New decisions about Turkish citizenship and Turkish passport
The real estate market has rebounded with the demise of the Corona pandemic, in addition to the fact that Turkey’s real estate, the rise in prices and the achievement of profits, especially in Istanbul, encouraged many to invest in this field.
The application of the decision to obtain Turkish citizenship in return for buying a property in Turkey was feasible in the recent significant increase in real estate prices in Turkey.
The number of homes sold increased by 10.5 percent compared to January, and increased by 20.1 percent compared to the same month in the previous year (2021).
The highest share of sales were apartments in Istanbul, which amounted to 18,752 and 19.2 percent. Followed by the province of Ankara and Izmir.
What’s new about Turkish citizenship
Recently, a meeting was held regarding the citizenship law in exchange for buying a property in Turkey, in which the value of the property to be purchased to obtain Turkish citizenship was raised on the condition that it was not sold for 3 years, as the amendment entered into force shortly
Within the scope of the new decision, item “B” of the Executive Regulations of the Turkish Citizenship Law, which provides for exceptional provisions related to the acquisition of Turkish citizenship, will be amended.
According to the new amendment, those wishing to obtain Turkish citizenship must purchase a property worth at least $400,000, or its equivalent in foreign currencies.
A new amendment was also issued to the law on granting Turkish citizenship to foreigners, stipulating the obligation to sell foreign currency for those who wish to buy a property in Turkey to the Turkish Central Bank and exchange it with Turkish lira at the Seller’s account.
Turkish citizenship for buying property in Turkey in installments
In the case of buying a property in Turkey in installments, the law is clear that the value of the property should not be less than 400 thousand dollars. If the investor chooses a property of the required value and submits a down payment and the rest in monthly installments, he cannot obtain Turkish citizenship.
Except in two cases:
If the total installments exceed $400,000, regardless of the remaining payments, the buyer can apply for Turkish citizenship according to the bank receipts paid.
Or if the down payment exceeds $400,000.
And the monthly installments must convert its value from foreign currency to the Turkish lira through which it is sold to the central bank and then sent to the seller’s account, and this applies to all real estate in Turkey that was purchased by foreigners regardless of whether it is Turkish citizenship or real estate ownership In Turkey for investment or even housing.
A new copy of the Turkish passport
In the last period , Turkish Interior Minister Suleyman Soylu presented the local electronic Turkish passport, the new civil card and the new electronic driver’s license. Declaring that the serial production of the Turkish passport, whose design studies and trial production have been successfully completed, has reached the final stage.
For the first time, “Türkiye” will be written instead of “Turkey” on the new Turkish passport, and each page will contain pictures of historical, cultural and spiritual edifices belonging to different Turkish cities, and a picture of the special plant nature of each city.
The new Turkish electronic passport also contains a contactless chip with an operating system (TÜBİTAK AKİS) and many new security elements, making it among the best in the world.
