Important Changes in Citizenship via Investment in TurkeyThu, Dec 22, 2022 12:00 AM
The Turkish Citizenship Law which allows citizenship through investments have been in effect for some time. Those who consider citizenship through investment needs to stay updated on the current laws and regulations. While the end of the year approaches it was announced that the 2019/5 circular numbered of the Turkish Citizenship Law will have some important changes to take effect in 1/1/2023.
Changes in Preliminary Contracts for Sale
After 1/1/2023, the preliminary contract for sale of real estates should be done with a single contract. With this law, if there is more than one preliminary contract for sale for multiple non movables the investors can’t be able to apply for Turkish citizenship even if the cost exceeds 400 thousand USD.
The properties which were bought through preliminary contracts can’t be merged with other non-movables to reach the 400 thousand USD quota.
Changes in the Real Estates Sales with Shares
The investors can’t be able to apply for citizenship with acquisition of the real estate through shares. For example, even if two foreign investors acquire a real estate through an evenly split shares which is worth 900 thousand USD, they won’t be able to apply for the Turkish citizenship. For each of the non-movable, there will be only one property owner and only one of the foreign investors will be able to apply for the citizenship.
Changes in Sales with Foreign Currency
The purchase with foreign currency document will have to be arranged according to the minimum down payment and until the contract date of issue of the preliminary contract for sale.
Some Other Important Changes
After 1/1/2023, the secure payment methods offered by banks are allowed optionally while transferring money for the real estate purchases. With this change, it was announced that payments with the certified checks are able to be used.
The second-hand properties that are acquired or preliminary contracts done can’t be those which were transferred to a Turkish citizen or company by a foreign individual within 3 years. The acquisitions that are due to the contracts for work and labor are excluded from this article.
MFY Partners Law Firm lawyers