To Become a Turkish Citizen, It is Enough to Make a Real Estate Investment of 400,000 USD
Foreign Investors Can Get a Turkish Passport with a Real Estate Investment of 400,000 USD
Article 12 of the Turkish Citizenship Law No. 5901 has provided an opportunity for foreign investors to acquire Turkish citizenship exceptionally, and with the Presidential Decree No. 106 dated 18.09.2018, new remedial regulations have been made regarding the amounts specified in Article 20 of the Regulation on the Implementation of the said Law.
Minimum 400,000 USD Investment Requirement
Foreigners who have purchased at least 400,000 US Dollars or equivalent foreign currency or Turkish Lira or who have established a condominium or floor easement, and who have deposited at least 400,000 US Dollars or equivalent foreign currency or Turkish Lira in advance, as determined by the Ministry of Environment and Urbanization, may acquire Turkish citizenship by decree of the President
Number of Real Estates
There is no limit on the number of real estates to be acquired through sale or subject to a promise of sale. If a foreign person purchases more than one real estate at the same time or at different times, the total value of these real estates must be at least 400,000 US Dollars and each real estate must have a non-sale clause for at least three (3) years
Legal restrictions
Within legal restrictions, foreign natural persons can acquire real estates up to a maximum of 30 hectares and 10% of the district area that can be subject to private ownership in our country.
Foreign natural persons can purchase real estates in “Special Security Zones” with the permission of the Governorate and can arrange a promise to sell. However, they cannot purchase real estates in military prohibited and security zones or other areas where acquisition by foreign natural persons is prohibited and cannot arrange a promise to sell. Since the Regulation covers personal real estate acquisitions by foreign natural persons,
in addition to the foreign natural persons themselves, their spouses, children, etc. real estate acquisitions made on behalf of the company legal entity in whose name or director/partner they are will not be evaluated within this scope.
Three-Year Non-Sale Annotation
Foreign persons who have purchased the real estate on the condition that a three-year non-sale annotation is added to the land registry records or whose condominium or floor easement agreement is established and the sale of the real estate for which a deposit is made in advance is made, and whose contract is determined by the Ministry of Environment and Urbanization to be annotated to the land registry with the commitment that it will not be transferred or cancelled for a period of three years, may acquire Turkish citizenship with the decision of the President.
Nature of the Real Estate
There is no limitation on the nature of the real estate to be acquired through sale (residence, workplace, plot, field, garden, etc.). However, within the scope of the circular numbered 2013/15 (1752); In the requests of foreign persons to acquire agricultural land, preliminary permits must be obtained within the scope of agricultural legislation and a commitment to submit an agricultural project within 2 years, and in the case of unstructured real estates qualified as land, a commitment to submit a construction/building permit project to the relevant Municipality or institutions within 2 years is required.
In case the share in shared real estates is subject to transaction; an official document must be prepared by adding the phrase “I am aware of the existence of the legal pre-emption right of other shareholders” and this matter must be explained to the parties.
Real Estate Valuation Report
Within the scope of the Regulation, a real estate valuation report showing the market value (current market value/current status value) is required to be used in determining the value of 1,000,000 USD or 400,000 USD sought according to the acquisition date. The valuation reports submitted during the application are valid for 3 months from the date they are prepared and no new reports will be requested for transactions applied for within this period.
REQUIRED DOCUMENTS
Identity Document or Passport
A country identity document or passport showing foreign nationality information (with translation if necessary) must be submitted.
Photo
1 passport photo of the seller and 2 passport photos of the buyer are required.
If there is representation in the transaction, a document regarding the representation
Power of attorney, guardian decision, authorization document… etc. (If the transaction will be carried out with a power of attorney issued abroad, the original or certified copy of the power of attorney must be submitted with its translation.)
Foreign identity number
If there is no foreign identity number, it will be collected by the Land Registry Directorate during the application.
Title deed of the real estate subject to sale
Requested if available
Valuation report of the real estate
Must be obtained from CMB licensed valuation institutions published on the official website of CMB.
Bank approved money transfer receipts
Must be given before or after the sale.
Compulsory earthquake insurance policy
Residential, workplace etc. required for buildings.
Sworn translator
Required if there is a party who does not speak Turkish. (Must be authorized by the regional judicial justice commission.)
WHAT IS THE PROCEDURE
Real Estate Value
A deal is made for the real estate to be purchased. The value of the real estate must be at least 400,000 US Dollars or equivalent foreign currency or Turkish Lira
Evaluation Report
Sermaye Piyasası Kurulu (SPK)’nın
(http://www.spk.gov.tr/SiteApps/SirketIletisim/List/gds) veya
“Türkiye Değerleme Uzmanları Birliği (TDUB)’nin
(http://www.tdub.org.tr/Web/CompanyListForm.aspx?UID=a11d0b04-de56-4ab0-
9bb8-7c2c8863ba92) internet sayfalarında yayımlanmış olan değerleme
kuruluşlarından alınacak “Taşınmaz Değerleme (Eksper) Raporu
Application
Application is made to the Land Registry Office with the necessary documents
Compliance with the Regulation
The Land Registry Office checks whether the receipt, evaluation report and declared values meet the criteria sought in the regulation
Title Deed Fee
If the necessary conditions are met, the title deed fee and revolving fund fee that must be paid for the transaction are sent to the person concerned via SMS. After the fees are paid, the appointment time for signing the contract is notified via SMS
Deed Delivery
After the signatures are made and the contract is completed, if a commitment is made to the registry of the real estate that it will not be sold for 3 years or if a commitment is made to notarize the contract promising the sale of the real estate that will not be transferred or cancelled for 3 years, the General Directorate of Land Registry and Cadastre will issue a “Certificate of Conformity” as the basis for the citizenship request
Citizenship Application
Following the completion of the transaction, the transaction documents are sent to the General Directorate / Regional Directorate via the system by the Land Registry Directorate to issue a ‘certificate of conformity’ for the citizenship application
Official Letter
After the necessary checks are made, the ‘certificate of conformity’ issued is sent to the General Directorate of Population and Citizenship Affairs and the General Directorate of Migration Management for the necessary information, and to the relevant person via e-mail. Foreigners who receive the certificate of eligibility first apply for a residence permit to the Provincial Directorate of Immigration Administration and then apply for citizenship to the Provincial Directorate of Population and Citizenship Affairs.
Why Turkey?
YOUNG AND DYNAMIC
With urbanization, the number of city centers with a population of 1 million in Turkey has reached 23 and supports its developing domestic market with production of goods and services. In terms of population, Istanbul is the largest city in Europe.
INTERNATIONAL TRADE
With an average annual growth of 10 percent in exports, Turkey has exceeded world performance in the last 16 years, increasing its export volume from US$36 billion to US$168 billion.
STRATEGIC LOCATION
Turkey offers easy access to 1.5 billion people and a combined market value of US$24 trillion in Europe, MENA and Central Asia within a 4-hour flight radius. Turkey’s strategic location allows you to easily reach markets in 16 different time zones from Tokyo to New York.
