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On Monday, the Turkish Government amended its Guideline Regarding the Regulation on the Application of the Turkish Citizenship Law. According to the Turkish Citizenship New Regulations, the same property can only be used once to qualify for Turkish Citizenship. The main aim of the new rules is to prevent self-serving developers from “recycling”.
Turkish Citizenship New Regulations and Guideline “Transactions Between Foreigners”, introduced new conditions for both the property and the purchaser:
• The Property must not be registered in the land registry on behalf of foreign real persons, including the foreign person’s spouse or children.
• Should not be among the properties transferred to a Turkish citizen/company after 12.01.2017 by the foreign real person who wishes to acquire citizenship, or its spouse and children, or by a foreign real person of the same nationality.
However, if the property registered in the name of a foreign real person is transferred to a Turkish citizen/company after 12.01.2017, a foreign real person of a different nationality can acquire citizenship with said property.
According to Turkish Citizenship New Regulations, property to be acquired by a foreign real person that is subject to the sale or preliminary sales agreement should not be registered:
• On behalf of the company where the foreign real person himself/herself, his/her spouse and children is a partner or manager.
• On behalf of the company subject to Article 36 of the Land Registry Law (with foreign/international capital) where same nationality real person is a partner.
After a property has been used to acquire citizenship through a title deed transfer or a preliminary sales contract, the same property or any share of the property cannot be used to acquire another citizenship.
Turkey Citizenship by Investment program lets obtaining a second passport within 2 months and has low entry investment options starting from $250,000 for the entire family. No physical presence is required to obtain citizenship and there are no obligations to declare the applicant’s assets or income generated in other countries’ application process. The booming real estate market in Turkey provides potential investors with a truly overwhelming choice of property and buildings for sale of any type and any budget.
Lying partly in Asia and partly in Europe, Turkey occupies a unique geographic position, that throughout history acted as both a bridge and barrier between the continents. Turkey is a predominantly mountainous country, full of resorts with beautiful beaches and crystal clear water. Ancient cities like Istanbul and Ankara with their rich history and traditions make Turkey a truly unique Eastern point.
Turkey Citizenship By Investment program grants the applicant and applicant’s family visa-free access to more than 115 countries including Singapore, Japan, Qatar, and South Korea. The program allows dual citizenship and does not require residency, the whole process can be obtained remotely. Turkish citizenship can be acquired also by the spouse and children of the main applicant and is transferable to descendants. The applicant also will be able to relocate and establish a business in the US under the USA E-2 Investor Visa.
• Acquire residential or commercial property with a deed restriction not to sell for 3 years from the date of purchase, Investors have the right to acquire several properties, as long as the total amount complies with the requirements.
• The property can be let for rental income, or sold after 3 years from acquiring citizenship, without affecting the applicant’s citizenship. The same property cannot be used twice to qualify for Turkish Citizenship.
• Fixed-asset investment confirmed by the Ministry of Industry and Technology OR
• Deposit $500.000 cash in a Turkish bank for a minimum of 3 years OR
• Buy government bonds with the potential to receive interest as income, Investments to be kept for 3 years.
• Set up business and create jobs for at least 50 Turkish employees.
Full Support with our Immigration Advisers & Property Consultants:
• Property search based on your requirements (from residential properties to high-value luxury developments)
• Property virtual tours, 3-D tours and in-person tours available.
• Due diligence checks and additional property checks completed by our experts.
• Residency & Citizenship document preparation and submission.
• Full support until you receive your second passport & residency.
Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).
For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at firstname.lastname@example.org or call +44 207 993 63 46.
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