The Turkish government recently announced new amendments to the Turkish citizenship law, particularly for real estate investors, in a move to further regulate and organize this law while preventing exploitation of some old loopholes. The editorial team at Sky Line Real Estate has reviewed these new amendments and prepared this report for you.

We wish you an informative read.

What are the New Amendments to the Turkish Citizenship Law?

Published in the Official Gazette of Turkey on December 21, 2022, the new amendments include significant changes regarding the granting of Turkish citizenship to foreigners in exchange for real estate investment in Turkey. The most notable amendments are:

Single Sales Contract for Properties

• The sale of properties must be covered under a single contract. Multiple contracts for different properties, even if their total value exceeds $400,000, are no longer acceptable. The contract must encompass all properties purchased for the purpose of obtaining Turkish citizenship.

Exclusion of Movable Items in Property Price

• Movable items such as electrical appliances and furniture sold with the property are not included in the property's price calculation. Some had previously exploited this to reach the $400,000 threshold by adding the value of these items to the property price.

No Citizenship for Shared Property Ownership

• Joint ownership of property by multiple foreign buyers, even if the property's value is, for example, $900,000, does not qualify for citizenship. The ownership must be solely held by the buyer.

Property Price Validation at Contract Date

• The property's price in Turkish Lira must meet the $400,000 threshold for citizenship at the time of the contract. Foreign currency purchase documents must be attached to the contract with the specified date.

Seller Citizenship Status

• The property seller must not be a Turkish citizen who obtained citizenship through real estate investment within the last three years. This ensures that properties are bought from Turkish construction companies or Turkish citizens who did not acquire citizenship via real estate investment recently, preventing the commoditization of Turkish citizenship.

Implementation Date of the New Amendments

These amendments will be effective from the beginning of 2023 and will be required for any application for Turkish citizenship through real estate investment in Turkey.

You can always contact Sky Line Real Estate for all the necessary information on property ownership and citizenship acquisition, and to stay updated on any future amendments to the Turkish citizenship law.

Read more: [What Do You Benefit from Turkish Citizenship?]

Key Requirements for Obtaining Turkish Citizenship by Real Estate Investment

To obtain Turkish citizenship through real estate investment, applicants must meet the following criteria:

• The property's price must be at least $400,000.
• The property price must be transferred through a bank transfer from the buyer to the seller.
• An appraisal report from a government-approved valuation company must be obtained.
• The property must be restricted against sale for three consecutive years after purchase.
• The buyer must not be from nationalities prohibited from property ownership in Turkey.
• The property must not have been previously sold for the purpose of obtaining Turkish citizenship.

Read more: [Why Do Arab Investors Think About Getting Turkish Citizenship?]

Do the New Amendments Restrict or Facilitate the Citizenship Procedures?

There is a significant difference between laws without many constraints or requirements and laws that mandate specific conditions to benefit from them. The Turkish amendments to the citizenship law significantly prevent legal loopholes and regulate the granting of Turkish citizenship to ensure it is not arbitrary or exploited by unqualified individuals. Additionally, any new amendments to the Turkish citizenship law are typically made to address identified issues and to enhance the application of the law.

Turkey's approach to granting citizenship to foreigners is relatively new, having only opened up to foreign investment and settlement within the last two decades. Thus, it is natural to find areas within the law that require adjustments, reviews, and discussions among Turkish legislators and relevant parties.

Future Amendments to the Turkish Citizenship Law

The idea of making amendments to the Turkish citizenship law is acceptable and justified because the law regarding the naturalization of foreigners is relatively new. Practical application reveals certain loopholes that necessitate amendments. However, these amendments generally serve to organize and do not impact the core of the Turkish law allowing foreign investors in real estate to obtain citizenship. Therefore, there is no need to fear any significant problems arising from future amendments.

Sky Line Real Estate assures its clients that we accompany them on their journey to obtaining Turkish citizenship through real estate investment, from selecting properties that meet citizenship requirements, through ownership procedures, and all necessary steps until you receive your Turkish passport. We will continue to support you even if there are new amendments to the Turkish citizenship law, ensuring a smooth and problem-free process for your property purchase and citizenship file.

Read more: [Does Turkey Allow Dual Citizenship?]

Why Do Foreign Real Estate Investors Consider Turkish Citizenship?

Aside from any new amendments to the Turkish citizenship law, what motivates foreign investors to consider Turkish citizenship, especially through real estate? There are many reasons, the most important of which are:

• Lower Minimum Property Price for Citizenship: The minimum property price for Turkish citizenship remains relatively low compared to European countries. For example, in Greece, the minimum price starts from 500,000 Euros, while in Turkey, it is only $400,000 (approximately 375,000 Euros).
• Booming Construction Sector: Turkey's real estate sector is thriving, making it a lucrative investment with the potential for a quick return on investment compared to other countries.
• Need for a Second Citizenship: Many investors from the Middle East need a second citizenship due to instability in their home countries, such as Iranians and Iraqis.
• Cultural and Social Affinity: The cultural and social similarity between Turkish people and people from the region offers a comfortable environment for living, settling, investing, and finding promising opportunities for a happy life in Turkey.
• Facilitated Ownership Procedures: Property ownership procedures in Turkey are straightforward.
• Simplified Citizenship Procedures: The steps for obtaining Turkish citizenship are easy and straightforward, with ongoing governmental efforts to minimize routine complexities.
• Strength of the Turkish Passport: The Turkish passport offers significant advantages.
• Turkey's Global Standing: Turkey's esteemed position globally allows investors to benefit from their new country's status, travel, expand their investments, and access countries where Turkish citizens enjoy entry and investment privileges.

In conclusion, Sky Line Real Estate aims to provide you with comprehensive information on the recent amendments to the Turkish citizenship law and other important topics for foreign real estate investors in Turkey seeking Turkish citizenship. We are always at your service. Contact us for more information.