In December, 2022, the Turkish government made amendments to the conditions for obtaining Turkish citizenship through investment or real estate purchase. These decisions will enter into force as of 01.01.2022.
These changes included the following:
Changes to the pre-sales agreement:
It is required that the transactions based on the preliminary sale agreement in connection with the sale of immovable property by one contract take place as of 01.01.2023. In other words, if you own a group of properties and want to apply for Turkish citizenship, these properties must be under one contract, that is, they must be purchased from one place or one company. If the real estate is under separate contracts, its owner will not be able to apply for citizenship even if its price exceeds $400,000.
Changes related to sale shares:
It will not be possible to apply for citizenship through jointly owned property. In other words, if two foreigners own a property worth, for example, $900,000, with equal shares, they will not be able to apply for Turkish citizenship. The owner of the property must be only one person to be able to apply for citizenship.
Related articles:
- Is it Better to Invest in Expensive Areas or Cheap Ones?
- The best place to buy a property in Turkey.
- Buying an apartment in Turkey to obtain residency.
Changes related to the foreign currency purchase document:
The pre-sale agreement stipulates that foreign exchange purchase documents must be issued against the minimum amount paid in advance, and no later than the date of the contract. That is, the foreign buyer must exchange the foreign currency that he will use during the purchase with a bank located in Turkey, and accordingly, the foreign currency is sold to the Central Bank of Turkey through the intermediary bank.