Turkish Citizenship by Investment new regulations
The regulation on the implementation of the Turkish citizenship law was published to enter into force on 1 February 2023. With this Regulation, a number of prohibitions, restrictions and conditions have been determined with the provisions of the relevant legislation on the acquisition of real estate by foreigners from our country. The changes that are important and need to be considered are listed below:
1- In applications made based on the preliminary contract for sale, the total amount in the Regulation must be provided with a single contract. Within this scope of The Regulation, It is possible to subject more than one real estate under a single preliminary contract for sale. Accordingly, applications made based on more than one preliminary contract for sale will not be considered.After the effective date of this guideline, it is not possible to complete the remaining amount with a preliminary sales contract when the immovables do not meet the amount required for for the acquisition of Turkish Citizenship.
2- There is also a change in the annotation authority in the new regulation.In the registration process of indicating the commitment that the takeover and cancellation will not be made for a period of three years; If there is a statement in the contract that "this contract is made for the purpose of obtaining citizenship", the unilateral application of the promise creditor is sufficient, while in the contracts where this statement is not included, the parties must apply together.
3- Before the regulation, it was possible to subject an immovable property to the citizenship application with the acquisition of more than one person.
As of the effective date, it is not possible to apply for citizenship with the acquisition of the immovable as shares.
For example, in the event of an immovable is acquired by more than one foreign person to form joint ownership, this immovable cannot be subject to citizenship. However, In the event of a real estate registered in the name of more than one person is acquired by a foreign person, this real estate may be subject to citizenship.