In the mid of 2021 several rumors circulated about the Turkish government’s intention to raise the Turkish citizenship program’s value for foreign investors who aspire to gain second citizenship by investing in the real estate sector, but nothing changed, till the spring of 2022.
President Recep Tayyip Erdoğan announced new amendments to the law granting Turkish citizenship to foreign investors, and the program’s value was modified to become 400,000$ instead of 250,000$.
Within the same draft resolution, the Turkish president has declared both the Pros and Cons, the reasons, and the new version of the law that will be enforced on the twelfth of June of 2022.
The New Cost of Turkish Citizenship Properties
In Turkey, there is what is known as the Governmental Official Gazette (newspaper), through which all new governmental decisions to be included in the Turkish constitution are presented later.
It is worth noting that the decision to amend obtaining Turkish citizenship was included in the Turkish Official Gazette (newspaper) at the beginning of April, bearing in mind that the decision will not be taken into consideration, till the twelfth of June 2022, meantime the foreign investors still have the legal eligibility to stick with the main previous value of obtaining Turkish citizenship, submit their application and involve the family’s members, wife, and kids under the legal age of 18 in the same application.
Within this context, President Recep Tayyip Erdogan has expressed the primary reasons for raising the value of real estate investment to obtain Turkish citizenship, based on several factors which are:
Reasons Behind Increasing the Value of Turkish Citizenship
1- First: The significantly increased value of the real estate properties in most major cities in Turkey, which is continuously getting developed, due to the infrastructure’s evolvement, in particular at the level of major government construction projects, which are empowering the value of the real estate meter gradually and continuously.
2- Secondly: The high demand by foreigners from various nationalities to buy real estate properties in Turkey, whether, for investment or housing, that is eventually led to an increase in the level of demand significantly, while there’s a slight decrease in the proportion of real estate shares, that is offered within the market, all that led to the competitive market creation.
3- Thirdly: The tremendous boom in the tourism sector, which Turkey witnessed in the last decade, that is ultimately caused an expansion in the accumulative value of the real estate market in Turkey in general.
4- Fourthly: Expanding the level of luxury of existing services, generated an increase in the market importance of real estate in Turkey, thus, raising its value of the market in general.
All of these elements have conducted to boost the value of the real estate market in Turkey, in particular, thus foreign investors are tending to buy real estate that has a purchasing value beyond 250,000 $, in addition to the fact that not all properties offered in the market may fulfill the conditions of a suitable property for obtaining Turkish citizenship legally.
But what are the specifications of the perfect suitable property for obtaining Turkish citizenship:
1- The previous owner of the property must not be a foreigner, those who want to gain citizenship must purchase the property directly from a Turkish developer, or exclusively from a Turkish citizen.
2-The property must have a legal title deed even if the property is still under construction (floor easement deed).
3- Paying the value of the property by cash, through bank transfer (illustrate the transfer receipt), the transaction must be legal whether the monetary transaction is from outside / inside Turkey.
4- Examine the real estate appraisal report for the specific property, and ensure whether this property guarantees obtaining Turkish citizenship or not, in terms of location, value, and the legal record of the property.
If all the previous factors have been verified, it will be manageable and safe for the foreign investor to proceed and finish the process of buying the property as a first step and apply to the Directorate of Immigration and Passports, including all the required legal papers as a final step
Turkish Citizenship Application
The required legal documents to finalize the application for obtaining Turkish citizenship:
One of the most important steps within the phases of obtaining exceptional Turkish citizenship for foreign investors in Turkey is the preparation of a comprehensive file for all legal documents.
Extracting and putting the legal documents altogether and submission to the concerned authorities are considered the final step to receiving a Turkish passport, which is granted within 3 months maximum.
1- A copy of the birth certificate translated into Turkish and certified by a Turkish notary, for each of the file’s owner and family members, wife, and children.2- A copy of the family book translated into Turkish and certified by a Turkish notary (not required for unmarried people)
3- The civil marriage contract, translated into Turkish and certified by a Turkish notary (not required for unmarried people)
4- A copy of the applicant’s passport, and included the wife, and children’s passports.
5- Medical insurance for all family applicants within the same file
6- A true copy of the title deed (Tapu) certified and sealed by a Turkish notary.
7- A copy of the bank transfer receipt of the purchased property
8- An insurance document against earthquakes extracted from the municipality of the real estate owned in Turkey (DASK).
9- A true copy of the purchase contract issued by the Turkish construction company, in case the property was purchased from a real estate developer in Turkey.
Ways to Get the Turkish Citizenship
It is known that the exceptional citizenship program includes several diverse methods for investors to obtain Turkish citizenship
Such as the bank deposit, a value whose value has not been changed within the regulations of the last amendment draft, which amounts to half a million dollars, has been preserved within the new amended draft, as it is deposited in any of the Turkish banks, with a pledge not to withdraw or transfer the money for 3 years from the date of deposit.
This amendment came intending to support and protect the local currency of Turkey, from fluctuation and speculation, in addition to increasing the foreign currency deposit in the Turkish Central Bank, thus supporting the Turkish economy, in other words, empowering the approach of mutual benefit for both the Turkish government and foreign investors alike, win-win deal.
Establishing a Commercial Registry
And for the third method which allows the foreign investor to obtain Turkish citizenship is by establishing a commercial registry, and ensuring 50 job opportunities for Turkish citizens, the article has not been modified in the new amendment’s draft as well, it kept its old value of half a million dollars, as the main capital of the company, plus the insurance that will be deposit within any selected Turkish bank in Turkey.
Therefore the only significant modification is the increase in the value of the real estate which becomes 400,000 $ for each application, in order to get Turkish citizenship.
Maximum Property, will accompany you from the very beginning until the Turkish passport to you and your family members is delivered, contact us today, and let us help you chart the new beginnings for you and your family in Turkey.