New Opportunities by the Real Estate Investment Program Amendment to Turkish Citizenship

The Turkish government recently revealed an update to the Turkish Citizenship by Real Estate Investment program, opening up new avenues for potential investors. The amendment, which is described in Paragraph B of Article 20's second paragraph, was formally published on December 12, 2023, under the number 32397 in the Official Gazette. The regulation governs the implementation of the Turkish Citizenship Law.


The new regulations state that anyone can now apply for Turkish citizenship if they have landed immovable property with condominium ownership or condominium easement—as long as the land has a building on it. The important need is to include an annotation in the title deed records that states that a commitment not to to sell the property for three years.
 

Under the modified program, investors can fulfill the qualifying requirements in three ways:

Purchasing a landed immovable property with condominium ownership or an easement, subject to putting an annotation in the title deed documents stating the property cannot be sold for three years.

Investing in a property entails buying a landed immovable property with a condominium easement or ownership and spending at least $400,000 in US dollars or the equivalent in international currencies. The land registration must bear an annotation stating that the land will not be transferred or abandoned for a period of three years.

A notarized contract guaranteeing the sale of the immovable property must be deposited with an advance payment of at least $400,000 USD or the equivalent in foreign currencies. As with the other choices, the land registration must be updated with this pledge not to transfer or abandon the property for a period of three years.

The fact that this amendment only pertains to land plots with buildings on them is one of its key features. For investors interested in the Turkish real estate sector, this creates new opportunities and gives them more leeway in fulfilling the requirements for Turkish citizenship.

To guarantee compliance with the altered program, prospective investors are recommended to thoroughly analyze the updated regulations and consult with legal specialists. This action is anticipated to boost foreign investment in Türkiye's real estate market and advance economic expansion in the nation.