New amendments to Turkish citizenship by real estate investment
On 30/5/2019 The Turkish official Gazette published new amendments regarding the acquisition of Turkish citizenship through real estate investment.
Under the latter amendments, the properties that were repaid before 19/09/2018 and the acquisition of their title deed after the said date have now become possible for the acquisition of Turkish nationality. Where under the previous amendments all payments made before 19/09/2018 where not acceptable.
With this amendment, many foreign nationals have the opportunity to benefit from the investments they made on previous dates.
The foreign investor will acquire the right to apply for Turkish citizenship through the property that he began to pay after 12/01/2017 and received its title after 19/09/2018.
The new amendment removed the requirement to present a bank receipt within the application for citizenship if the property is purchased from joint companies with the public sector such as "TOKİ" and "Emlak Konut", which means investors who buy real estate from such companies will not be forced to prove their payments by bank receipts. However, the requirement for proof of payment by bank receipts remains in effect in the purchase of real estate from private companies or persons.
Investors who bought a $ 1 million property as of 12/01/2017 are not required to prove their payments through bank receipts. This advantage applies even if the property is purchased from real persons or private companies.
The exchange rate of the lira against the dollar is one of the most important amendments. In order to acquire citizenship and complete the application positively, the terms of the exchange rate of the lira against the dollar must be met on payment dates, bank receipts, property valuation reports, delivery dates of the property document and dates of application for citizenship.
The recent amendments did not touch the issue of buying Syrian citizens did not address real estate in Turkey. Where a law must be passed by the parliament or a decree from the presidency to allow the Syrians to buy the property. Although the preparations are ready for the Government in this regard, but have not yet been codified.
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