From January 1, 2023, new rules for obtaining citizenship by investment came into force in Turkey.
The most important innovation is that it will not be possible to buy several objects for a total of $400,000, as well as to buy shares together with other foreigners in order to reach the minimum entry threshold.
According to the new instructions of the General Directorate of Land Registry of Turkey, from January 1, 2023, a new set of rules will apply to the acquisition of real estate in Turkey for the purpose of obtaining citizenship.
Transactions based on a preliminary contract for the sale of real estate must be made in a single contract, if there are several objects.
The minimum value of one property purchased for citizenship cannot be less than $400,000, previously this amount was $250,000. That is, you cannot purchase several objects of a lower value for a total of $400,000.
It will not be possible to apply for citizenship through the purchase of a share. For example, even if two foreigners purchase real estate worth $900,000 in equal shares, they will not be able to apply for a Turkish passport. Each property must have only one owner.
A property can only be the subject of an investment citizenship application once. Thus, a foreigner cannot subsequently sell this object to another foreigner in order to obtain Turkish citizenship.
Resale property purchased from a foreign citizen by a Turkish citizen must be owned by a Turkish citizen for at least three years if he later wants to sell it to a foreigner in order to obtain citizenship. It is also important that this property has not been previously obtained citizenship by another foreign citizen.
In the case of purchasing real estate with a mortgage, the amount remaining after deducting the amount of the loan from the sale price must be at least $400,000.
If the transaction is carried out before the issuance of a currency purchase certificate, the transfer must be made in foreign currency. If the buyer transfers the amount after the issuance of a certificate for the purchase of currency, the transfer must be made in Turkish lira.