New rules for the purchase of real estate for Turkish Citizenship.
Turkey introduces new rules for the purchase of real estate for investors who participate in the state citizenship program. The changes will take effect on January 1, 2024.
The history of changes in the cost:
– Initially, the program for simplified acquisition of Turkish citizenship for investments amounted to $ 1,000,000.
– In September 2018, it was reduced to $250,000.
– On June 13, 2022, the cost was raised to $400,000.
– From the beginning of 2024, the amount will reach $600,000.
The General Directorate of Land Registration and Cadastre of Turkey has published amendments to the guidelines on the application of the Law on Turkish Citizenship.
Changes for investors
Buying a property is the most popular option of the Turkish citizenship program. To obtain a passport, applicants invest from $400,000 in residential and commercial properties in Turkey.
From January 1, 2024, new rules for the purchase of real estate for participants in the citizenship program will come into force. The minimum investment amount is maintained, but some restrictions are introduced:
– the owner of the property must be one investor. The new amendments cancel the opportunity to buy a share in the project together with other investors in order to reach the minimum entry threshold for the Turkish citizenship program.
– if the object is in shared ownership, then none of the owners will be able to apply for citizenship, even if their share is worth more than $ 400,000.
– real estate can be used to obtain citizenship only once. If the object was bought by a participant in the investment program, then another foreigner will not be able to obtain a Turkish passport by purchasing this object.
– if the buyer buys a secondary property that previously belonged to a foreigner, then it must be owned by a Turkish citizen for at least 3 years. At the same time, the first foreign owner should not be a participant in the citizenship program.
– you cannot buy real estate from a legal entity if more than 50% of the company’s shares are owned by a foreigner or a foreign shareholder is present on the board of directors.
– it is only allowed to buy several objects in the amount of $ 400,000 or more and get a Turkish passport only if the property has a TAPU ready. This is an act of registration of an object in the land registry, confirming the ownership of real estate.
– if the TAPU is not ready for the project yet, then a preliminary purchase and sale agreement, certified by a notary, is attached to the application for Turkish citizenship. At the same time, the purchase of several real estate objects must be executed in one contract.
For example, an investor plans to buy two apartments. He will be able to obtain Turkish citizenship if:
– got a TAP on both properties;
– I signed one preliminary purchase and sale agreement for 2 objects.
You can also buy an apartment with a mortgage, but on condition that the investor’s equity is at least $ 400,000 after deducting the loan amount.
The real estate appraisal report must be received no later than 3 months before signing the preliminary purchase and sale agreement with a notary.
The real estate agency “Gursoy Homes” offers to provide professional assistance
in the purchase of real estate for citizenship
