New Regulation for Turkish Citizenship as of 2023

New Regulation for Turkish Citizenship by Property Investment in Turkey as of 2023

Turkish citizenship in 2023.

As of January 1st, 2023, a new regulation has been introduced that allows individuals to acquire Turkish citizenship through property investment. The following changes have been made:

Property Valuation Report:
The valuation reports submitted during the application process will be valid for 3 months from the date of issuance. No new report will be required for transactions completed within this period.

2. Determination of Official Promissory Note (Sales) and Preliminary Sale Contract Price:
The buyer, seller, or their representatives must sell the sales price in US dollars or the equivalent amount of foreign currency to a bank that will sell it to the Central Bank. The foreign currency purchase document issued by the bank must be sent to the relevant Land Registry Directorate via KEP. The foreign currency purchase document should include the name, surname, passport number or foreign identity number, real estate number, the US dollar equivalent of the foreign currency purchased, and a statement indicating that the transaction was conducted for the purpose of acquiring Turkish citizenship or Article 13 of the Circular on Capital Movements. The property number can be obtained from https://parselsorgu.tkgm.gov.tr/. It is possible to include the property number of the independent section or the main property, depending on the nature of the property. If this information is not available, the island/parcel information should be included.

3. Receipt:
The approved bank receipt, showing that the minimum amount required by the regulation has been paid to the real estate seller or the person concerned, must be submitted to the land registry office.

TERMS OF THE PARTIES:
This regulation does not apply to second-hand properties transferred to a Turkish citizen/company within the last three years by a foreign individual. Acquisitions arising from works contracts are also excluded from the scope of this article.
The property subject to sale or promise to sell must not be registered in the land registry on behalf of the legal entity of the company in which the foreign individual who purchased the property for citizenship, as well as his/her first-degree relatives (blood or marriage relatives), are partners or managers.

Our Representatives
Book a consultation with experienced managers who will help you in all matters.