The Turkish government issued a decision to reduce the amount of property ownership, which entitles the holder to obtain Turkish citizenship to $ 250,000 after the amount was $ 1 million.
Where it was published in official newspapers on 18/09/2018 Details clarifying the amendments No. 106, which was made to Article 46 of Law 5901 of the Regulations on the law of Turkish nationality, which became as follows.
Details of the new amendments regarding the law of Turkish citizenship for foreigners
After being verified by the Turkish President, Recep Tayyip Erdoğan, details of the new amendments regarding the law of Turkish citizenship for foreigners were published in the official newspapers as follows:
- Those who own a property in Turkey of at least $250,000 value and commit to not selling it for 3 years can apply for the Turkish citizenship by a decision of the Council of Ministers.
- Those who deposit at least $500,000 as investment capital in Turkish banks can obtain the Turkish citizenship and become Turkish citizens by a decision of the Council of Ministers.
- Investing in Turkey where the investment guarantees employment opportunities for 50 Turkish citizens grants the investor the right to apply for Turkish citizenship.
- The Investment must be with a fixed capital of non-less than $500,000
The Turkish Ministry of Internal Affairs also confirmed that special centers will be opened for those wishing to apply for the Turkish citizenship by investing in Turkey and facilitating the necessary procedures, especially after these latest amendments, which were initiated by the Turkish government at the beginning of this year and issued in September of 2018.
These long-term adjustments would have a major impact on raising the level of investment in the Turkish real estate sector, in particular, the decision to invest $250,000 and acquire the Turkish citizenship.
Noting that the real estate sector contributes 19.5% to the total revenues of the Turkish economy. Experts predict that this decision would increase sales of Turkish property and attract more investors.
Frequently asked questions about the decision to acquire the Turkish citizenship by owning properties worth $250,000.
1. Does a foreigner who owns more than one Turkish property totaling to $250,000 have the right to apply for the Turkish citizenship?
Yes, a foreigner who owns real estate with a total value of more than $ 250,000 is entitled to the Turkish citizenship under the latest amendments. It is not required to be a single property.
2. Is the citizenship granted only to the owner of the property or to him and his family?
Turkish citizenship is granted to the owner of the property and all members of his family who are under 18 years of age.
3. Is there a specific currency required to buy a property in Turkey and get the Turkish citizenship?
The decision states that the purchase of a property must be worth $250,000 or its equivalent in foreign currency.
4. Are Individuals who own real estate in Turkey worth $250,000 and above before the recent amendments entitled to apply for Turkish citizenship now?
There is still no statements as to those who own property in Turkey worth $250,000 and above before the issuance of this decision and whether they are entitled to the Turkish citizenship or not.
What are the steps to owning property in Turkey and getting the citizenship?
Within the context of such important and motivating decisions regarding ownership of Turkish real estate to obtain the citizenship. There will, inevitably, be a lot of demand for real estate in Turkey. So, it is our duty as a real estate consultancy company to show you the right steps to owning a property in Turkey and applying for the Turkish citizenship.
- Communicate with a well-known real estate company and understand the details of the new decisions accurately.
- Discuss the details of the property that fits your budget and needs.
- Ask for advice about the property features you are looking for in Turkey.
- Go on a field trip to preview the project in reality.
- Follow up on legal matters with your real estate company.
We at Extra Property are pleased to guarantee you all the above and more after-purchase services including property acquisition procedures and applying for the Turkish citizenship.
Contact us now to be on the right track to own a property in Turkey and get the Turkish citizenship.