The revision in the regulation, numbered 7938 and enacted on December 12, 2023, and signed by President Recep Tayyip Erdoğan, marks a pivotal moment in the landscape of acquiring Turkish citizenship through real estate investment. The amendment narrows the scope of eligible properties from merely “real estate of foreign currency value” to now encompass “real estate with condominium ownership or building rights, including plots.”
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Below are the details of the new regulation as well as the major changes.
The Focus of the Regulation
This noteworthy modification significantly impacts the practice of granting Turkish citizenship in exchange for real estate investment, a topic that has occasionally dominated Turkey’s agenda. The recent amendment to Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law introduces crucial changes to the qualifications for acquiring Turkish citizenship through real estate investment. This adjustment may serve to limit the opportunities for Turkish citizenship seekers, emphasizing a more stringent criterion for eligibility.
Because the amendment specifically alters the definition of “immovable property” by excluding plots without buildings. Previously, acquiring citizenship was possible by purchasing immovable property with a minimum value, provided it was not to be sold for three years. Now, the focus has shifted to properties with established condominiums, condominium easements, or structures, signaling a more targeted approach to immigration through real estate investment.
For those navigating these nuanced changes, Alfa Law emerges as a beacon of legal guidance. Our seasoned lawyers, proficient in the intricacies of Turkish real estate and citizenship laws, can provide clarity on the refined qualifications and ensure a comprehensive understanding of the amended regulations. Whether you are a prospective investor or an individual reassessing your path to Turkish citizenship, our legal experts are here to navigate you through the evolving landscape and strategize accordingly.
What are the Major Changes Effective in Acquiring Turkish Citizenship?
The recent amendment to Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law introduces crucial changes to the qualifications for acquiring Turkish citizenship through real estate investment. Previously, the focus was on the purchase of immovable properties with a monetary value of at least 400,000 US Dollars. However, the recent adjustment enlarges the scope by emphasizing the establishment of condominium ownership or building rights, notably including plots without any existing structures.
Before this amendment, the criteria for acquiring Turkish citizenship through real estate
investment specified the purchase of immovable property with a minimum value of 400,000 US Dollars, subject to conditions such as an annotation of non-sale for three years or a commitment, accompanied by a notarized contract. The recent change in the regulation now places a stronger emphasis on the nature of the property, requiring the establishment of condominium ownership or building rights in addition to the financial threshold. This indicates a shift toward encouraging investment in land development and construction projects.
Furthermore, the amendment underscores the government’s commitment to enhancing transparency and accountability in real estate transactions. The requirement for the deposit of the specified amount in advance and the commitment to non-transfer and non-cancellation for three years, coupled with the promise of sale through a notarized contract, ensures a more rigorous and structured approach to real estate investment for citizenship purposes.
Contact Alfa Law today to explore your options for acquiring Turkish citizenship by real estate investment, understand the implications of the recent amendments, and chart a course that aligns with your aspirations for Turkish citizenship and more. Our expertise extends beyond the legalities; we offer a partnership committed to your success in every step of this transformed journey. If you are looking for English-speaking lawyers with a proven track record, Alfa Law is your legal partner in Turkey.