Real Estate

Significant change in gaining Turkish citizenship, Real Estate investment limit increased

According to the decision taken at the Presidential Cabinet meeting held yesterday, the real estate value sought in applications made by foreigners for Turkish citizenship will be increased from $250 thousand to $400 thousand.

Exceptionally, the value of the real estate that must be purchased in order to apply for Turkish citizenship will be increased from $250 thousand to $400 thousand.

According to the information received, yesterday, the Presidential Cabinet chaired by President Recep Tayyip Erdogan discussed increasing the value of the real estate that must be purchased for exceptional Turkish citizenship.

$150 THOUSAND INCREASE

At the Cabinet Meeting, it was decided to increase the value of the real estate to be purchased for the application for exceptional Turkish citizenship from $250 thousand to $400 thousand.

Within the scope of this decision, it is envisaged to amend the “b” clause of the second paragraph of the 20th article of the Regulation on the Implementation of the Turkish Citizenship Law, which contains exceptional provisions regarding the acquisition of Turkish citizenship.

With the entry into force of this change by being published in the Official Gazette in the following days, those who established condominium or floor servitude and those who purchase a property worth at least $400 thousand or equivalent in foreign currency will be able to acquire Turkish citizenship, provided that an annotation is put in the land registry that it will not be sold for 3 years. Those who are determined by the Ministry of Environment, Urbanization and Climate Change, to whom the sale of the immovable has been promised, with a contract drawn up in the notary, provided that a commitment not to be transferred or canceled for a period of 3 years is annotated in the land registry, with a cash deposit of at least $400 thousand or its equivalent in foreign currency, will be able to acquire Turkish citizenship.

Source: Turkiye Gazetesi / Translated by Irem Yildiz

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