Turkey, noting significant progress with its developing economy in recent years, investments in construction and real estate sectors, is becoming a center of attraction for institutional and individual investors. In this process, the country offers significant opportunities to foreign investors who need to master local dynamics to make successful investment decisions. As Trem Global team, we are closely following developments in order to provide support to investors in real estate acquisition and investment issues, which are highly dependent on internal and external factors and have unique problems, with our experienced and industry-dominated staff. In order to meet the needs of our customers in Turkey, and to help them achieve successful results in investment decisions we present Real Estate Acquisition and Investment Guide in Turkey to the investors, where we provide sector-specific knowledge. The information in this guide is general, not social, tax or legal advice.
The reduction of the long-awaited investment amounts for investors to get Turkish citizenship without waiting was made on 19 September 2018.
Accordingly, the minimum amount of immovable to be purchased for foreign investors to transfer to Turkish citizenship without waiting was reduced from USD 1,000,000 to USD 400,000. Foreigners who buy as a minimum of US $ 400,000 worth of real estate in Turkey can obtain Turkish Citizenship with their formally married spouses and children younger than 18. For this, the purchased real estate should not be sold for 3 years.
The amount of deposits that should be kept in Turkish banks in order to obtain Turkish citizenship was reduced from USD 3,000,000 to USD 500,000. The foreigners that deposit at least in the amount of USD 500.000,00 on the condition to keep for 3 years may exceptionally acquire Turkish citizenship.
The lower limit of fixed capital investments required for foreign nationals to acquire Turkish citizenship is reduced from USD 2.000.0000 to USD 500.000 and it is easier for them to apply for Turkish citizenship without waiting.
Previously, by creating employment for at least 100 people foreign investors doing business in Turkey applications for transition to Turkish citizenship were received, now, with only creating employment for 50 people, foreign investors can start applying for Turkish citizenship.
Previously foreigners that purchased government debt instruments at least in the amount of USD 3.000.000,00 on the condition to keep for 3 years could exceptionally acquire Turkish citizenship, today, this number has been reduced to 500,000 USD and applications for transition to Turkish citizenship are being taken without waiting.
Besides, investors who bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years may apply for Turkish citizenship.
In order to apply for exceptional citizenship, it is necessary to obtain an investment eligibility certificate as a prerequisite. While for foreign investors who want to obtain citizenship through real estate investment, the investment eligibility certificate is obtained from the General Directorate of Land Registry and Cadastre of the Ministry of Environment and Urbanization, the certificate of conformity is obtained from the Banking Supervision and Regulation Authority (BRSA) for foreign investors wishing to obtain Turkish citizenship through deposits.
While in the case of fixed capital investments in order to obtain a certificate of conformity, the Ministry of Industry and Technology has determined that the investment has been realized, the Ministry of Family, Labor and Social Services determinesand gives the appropriate certificate for the acquisition of exceptional Turkish citizenship by creating employment. The authority issuing the certificate of conformity for the state debt instruments is the Ministry of Treasury and Finance, The Capital Markets Board gives the certificate of conformity for the application for Turkish citizenship by investing in real estate investment fund participation share or venture capital investment fund participation share.
The initiation of the citizenship process does not mean that you will be accepted for Turkish citizenship. One of the most important issues in acquiring Turkish citizenship is that the documents requested in the state institutions should be prepared in accordance with the legislation and procedure.
Amendments to the Requirements for Transition to Turkish Citizenship
Fixed Capital Investment
Minimum Immovable Price
Deposits To be Kept in Banks in Turkey
Minimum Number of Employment