Immigration Lawyers Toolbox® Magazine
Obtaining Turkish Citizenship via Real Estate Investment or Depositing Money to a Bank Account in Turkey Author: Aycan Iskent Ekener, Esq.
In today’s world, countries have started Aycan Iskent Ekener, Esq. EkenerLaw.com, Info@EkenerLaw.com
to commercialize their citizenship through different investment programs and grant their citizenships to foreign nationals under certain criteria. The primary purpose of such programs is to boost a country’s economy and achieve a positive financial impact by injecting foreign investors’ money into the marketplace. Even though such programs are being criticized due to their potential risks to create social, legal, and eventually economic problems, at a global scale they are becoming more and more common each day. In recent years, Turkish Citizenship Law has made it easier to obtain Turkish citizenship through different programs in which foreign nationals are allowed to invest in real estate or deposit their money into a bank in Turkey. According to the most recent version of the regulation, Turkey now grants citizenship to foreigners who make $250,000 investment in buying a property with the condition of not selling it within 3 years. Also, another vehicle to obtain Turkish citizenship is to deposit and retain $500,000 in a bank account in Turkey under foreigner’s name for 3 years without withdrawing any funds from the original deposit.
88
Global Migration: Turkey
Turkish Citizenship via Real Estate According to the Presidential Proclamation signed in 2018, foreigners who purchase real property (such as residential apartment or commercial building/office) in Turkey may obtain Turkish citizenship. The value of the property and purchase price shall not be less than $250,000.
Before the real estate is purchased, a property valuation report showing the fair market value of the property must be prepared by the real estate appraisal agency that is certified by the Capital Markets Board (CMB) and the Banking Regulation and Supervision Agency (BRSA). The preparation date of the report included in the application package can be up to 3 months before the application date. If the valuation report is not obtained and not submitted with the application, then a valuation report will be requested based on the purchase date of the property. Even though the foreigner will not be able to sell the property for 3 years, they may use the property in any manner he/she chooses, such as residing, or leasing, or renting and receiving rental income.