Increasing The Value Of The Property Required For Turkish Citizenship From 250 To 400 Thousand USD
A fateful decision affects foreign investors in the real estate sector with the aim of acquiring Turkish citizenship, after agreeing to increase its value at the meeting of the "presidential cabinet" in April.
Türkiye
Raising the value of the property candidate for Turkish citizenship to $400,000
During the meeting of the “Presidential Cabinet”, it was agreed to raise the value of the real estate candidate for Turkish citizenship from $250,000 to $400,000.
Accordingly, it is expected that amendments will be made to item b of the second paragraph of Article 20 in the executive regulations related to the application of the Turkish Nationality Law.
It is expected that this amendment will be published in the Official Gazette within the next few days, so that the conditions of granting Turkish citizenship in return for a real estate investment are: owning a property whose value is not less than 400 thousand dollars or its equivalent in currencies, and on the condition that the property is not sold for a period of 3 years.
The stages that the real estate ownership law has gone through in exchange for Turkish citizenship
The decision to own property leading to Turkishi citizenship has passed through several stages from the date of its first issuance to today:
The first decision in 2017, allows obtaining Turkish citizeship in exchange for purchasing a property worth "$1 million, or its equivalent" in local currency or hard currencies.
The amendment to the decision in 2018, was reduced to “$250,000 or its equivalent” provided that the property is not sold or transferred to another party for a period of three years.
The last amendment is raised to "$400,000 or its equivalent".
The new law entered into force on June 13.
Until this date, the old system will be implemented by approving the value of $250,000 for the property eligible for citizenship.
REGULATION
Number of Decisions: 5554
It has been decided to put into effect the attached “Regulation on Amending the Regulation on the Implementation of the Turkish Citizenship Law” in accordance with Article 46 of the Turkish Citizenship Law No. 5901.
12 May 2022
REGULATION ON AMENDING THE REGULATION ON IMPLEMENTATION OF TURKISH CITIZENSHIP LAW
ARTICLE 1– The phrases “250.000” in subparagraph (b) of the second paragraph of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law, which was put into effect with the Council of Ministers Decision dated 11/2/2010 and numbered 2010/139, have been changed to “400,000”.
ARTICLE 2– The following clause (O clause has been added to the second clause of Article 20 of the same Regulation after clause (e) and the tenth clause of the same Article has been amended as follows.
“f) It is determined by the Insurance and Private Pensions Regulation and Supervision Agency that it has invested at least 500,000 USD or its equivalent in foreign currency into the private pension system, provided that it is kept in the funds determined by the Insurance and Private Pensions Regulation and Supervision Agency and remains in the system for three years.”
“(10) The foreign currency amounts specified in subparagraphs (b), (ç), (d), (e) and (O) of the second paragraph are sold to a bank operating in Turkey and to the Central Bank by this bank before the transaction. Turkish Lira amounts obtained in accordance with subparagraph (ç) are in Turkish Lira deposits, Turkish Lira amounts obtained in accordance with subparagraph (d) of the second paragraph are in Turkish Lira State debt instruments, Turkish Lira amounts obtained pursuant to subparagraph (f) of the second paragraph are included in the individual pension system. It is kept for three years in the funds determined by the Insurance and Private Pension Regulation and Supervision Agency. The implementation principles regarding this issue are determined by the Central Bank of the Republic of Turkey.”
ARTICLE 3– This Regulation; a) 1 month after the publication of Article I, b) Other articles on the date of publication, enters into force.
ARTICLE 4– The provisions of this Regulation are executed by the President.
Requirements of Turkish citizenship by investment
To qualify for citizenship, the main applicant should fulfil one of the following investment requirements:
Acquire at least USD 400,000 worth of real estate
Invest a minimum of USD 500,000 fixed capital contribution
Deposit at least USD 500,000 or equivalent foreign currency or Turkish lira into a Turkish bank account
Commit at least USD 500,000 or equivalent foreign currency or Turkish lira into government bonds
Commit at least USD 500,000 or equivalent foreign currency or Turkish lira into real estate investment fund share or venture capital investment fund share
Commit at least USD 500,000 or equivalent foreign currency or Turkish lira into a private pension system for a minimum holding period of three years
Create jobs for at least 50 people, as attested by the Ministry of Family, Labour and Social Services
The main applicant may include their spouse, dependent children below the age of 18, and children of any age who are living with disabilities in their application.
Relocating to the UK or USA with Turkish Passport
As a Turkish national , you can apply for a Business Person visa to live and eventually obtain British citizenship . Thanks to US E-2 Visa Treaty, you are eligible to apply for the E - 2 Investor Visa to help relocate to the USA for a five-year renewable period. If you dream of living in the UK or USA , Turkish Citizenship can be the gateway.
(citinavi team)
