02 June 2017 Investment

Buying Property in Turkey Qualifies for Citizenship

The acquisition of Turkish citizenship has been made available in several ways to those who wish, as announced by the Turkish government, including buying a property worth at least one million US dollars, and not sell it for three years.

The Ministry of Environment and Urban Development of Turkey has been making instructions in this regard, including the conditions for obtaining Turkish nationality through the purchase of a property, as follows:

1. The price of the property to be purchased must be determined by an authorized legal property appraiser approved by the Turkish Capital Markets Authority, to indicate the market value of the property.

2. The market value stated in the appraiser's report shall be calculated in US dollars, based on the effective exchange rate of the Central Bank of Turkey.

3. If more than one property is purchased by the same person, the market value of the properties owned by a single sum shall be collected and the value shall be calculated at the rate of exchange at the Central Bank of Turkey on the date of the sale contract.

4. A person wishing to acquire Turkish nationality by means of a property in Turkey undertakes not to sell the property for a period of 3 years from the date of obtaining the nationality, and this registration is recorded in the property register.

5. A foreigner who has owned a property in Turkey prior to the issuance of these instructions shall have the right to include the property for the purpose of obtaining his Turkish nationality, subject to the obligation not to sell the property for three years and the rest of the requirements such as evaluation.

6. After the expiry of the three-year period, the property owner may submits a request to lift the sale ban on the property.

7. The holder of Turkish nationality shall inform the Directorate General of the Persons and Citizenship Affairs in the event of imposing a seizure on the properties referred to therein or taking legal measures against them and other related precautionary measures during the three years provided.

8. Valuation reports of the market property must be issued in the same year in which the application was submitted, otherwise the Ministry of Finance may apply new valuation rates to incoming or incomplete transactions.

9. The tax on the property is imposed based on the value of the property stated in the valuation report.

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