Foreigners can acquire Turkish citizenship through real estate investment if they meet certain conditions specified in the relevant laws. Finally, with the amendment made in 2022, the opportunity to acquire Turkish citizenship exceptionally has been provided for foreigners who have purchased real estate worth at least 400,000 USD, provided that an annotation is put in the title deed records that it will not be sold for three years. In determining that the purchased real estate is worth 400,000 USD, it requires that the relevant consultancy firms have been granted a Real Estate Appraisal Authority by the SPK (Capital Market Board).In this article you can find all the details about the process of acquiring Turkish citizenship through real estate investment.
Which Documents Are Required for Application for Turkish Citizenship by Investment?
- Title Deed Document of the Real Estate
- Identity document/Passport (with translation if necessary),
- Real Estate Valuation Report,
- Compulsory earthquake insurance policy for buildings,
- Photos of 1 buyer and 2 sellers in the last 6 months
- “Real Estate Fair Value Certificate” of the real estate
- Tax number,
- Bank-approved remittance receipts
- Sworn translator for non-Turkish speakers
- If there is representation, document/power of attorney regarding representation
How is the Real Estate Sales Value of 400.000 USD Determined?
The market value determined by the real estate sales price and valuation report must be higher than the 400,000 USD value sought in the regulation. In order to determine the sales value, transactions are made based on the effective selling rate of the Central Bank of the Republic of Turkey on the day of sale.
How should the sale price of the real estate be paid to the other party?
It is possible to transfer the sale price of the real estate in foreign currency or equivalent Turkish Lira through banks in a foreign country or in Turkey. It is necessary to prove with bank-approved receipts that the sales fee is sent from the buyer’s account and deposited to the seller’s account.
