Amendment to Turkish Citizenship by Real Estate Investment Program Opens New Opportunities
In a recent development, the Turkish government has announced an amendment to the Turkish Citizenship by Real Estate Investment program, providing new opportunities for prospective investors. The change, outlined in Paragraph B of the second paragraph of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law, was officially published in the Official Gazette dated 12.12.2023, under number 32397.
According to the revised regulations, individuals who have acquired a landed immovable property with condominium ownership or condominium easement, provided there is a building on the land, can now apply for Turkish Citizenship. The key stipulation is the placement of an annotation in the title deed records, indicating a commitment not to sell the property for three years.
Investors have three pathways to meet the eligibility criteria under the amended program:
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Property Purchase with Annotation: Acquiring a landed immovable property with condominium ownership or condominium easement, with the condition of placing an annotation not to be sold for three years in the title deed records.
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Property Purchase with Investment: Purchasing a landed immovable property with condominium ownership or condominium easement, with an investment amount of at least 400,000 US Dollars or equivalent foreign currency. The commitment not to transfer or abandon the property for three years must be annotated in the land registry.
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Advance Deposit with Notarized Contract: Depositing an amount of at least 400,000 USD or equivalent foreign currency in advance, coupled with a notarized contract promising the sale of the immovable property. Similar to the other options, this commitment not to transfer and abandon the property for three years is required to be annotated in the land registry.
One significant aspect of this amendment is that it specifically applies to land plots that have a building on them. This opens up new avenues for investors interested in the Turkish real estate market, providing them with additional flexibility in meeting the criteria for Turkish Citizenship.
Prospective investors are encouraged to carefully review the updated regulations and consult with legal experts to ensure compliance with the amended program. This move is expected to further stimulate foreign investment in the Turkish real estate sector and contribute to the growth of the country's economy.
