship, through which it required the necessity of fulfilling one of the following conditions:
- Buying a property worth no less than $400,000 and not selling it for three years.
- Deposit $500,000 in any Turkish bank without withdrawing for three years.
- Deposit $500,000 in the Individual Cooperation Fund and not withdraw it for 3 years.
Turkish citizenship through real estate ownership
Turkish Real Estate citizenship Law ownership is considered one of the most widely followed investment methods for those wishing to obtain Turkish citizenship for several reasons, including:
- The fastest, easiest and most economical way to obtain Turkish citizenship compared to other methods.
- The possibility of housing or real estate investment in Turkey, even if the main reason for ownership is obtaining Turkish citizenship.
- Achieving high profitable returns from the property throughout its holding period, with the possibility of keeping it after the three-year period without any legal problems.
- Real estate fees and taxes are low in Türkiye compared to their counterparts in many European countries.
- The Turkish real estate market is competitive due to the strength of Turkish construction companies at home and abroad.
- Turkish government laws and facilities have increased the momentum for real estate ownership in Turkey, the latest of which is granting Turkish citizenship through real estate ownership.
Conditions for obtaining citizenship through real estate ownership
According to Turkish Real Estate citizenship Law, there are some conditions that must be met by the applicant, which are represented in the following points:
- Purchasing a property worth no less than $400,000.
- Not selling the property for at least 3 years.
- Selling foreign currency to the Turkish Central Bank and exchanging it with Turkish currency.
- The property purchased for the purpose of obtaining Turkish citizenship must be sold for this purpose for the first time.
- The property must have any type of title deed (complete deed, easement deed).
- The owner of the property must be of Turkish origin and not a foreigner who has obtained Turkish citizenship in any way.
- The process of selling the property must be carried out via bank transfers, and trading in the property and cash sales (handing over the amount by hand) are prohibited.
- The method of paying the value of the property must be in cash, and installments are not accepted unless the value of the first payment is more than 400 thousand dollars.
Steps to obtain Turkish citizenship through ownership in 2024
Here are some steps that will help you obtain citizenship, according to the Turkish Real Estate citizenship Law:
- Communicate with a real estate consultant and request that real estate offers be sent with the aim of obtaining Turkish citizenship through real estate ownership.
- View the laws, fees, and real estate taxes in Turkey, the costs of purchasing real estate, and the conditions for obtaining Turkish citizenship through real estate ownership.
- Coming to Türkiye if you want to own real estate outside Türkiye.
- Agreeing with the real estate consultant to conduct a real estate tour of the project that conforms to the conditions for obtaining Turkish citizenship.
- Concluding a real estate purchase contract and signing it by the first party, “the construction company” or its representative, and the second party, “the buyer” or its representative, after the issuance of the real estate evaluation report that determines the real value of the property.
- Selling foreign currency to the Turkish Central Bank via an intermediary bank and exchanging it for the Turkish lira via an intermediary bank.
- Prepare and submit a file related to the application for Turkish citizenship and include it with the necessary papers.
- Obtaining investor residency in Turkey is granted by the Turkish Immigration Presidency, while the application file for Turkish citizenship goes through several stages.
- The naturalization decision is issued and a text message is received by the Turkish nationals in order to perform fingerprinting and obtain Turkish identities.
Conclusion
At the end of the text, the Turkish Real Estate citizenship Law is considered a good opportunity for all investors who wish to grow their money and obtain Turkish citizenship, as the Turkish Real Estate citizenship Law helps you invest, with regard to the living benefits that Turkey provides to both its original citizens as well as foreigners.
FAQS
Is it possible to grant Turkish citizenship through real estate ownership to relatives of the foreign investor?
The Turkish Real Estate citizenship Law specifies the persons entitled to obtain Turkish citizenship based on the ownership of a foreigner, namely his wife (only one wife) and their children who have not yet completed eighteen years of age.
Does the foreign investor have the right to sell the property or benefit from it before completing 3 years of purchasing it?
One of the most prominent conditions for Turkish Real Estate citizenship Law is not selling the property before 3 years have passed since purchasing it, but at the same time it is possible to benefit from the property by living in it or investing in it by renting it.
What types of real estate give their owner the right to obtain Turkish citizenship?
All types of real estate, “residential, commercial, tourist, industrial, medical, educational…” are granted Turkish citizenship, whether they are apartments, villas, shops, shops, factories, etc.
Is it possible to buy Turkish citizenship?
Some people think that specifying an investment amount in exchange for obtaining Turkish citizenship, such as buying a property or a bank deposit, is selling Turkish citizenship.
However, the reality is that Turkish citizenship is granted in exchange for a specific investment in specific sectors and not in exchange for money.
