The new amendments for obtaining Turkish citizenship by exceptional means (through the purchase of a property)
As more and more foreign investors in Turkey apply for Turkish citizenship, which is granted through one of the following routes
- buying a property worth no less than 250 thousand US dollars
- depositing no less than half a million US dollars in Turkish banks
The Foreigners Department of the Directorate of Land Registry has approved new amendments to the implementing regulation of the citizenship law
Mr Maher Alraheel, director of Maher Real Estate Investment, explained that the circulars turn on two important points, namely
The fifth clause of article eight of the Central Bank circular also states that there is no possibility whatsoever for Turkish lira deposits to receive any protection against exchange rate fluctuations
which Alraheel described as the coup de grâce for obtaining Turkish citizenship by depositing half a million US dollars in a bank
Mr Maher went on to say: the second point, which concerns those wishing to obtain Turkish citizenship by buying a property worth no less than 250 thousand US dollars, is the requirement to produce a bank receipt showing the value of the property converted from US dollars into Turkish lira at one of the Turkish banks
Accordingly, the investor will deposit the value of the property in US dollars at one of the Turkish banks, convert that money into Turkish lira and submit the receipt to the Directorate of Land Registry before the transfer of ownership takes place
Alraheel added: there are four important points to bear in mind, namely
- Carrying out the conversion from dollars into Turkish lira at the same bank that will later transfer the value of the property to the seller's account
- Watching the exchange rate of the Turkish lira against the dollar, since the rate applied will be the last one announced before the time of the transfer
- Checking that the details included in the bank receipt for the transfer are correct; it must carry the investor's first name and surname
- The amount transferred must not include the commission, the Tapu fees or anything similar
Maher Real Estate Investment has extensive experience in transferring ownership of a property and registering it in the investor's name, through legal due diligence and certificates of expertise obtained from the Turkish government