The most prominent modifications related to acquiring Turkish citizenship through investment and ownership

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The Turkish government, under the directives of Turkish President Recep Tayyip Erdogan, has made important modifications and updates to the law on granting Turkish citizenship by investing or buying real estate in Turkey.

In this article, “OmranTrk” company explains to its clients the most prominent adjustment related to the updates of Turkish citizenship, according to what was published in the Official Gazette in Turkey, and details of how to obtain Turkish citizenship as well.

Conditions for acquiring Turkish Turkish citizenship after amendments

• Purchasing a property with a value exceeding $250,000, but on condition that the property is not sold within a 3 years, or the construction of buildings or ground service, and the foreign income currency is deposited in advance and transferred to the Land Registry for a period of three years, and the Ministry of Environment, Urbanization and Climate Change determines that selling the property is pledged under a contract drawn up at a notary or buy extracting the title deed (Tabu).

• Employing at least 50 Turkish people, according to the parameters of the Ministry of Labor and Social Security in Turkey.

• The Banking Regulation and Supervision Agency acknowledges that the applicant for citizenshiphas deposited no less than 500 thousand US dollars, or its equivalent in foreign currency, in banks operating in Turkey, that it is kept for three years.

• The Ministry of Treasury and Finance acknowledges that government debt instruments of no less than $500,000, or its equivalent in foreign currency, have been purchased and kept for a period of three years.

• Purchasing participatory shares in a real estate investment fund, or shares in a venture capital investment fund, with an amount not less than $500,000, or its equivalent in foreign currencies, provided that they keep them for at least three years, according to the determinants of the Capital Markets Council the money.

• A fixed capital investment of no less than 500 thousand US dollars or its equivalent in foreign currencies.

• A foreigner wishing to obtain Turkish citizenship must sell the foreign exchange amounts to a bank operating in Turkey, and by this bank to the Central Bank before completing the transaction.

These modifications come within the framework of the facilities that the Turkish government grants almost continuously to investors and those wishing to own real estate and residency in Turkey, in addition to the fact that they come within the framework of supporting the Turkish economy from the gateway to the privileges of obtaining Turkish citizenship, in addition to the gateway to other economic, real estate and tourism fields.

At the end of 2018, the Turkish government approved a set of conditions necessary for investors to obtain Turkish citizenship, the most important of which are:

• Purchasing a property with a financial value not less than 250 thousand US dollars instead of one million US dollars.

•Reducing the financial investments that qualify for Turkish citizenship from two million dollars to only 500 thousand US dollars.

• Reducing the value of deposits that foreigners are required to deposit in Turkish banks for the purpose of obtaining Turkish citizenship from $3 million to $500,000.

• Employing 50 Turkish citizens instead of 100 citizens.

The stages of gaining Turkish citizenship in Turkey through real estate investment are characterized by flexibility and great speed compared to many countries of the world that grant citizenship through investment. And within a few months from buying a property, you can obtain Turkish citizenship. Also, obtaining Turkish citizenship through real estate investment gives the investor an opportunity to move and live in Turkey with all family members and thus benefit from all the benefits that the Turkish citizen himself obtains.

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Stages of obtaining Turkish citizenship by buying a property

  • Submitting a property purchase contract with an application for citizenship to the General Directorate of Land Registry and Title Deed “Tabu”.
  • Refer the request to the general directorate of population and citizenship affairs(nüfus ve vatandaşlık işleri genel müdürlüğü).
  • Conducting security research in the case and verifying the validity of the contract by the competent Turkish authorities.
  • The approval of the General Directorate of Land Registry is obtained within 3 or 7 days, after that, going to the Immigration and Passports Office to apply for real estate residency (if there is none), and then to the General Directorate of Civil Registration and Turkish Citizenship and follow up with the responsible authorities, whether in the Immigration Department In Yalova, Istanbul, Ankara, and others.

Documents required to obtain Turkish citizenship by buying a property

• Title deed “Tabu”.

• The passport, translated and certified by the notary  ” Noter”.

• A valid residence permit.

• Residence address document in Turkey.

• A valid property valuation report.

• Original payment receipts from the buyer’s account.

• Original receiving receipts from the seller’s account.

• Two copies of the letter of attorney for the application.

It is noteworthy that after the foreign property owners, obtains theTurkish citizenship, his wife and children under the age of 18 can also obtain it.

Other conditions for obtaining Turkish citizenship

Turkish laws allow the foreigner the right to apply for Turkish citizenship in the following cases:

• Residence on Turkish territory for a period of 5 continuous years without interruption, especially if a person obtains a “work permit” that fulfills the mentioned period of 5 years.

• Those who have documents confirming their Turkish origins.

• Marriage to a Turkish citizen.

• Naturalization by adoption.

• Granting exceptional citizenship by a government decision, as the Turkish Nationality Law allows the executive authority and the Council of Ministers to grant any foreigner Turkish citizenship if it does not pose a threat to national security or public security.

Turkish citizenship has become the focus of attention of many citizens of Turkey’s neighboring countries, mostly citizens of Arab countries, due to the political stability and economic prosperity that Turkey is witnessing.

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Advantages of obtaining Turkish citizenship

• A strong passport that ranks 50th in the list of the most powerful passports in the world, thats allows its holder to travel without a visa to 110 travel destinations around the world.

• Turkish passport holders can also enter more than 42 countries with an entry visa issued upon arrival, and more than 7 countries grant the Turkish passport holder an electronic entry visa via the Internet.

• Enjoying the political and economic stability that’s Turkey is witnessing.

• Integration and coexistence with the Turkish people.

• Take advantage of the facilities and incentives provided by the Turkish government

A remarkable demand from the locals to own Turkish real estate

According to the data of the Turkish Statistics Authority, and according to official Turkish media sources, real estate sales in Turkey last year 2021 recorded the second highest peak ever, with one million and 492 thousand sales, also indicated that:

• The record was recorded in real estate sales in 2020 at one million 499,316 homes.

• Istanbul topped the Turkish cities in selling the largest number of homes with 276 thousand and 223, accounting for 18.5 percent of the total sales in the country.

For its part, the General Directorate of Land Registry and Real Estate Survey of Turkey announced:

• A number of 68,600 properties sold to foreigners in 2021.

• Of these, 64 thousand and 500 dwellings (houses), and about 4 thousand plots of land, with an estimated value of 40 billion Turkish liras (dollar is about 13.52 liras).

• Citizens of Iraq and Iran are at the forefront of the most foreign purchases of real estate in Turkey last year, followed by citizens of Russia, Britain, Germany and Afghanistan.

• The cities of Istanbul, Antalya, Ankara and Muğla are at the forefront of the Turkish cities that sell real estate to foreigners.

Omran Trk confirms that its team is ready to answer any inquiry related to how to obtain Turkish citizenship by buying property or investing, in addition to its willingness to facilitate all procedures for those wishing to obtain Turkish citizenship by owning a property in Turkey in general and in the “Yalova” in particular.

#Turkish_citizenship #How_to_obtain_Turkish_citizenship #Turkish_citizenship_updates #Real_estate_in_Turkey

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