Turkish Citizenship by Investment
The scheme introduced in 2017 initially required foreign buyers to make a US$1m threshold. This was later lowered to $250,000. Under the scheme, foreigners can gain a Turkish passport by making a US$250,000 investment in property, or $500,000 fixed capital investment. This must be held for three years. The scheme has led to a large spike in property sales, and about 40,000 people gaining citizenship. In October, a new measure aimed at curbing sellers offering property to foreign buyers at inflated prices to reach the $250,000 minimum slowed home sales.
Now, buyers are obliged to use an independent appraiser to set the value of their home.
However, sales slowed only temporarily: when the lira slid further at the end of last year, foreign buyers moved to take advantage of the depressed currency, and property sales were up by 77% last year.
A "minor change" to Turkey's citizenship by investment programme means property buyers can no longer deposit funds straight into a seller's account.
The amendment, gazetted two weeks ago, means foreign buyers will now need to send their funds to a Turkish bank prior to purchase, converting their currency to lira for the purchase.
Foreigners who gain citizenship by moving funds to Turkey will also need to convert them to lira.
The bank, in turn, is required to exchange the currency via Turkey's Central Bank. For buyers, this means the days of direct transfers to a seller's account are over.
Turkish Citizenship by Investment (Law)
In Accordance With The Law Amendment That Has Come Into Force in 19 September 2018, Foreigners Who Purchase a Property With At Least 250,000 USD Can Acquire Turkish Citizenship. The First Step For A Foreigner Willing To Become A Turkish Citizen Is To Purchase A Property With A Minimum Value of 250.000 USD. There Are Certain Points To Be Considered when purchasing the property.
A foreigner can purchase multiple properties provided that he/she purchase them together and the total value of the properties must worth more than USD 250.000. besides, multiple foreigners can purchase one property provided that each of their parts will worth USD 250.000.One of the most important parts of this process is the valuation report. The valuation report is required to be prepared by specialists who are licensed and authorized by the capital market board, in order to determine whether the acquired property is equal to the amount specified in the regulation (USD 250.000). The period of validity of the valuation report is up to 3 months before the purchase of the property. In case the foreign buyer has an attorney, the validation report will be provided by the Attorney/Law Firm. Specialists who are licensed and authorized by the capital market board, in order to determine whether the acquired property is equal to the amount specified in the regulation (USD 250.000). The period of validity of the valuation report is up to 3 months before the purchase of the property. In case the foreign buyer has an attorney, the validation report will be provided by the Attorney/Law Firm.Once the title deed, valuation report and receipts of the payment are obtained, the foreign buyer or his/her attorney can make the written promise (not to sell the property for 3 years) in the Land and Registry office. After the promise is made, the department of foreign affairs will send ‘’the title deed conformity document’’ to the foreign person’s or his/her attorney’s e mail address.