On May 13, 2022, a decision was officially published in the National Gazette to raise the value of the property in exchange for Turkish citizenship to 400,000 US dollars. However, this decision will be effective as of June 13, 2022.
Indeed! The countdown for implementing the new resolution has begun. If you are interested in obtaining Turkish citizenship, take the initiative to seize the opportunity before its actual implementation.
What does the text of the decision issued in the National Gazette include? What are the most important things that you should pay attention to if you are interested in obtaining Turkish citizenship in exchange for a real estate investment? In this article, we will answer these questions and other issues, all are brought to you by Properties Gate – the real estate portal in Turkey.
The decision to raise the real estate investment value in exchange for Turkish citizenship to $400,000
Earlier in March 2022, a Turkish newspaper circulated the news of discussing this decision within the meeting of the Turkish Council of Ministers, in the presence of Turkish President Recep Tayyip Erdogan. However, the official decision is only accredited after its publication in the Turkish National Gazette.
The news spread widely in local newspapers and TV channels in Turkey, as a prelude to the decision that was officially issued on 13/5/2022. Consequently, it was also expected in light of the high inflation rates in Turkey, as well as the significant change in real estate prices within its cities and regions.
Officially in the National Gazette; Real estate investment value in exchange for citizenship was raised to $400,000
Once the decision was officially issued, research began on its content and what is it talking about? Therefore, in order to convey the information correctly, we have added to you a full translation of the decision from Turkish sources:
|Friday May 13, 2022
Resolution No.: 5554
It has been decided to issue the annex entitled “Regulation regarding making amendments to the regulation related to the implementation of the Turkish Nationality Law” under Article 46 of the Turkish Nationality Law No. 5901
12 May 2022
Recep Tayyip Erdogan
President of the Republic
Amendments to the regulation related to the implementation of the Turkish Citizenship Law
Article 1 – Amending the phrase “250,000” contained in item “b” of the second paragraph of Article 20 within the regulation related to putting the Turkish Nationality Law into effect according to Cabinet Resolution No. 139/2010 issued on 11/02/2010, to become “400,000“.
Article 2 – The item (f) mentioned below has been added to the second paragraph of Article 20 of the same regulation, so that it appears after item (e), and the tenth paragraph of the same article has been changed as follows:
“f) Every person who has been confirmed by the Insurance and Pensions Regulation and Supervision Organization, having deposited a contribution margin of at least $500,000, or its equivalent in foreign currencies, within the individual retirement system, provided that he is kept in the system and kept in the financial authorities determined by the Insurance and Pensions Regulation and Control Institution for a period of 3 years”.
“(10) Before starting the transactions, the sums of foreign currencies shown in items (b), (ç), (d), (e) and (f) are sold to a bank operating in Turkey, so that the bank sells those currencies to the Central Bank. The amounts converted into the Turkish lira under clause (ç) of the second paragraph are kept in the bank account, and the amounts converted into the Turkish lira under clause (d) of the second paragraph are kept in the media on which the state relies for its debt. Moreover, the amounts transferred are kept in Turkish lira according to item (f) of the second paragraph in the financial authorities determined by the Institution for Regulating and Supervising Insurance and Pensions involved in the Individual Pension System, for a period of 3 years. The implementation of the procedures related to this matter is determined by the Central Bank of Turkey.
Article 3 – This regulation shall enter into force:
- a) One month after the date of publication of the first article.
- b) The rest of the materials as of the date of their publication.
Article 4 – The provisions of these regulations are implemented by the President of the Republic.
- The End –
What are the issues that must be expedited before implementing the law to raise the value of the property in exchange for citizenship to $400,000?
- Firstly: if you have purchased a property in Turkey, and achieved the value required to obtain Turkish citizenship for $250,000, the following procedures must be expedited; such as, booking the property, and applying directly to the citizenship through the Population Department under the supervision of a Turkish lawyer.
- Secondly: if you have transferred the entire amount or part of it and have not yet obtained the title deed, you must immediately transfer the entire agreed price to buy your new property in Turkey. Consequently, obtain the Tapu in Turkey (the title deed of the property) and follow up on other related Turkish citizenship procedures.
- Thirdly: if you are interested in obtaining Turkish citizenship, you now have the opportunity to save $150,000 by buying a property and applying for citizenship quickly before implementing the new decision a month from now.
The above-mentioned issues were the most important main points related to the content of the decision of raising the value of the property in exchange for Turkish citizenship to $400,000. We urge you to take the initiative now and seize the opportunity to save tens of thousands of dollars, start the countdown, save $150,000 dollars without delay and win Turkish citizenship!!
Properties Gate is ready to submit relevant offers to obtain Turkish citizenship in exchange for buying a property. We also can assist you to obtain your Turkish passport. All you have to do is contact us directly, and we will provide you with a number of appropriate options that are compatible with your tastes, preferences and budgets.
Edit: Properties Gate ©
Source: Turkish National Gazette