The Turkish Citizenship for the acquisition of $ 400,000

 On Wednesday 13/05/2021, the Official Gazette of Turkey published a law amending the conditions for granting Turkish citizenship to foreigners in exchange for owning property in Turkey or operating, investing and depositing in Turkish banks.

According to the new law, the foreigner can acquire the Turkish citizenship in the following cases:

1. In the event that a property is purchased in Turkey worth a value of no less than 400 thousand USD, provided that the property is not sold three years from the date of its purchase; contrary to the previous condition that comprised the purchase of property estimated at one million USD.

2. Another amendment was made in the Turkish Nationality Law regarding depositing a sum of money in a Turkish bank in order to obtain citizenship. The amendment states that a deposit of $500,000 is sufficient. Whereas in the preceding citizenship law, the minimal limit was $3 million.

3- The law stipulates another amendment regarding the amount of fixed investment in exchange for the Turkish citizenship where it reduced the investment amount from 2 million US dollars to $500,000.

4- The employer or project that secures 50 job opportunities for fifty Turkish citizens is eligible for obtaining the Turkish citizenship. Whereas in the past the capacity necessitated the employment of 100 Turkish citizens.

Special offices will be opened to submit applications for Turkish citizenship, and these offices will be subject to the supervision of the committee composed of the mentioned ministries.

The law has been published on the pages of the official newspaper, which is the archive container for governmental and parliamentary decrees, decisions and laws. We will narrate the text of the relevant articles verbatim:

Resolution No. 106

It was decided to make an amendment to the regulations regarding the mechanism of application for the Turkish citizenship and to append this amendment to Article 46 of the Turkish Nationality Law No. 5901.

September 18, 2018

Recep Tayyip Erdogan

The President of the Turkish Republic

Mechanism of Applying for Nationality Through Real Estate:

And in a related matter, the Turkish Ministry of Environment and Urbanization issued the executive regulations related to the mechanism of implementing the Nationality Law under No. 135189470, on October 15 2018.

According to the aforementioned regulations, the following criteria are the ones that give the property owner the right to benefit from the law of obtaining Turkish citizenship through the property:

1. The value of the property purchased, before the decision signed by President Recep Tayyip Erdogan, must be $ 1 million.

2. The value of the purchased property after the issuance of the decision of September 19, 2018, signed by President Recep Tayyip Erdogan, must be 400 thousand dollars, with the need to transfer the value of the property by the bank.

3. Receipt of real estate Tabu, that is, the buyer of the property has paid the full price of the property, where the value of the property is estimated by the Land Registry Foundation, which in turn issues a document with the value of the purchased property.

4. A pledge not to sell the property three years from the date of purchase will take place by signing the pledge document within the Land Registry.

5. Confirm the address of the property owner in Turkey. Specifically within Turkish lands and not necessarily the address of the same property purchased, but in any other address.

Papers required during applying for citizenship in exchange for real estate:

- The Land Registry document, which refers to the property registration document.

- Passport.

- Title verification document in Turkey.

- Valid residence permit in Turkey.

- Payment receipt taken from the bank through which the payment was made.

Decree to amend the mechanism of application for granting the Turkish citizenship

First Article: Replacing the phrase “the proposal of the Prime Minister and the Ministry” in the second paragraph of Article Twenty in the law submitted on 11/02/2010 CE issued in the same year by No. 139 to the following phrase “the proposal of the President of the Republic”, and replacing the term fixed investment with the value of two million liras Contained in item (a) of the same article, changing the ministries in charge of following up the decision, which are mentioned under the name of the Ministry of Economy and the Ministry of Industry and Technology with the phrase 5000 USD or the equivalent in Turkish lira, and replacing the phrase “operation 100” “with an estimate of” the Ministry of Labor and Social Insurance mentioned in Item C and replacing it with the phrase"l “operation 50” "with the estimate of" the Ministry of Family, Labor and Social Services, and replacing the phrase Deposit of the 3,000,000 USD mentioned in Paragraph C and replacing it with the phrase “500,000 USD or the equivalent of the Turkish Lira”, and the term “financial advisory estimate” mentioned in Item B was replaced with the phrase “the Ministry of Treasury and Finance.”

With confirmation of property purchase with the value of 400 thousand dollars and keep it for three years. "

Fourth Article: The following is considered valid from the first day of its publication.