In this article, we write about obtaining citizenship of Turkey through buying a property. You can also check other articles of us about ways of obtaining Turkish Citizenship.
There are multiple ways of obtaining citizenship of Turkey. You can buy a property worth more than 250.000 USD, establish a company and make an investment amount of 500.000 USD or equivalent foreign currency, employ 50 employees in your business in Turkey, deposit 500.000 USD or equivalent foreign currency in a bank operating in Turkey, buy government bonds worth of 500.000 USD or equivalent foreign currency or buy real estate investment fund share or venture capital investment worth at least USD 500.000 or equivalent foreign currency.
One of the easiest ways to obtain citizenship in Turkey is to buy a property worth 250.000 USD or equivalent foreign currency. The value of the property must be minimum USD 250.000, and a “property assessment report” shall be obtained by applying to one of the property assessment organizations authorized by Board of Capital Markets (SPK) for property assessment,
The payment of the real estate’s price must be made in currency. In the acquisition of real estate by foreign natural persons, before the acquisition, the sale price must be sold to a bank to be sold to the Central Bank, by the buyer, seller, their proxies or representatives in USD or equivalent foreign currency. The ‘Currency Buying Document’ should be issued by the bank, and it is needed to be handed to Land Registration Office before the sale. The amount needed to acquire Turkish Citizenship will be calculated with the price that written on ‘Currency Buying Document’ that issued by the bank. Therefore, the payment of actual price of the real estate mustn’t include fees and costs. The person must only transfer the price of the real estate. Fees and other costs should be sent separately.
An application shall be made to the directorate of land registry with the required documents, and a statement indicating that the property may not be sold for three years shall be registered and the title deed of the property shall be handed over to the landlord. Following the completion of the transaction, Regional Land Registry will issue the “certificate of conformity” for citizenship application.
Then with required documents, person shall apply for a resident permit. Following obtainment of resident permit, the last stage is to apply to the Provincial Directorate of Census and Citizenship for citizenship with required documents.
After decision of ministry, foreign finally can have citizenship.
Our law office takes place in Fatih province of Istanbul, where all these procedures are running. As experienced attorneys, we can run these procedures for you fully, professionally and fast since we are in the heart of all process.
However, the information provided in this article is general and does not constitute financial, tax or legal advice. The editors and authors accept no responsibility for any inaccuracies or omissions contained herein. If you seek legal advice, we are always pleased if you contact us.