According to the 13th Article of the Capital Movements Circular and the Implementation Instructions on the Sales of Foreign Exchange to the Turkish Central Bank, some adjustments occurred on the Implementation of the Turkish Citizenship Law. The update details are stated in the circular numbered 2022/1 and 2019/5 published on the 21st of January 2022.
New Adjustment in the Turkish Citizenship Application by Investment Program: A Foreign Exchange Purchase Certificate is required
The Central Bank now obliges the exchange to foreign currency in transactions when foreign buyers are involved. According to the regulation, the details of which are explained in the circular texts, foreigners will first have to sell their foreign currency to the Central Bank through a bank transfer and then submit the Foreign Exchange Purchase Certificate issued by the bank to the land registry office.
This practice has entered into force on the 24th of January, 2022, and it became mandatory to submit a foreign currency purchase document in real estate acquisitions by real foreign persons.
However, payments made before the official circular publication will be accepted without the obligation to submit a foreign currency exchange document. Yet, a bank transfer receipt from the buyer to the seller will be requested.
A Foreign Exchange Purchase Certificate is now required
The exchanged amount stated in the foreign currency purchase document will be taken as the official value of the property. Although the foreign currency exchange document is sufficient in sales transactions, it will also be necessary to submit the bank transfer receipt from the buyer to the seller regarding the acquisition of Citizenship through a real estate investment program.
All the issues that may be encountered regarding the implementation are explained in detail in the circular text that you can find on the following link:
Acquisition of Turkish Citizenship by Investment Program
We should remind that this program began in January 2017 with the goal of attracting foreign direct investment and boosting the real estate industry. The investor has the option to choose from a variety of processing techniques under this scheme.
The initial investment cost to profit from this initiative was set at least one million dollars. Later, in September 2018, the amount was decreased to 250,000 USD.
You can go to our Turkish Citizenship by Investment Program for further details on our Turkish Citizenship page.
Acquisition of Turkish Citizenship Through Real Estate Investment
Turkish Citizenship by Investment Program includes 3 different methods; Job Creation, Capital transfer, and Real estate.
Foreigner investors could acquire the right to apply for Turkish Citizenship by investing at least $250,000 in any property in Turkey; it can include villas, apartments, or lands. The sum could represent the cost of a number of properties in various locations and purchased on various dates.
The property must be kept in the acquirer’s name for at least three years, and this condition will be written in the Title deed.
Documents required for Turkish Citizenship by Investment
Besides the new mandatory Foreign Exchange Purchase Certificate, here is the list of the documents that must be submitted while applying for Turkish Citizenship through real estate purchase.
- A copy of each candidate’s birth certificate.
- Each candidate’s passport
- Residence Verification (Recently issued).
- Each candidate’s biometric and colored pictures.
- Marriage certificate (optional).
- Spouse’s death or divorce certificate (optional).
- Evidence that all of the applicants have no criminal records.
- A copy of your health insurance card (valid in Turkey).
- Evidence of a $250,000 investment in a Turkish bank account or a lawyer’s client account.
- Turkish Tax Identification Number (necessary).
For more information regarding Real estate investment don’t hesitate to contact us. Our experienced consultants are ready to answer all your questions.
You can take a look at our projects through this link. Property Advisor Turkey offers you a various selection of Projects eligible for the Turkish Citizenship Program.