February 2023 Changes to the Turkish Citizenship Program
Thanks to the easy application process and low entry investment amounts, the Turkish citizenship by real estate program attracts much interest worldwide. However, the scheme changes to keep up to date with current economic climates and fine-tune the application process. As of February the 1st, 2023, the following changes have taken place to the real estate by investment scheme in Turkey.
Please note, this is just an outline of important changes. We previously listed the complete application process and requirements and will post a link below for anyone considering investing in the Scheme. In addition, we are available by telephone and email to answer all questions and guide people through the application process. As a fully established property agent, we have offices in many parts of Turkey, including Istanbul. So, also drop by to chat with an agent.
Changes to the Turkish Real Estate by Investment Scheme
SHARED PROPERTY: In Turkey, a scheme allows unrelated people to purchase parts of a property. For example, the developer could sell a percentage of a property to four people who are unrelated and have no prior knowledge of each other. The new regulations state that the person applying for Turkish citizenship must own 100% of that property.
PREVIOUS OWNERSHIP: The property for sale that will be used for the citizenship application process cannot have been owned by a foreigner in the last three years before the sale took place. The one exemption is sales arising from work contracts.
BUYER AND SELLER CONNECTIONS: There must be no connection between the buyer and seller of the property purchased to obtain citizenship.
CONTRACTS: Applications made on more than one sale of contract or promise of purchase will not be eligible. The 400,000 USD required must be paid in advance by the last date of the preliminary sale contract.
FOREIGN CURRENCY PURCHASE DOCUMENT: The foreign exchange purchase document will be issued to prove the total investment has been made, and this document must be lodged with the relevant Land registry office. The paper must include the name, surname, passport number, foreign identity number, and real estate details for which the foreign currency was exchanged.
The statement must say that the foreigners purchased the property within the scope of acquiring Turkish citizenship or Article 13 of the Circular on Capital Movements. The real estate details are to be obtained via the PARSEL SORGU website and include the parcel number. The declared value must not have other items apart from the sales price. VAT, commission, taxes and real estate agent fees are not included.
OTHER IMPORTANT NOTES: Other factors that hamper the application process include deficiencies in the power of attorney, nationality, and supporting documents. Additionally, if there seems to be a lack of commitment or interest in the sale. Please note that the application will instantly be denied without the right to correct the deficiencies. Hence an application cannot be made based on the promise of the promise of sale.
Final Thoughts
Please note the Turkish Citizenship via Investment Scheme, originally introduced back in 2018, primarily focused on the newly built developments in Istanbul, which the Turkish Government approved. This is still the case. We get questions about buying property in Fethiye, Antalya, and Bodrum with a value of $400,000 or above and still qualifying for the TCIC. But this is not possible.
It is because title deed values on many coastal properties are declared as ''assessed value,'' meaning the title deed value is less than the market value due to low declaration. However, this traditional method is still applied to property purchases in most of Turkey and hence does not work for the TCIC. Therefore, be wary of any agent that suggests it is possible.
We recommend that clients contact independent bodies and lawyers qualified in TCIS to provide detailed information. Please note that some lawyers will request a fee for this information from the asking parties. Please watch our interview with our director Mr Tolga Ertukel for more information on this topic.
Application Procedure: Please see our article for more information about the Turkish citizenship by real estate investment scheme. We answer questions from potential applicants about eligible properties, original terms and conditions, the benefits of becoming a Turkish citizen, and the application process.
Eligible Properties: See our portfolio of homes for sale in Istanbul suitable for the Turkish citizenship application process. On the top right-hand corner of all listings, under “why buy this property,” it shows whether it is eligible. Alternatively, email your property requirements, and we can send an email portfolio of eligible homes for sale.
Istanbul
