Late December, officials of Turkish government announced new major changes will take place from 1 January 2023 regarding Turkish citizenship law.
Homist team has summarized the main implications of new regulation as below:
1, Pre-sales Agreement for immovable property has to be signed as a single contract for one immovable property
2, Immovable property value must be minimum 400,000 USD and has to be only one unit. Sum of value of more than one immovable property (less than 400k$) will not be eligible for Turkish citizenship.
3, One immovable property – One citizenship : Jointly owned properties won’t be eligible for citizenship even if the value over-reaches minimum of each share holder (i.e. 400k$) .
4, DAB (Foreign Exchange Purchase Document) must be issued from one of Turkish Banks prior to contract sign (with the minimum value of 400k$), not later than contract date.
5, Used immovables should not be transferred to a Turkish citizen or company by any foreign real person within last three years.
Note: we have provided our own interpretation regarding recent amendments on Circular No, 2019/5 and should not be the main resource for your further legal procedure. We highly recommend to consult with your legal team or lawyer for precise information.
In the case you may want to know more about the Turkish citizenship we highly suggest to review dedicated article on that topic.
Homist will assist you from A -to – Z for your second citizenship affairs, meanwhile our advisors provide valued advisory service for all types of real estate transactions – from idea to development and completion, sales and property management or long-term income asset and many other related services. Contact HOMIST Advisors today for a free consultation! or Send message to our whatsapp
