The New Regulations of the Turkish Citizenship Law in Return of a Property
The Executive Regulations on the mechanism for the implementing the law to grant of Turkish citizenship...
The New Regulations of the Turkish Citizenship Law in Return of a Property
Finally and after long waiting for investors and those interested in the Turkish real estate sector, as well as those interested in starting a new life and obtaining a strong and reputable passport. Living in Turkey that is the destination of new investment and stability in the region and the world. Turkish Ministry of Environment and Cities issued the Executive Regulations on the mechanism for the implementing the law to grant of Turkish citizenship.
The new law on Turkish citizenship issued recently has granted amendments and historical facilities to obtain Turkish citizenship, including the granting of Turkish citizenship in return of a real estate investment worth $ 250 thousand after it was $ 1 million in the previous decision.
The executive regulations, which clarify all the conditions, details and procedures related to the application of the new law have been published today. At the end of this report, you find a clip that explicitly explains the terms of these regulations, Imtilak Real Estate is pleased to provide an English version of them after they were published in Turkish. We will publish written and visual materials for further clarification on the practical procedures in order to apply for Turkish citizenship after buying a property in Turkey. The new Executive Regulations as follows:
- In order to apply for Turkish citizenship under item (b) of the Act (a) in respect of (immovable property / immovable properties), the value of the immovable property bought during the period between 12/01/2017 and 18/09/2018 shall be not less than USD 1,000,000. As for (immovable property / immovable properties) bought on 19/09/2018 and after, it must have a value of at least USD 250,000.
- For the purpose of fixing the value mentioned in the relevant article of the above legal regulation, a report must be obtained to assess the material value of the immovable property, the report should be prepared in accordance with the evaluation criteria and approved by the evaluation institutions working in this field Article 11 of the Legal Regulations (F) When applying for an acquisition, the date of the evaluation report must be 3 months prior to the date of application. The evaluation report is valid until the completion of the procedures. If action is taken for a property that has completed acquisition procedures, the valuation report prepared prior to the date of acquisition of (immovable property / immovable properties) must be requested.
- The sale value recorded in the official bond shall not be less than the value stated in the evaluation report, The value of the immovable property (immovable property / immovable properties) is determined in US dollars In accordance with the foreign exchange rate specified by the Central Bank of Turkey on the date of execution of the proceedings. (If the date of the action is not announced, the foreign exchange rate of the previous day will be approved), The value of the property mentioned in the special assessment report and the official document shall be more than the value mentioned in the above legal regulation for the immovable property / immovable properties whose acquisition procedures have been completed.
- In this context, with regard to the new applications that are submitted, the transfer of the purchase value must be demonstrated by the banks, The transfer value of the purchase must be proved by the banks, and that the value that was paid from the buyer's account and deposited in the seller's account, under the receipt bonds issued and approved by the banks. (Such receipts must be submitted continuously until reaching notification stage of the Directorate General).
- The immovable property / immovable properties bought should not be registered in the name of any foreign natural person even if such person is the wife or nephew of the buyer, and that the property (immovable property / immovable properties) has not been transferred to the name of the purchaser by his wife or children after 12/01/2017.
- In cases where the mortgage is placed on the immovable property to be acquired or has been purchased with a mortgage, the residual value shall be taken into consideration only after deduction of the mortgage.
- (A) In the case of an application for (immovable property / immovable properties) whose acquisition has completed, In other words, in the case of a request to register the statement by the owner on (immovable properties / immovable property) acquired after the date 12/01/2017, which is the date of implementation of the legal regulation (b) with no provision in Article 20 of the Legal Regulations (c) The necessary naming procedures shall be carried out and recorded in the data box for (immovable property / immovable properties), by organizing the application for registration by the land registry Directorate.
(B) In cases where the acquisition period is completed with an insufficiency in value and buying a new immovable property in order to complete this value, the necessary naming procedures shall be taken and recorded in the data section of the relevant immovable property by recording the statement below in the registration application document, which will be organized for the previous properties, and be noted in the official document of the new immovable property, and to refer to it in the official document of the new immovable property.
- In applications relating to immovable property placed in more than one land registry department, It shall be carried out by land registry department concerned, within the scope of the legal legislation relating to the title deed procedures that is out-of-power.
Following completion of audit procedures, a statement: "I pledge not to sell immovable property / immovable properties that I have purchased for the purpose of obtaining Turkish citizenship within the scope of Article 20 of the Legal Regulations relating to the law of Turkish citizenship" shall be written in the registration application document or the official document, and the specifications shall be written in the immovable property register as follows: "There is an undertaking not to sell the immovable property within the scope of Article 20 of the Legal Regulations on the application of the Turkish Nationality Law, for a period of 3 years from the date of acquisition/statement, and from the date of the statement in the case of the request through the registration application. "
Giving up Registration
- If the owner wishes to cancel the application after the expiration of 3 years, the statement mentioned in the data box under the relevant legal regulation, the applicant shall submit the registration canceling request.
- If the owner requests that the registration is to be canceled before the expiry of 3 years, the procedures must be carried out in accordance with the response to be received by the Directorate of Civil and Nationality Affairs in his / her district, which in turn will inform him of the necessary procedures on this matter.
Procedures taken on immovable property whose data have been recorded
In the properties purchased in this manner, Limited in-kind rights can be established by doing all kinds of suspension procedures, In addition, the Directorate of Civil and Nationality Affairs in the city must be informed promptly of the measures taken without the owner's request during the said suspension period and the consequences of these procedures.
Announcing the final outcome of the procedure
- The conformity document to be organized in accordance with section (b) of the Legal Regulations (c) shall be given by the Director General (Head of Department of Aliens Affairs) directly, therefore, the completion of the procedures relating to the applications, after the relevant statement has been entered in the data box, The official document issued by the land registry, the evaluation reports, the bank-certified receipts, the identity document of the foreigner (personal identification or passport) and the address information, in particular the contact information (e-mail and telephone number) accompanied by a written book will be submitted directly to the General Directorate (without the mediation of the district directorate), via the electronic document management system.
- Within the scope of item (b) of Article 20 of the relevant legal regulation (c), all official documents of the sales procedures shall be scanned in accordance with the conformity document to be prepared by the Directorate-General, the registration application documents and reports of the immovable property / Immovable properties, and receipts certified by banks, These documents shall be transferred to the Land Registry and Land Survey Information System without any shortage (the scanning must be done on the official document relating to the immovable property in applications submitted through the application for registration).
Edited by: Imtilak Real Estate ©
The architectural plan of the city adjacent to the Istanbul Canal route has been revealed, with a total capacity of 500,...
Sponsored by Real Estate Ownership Founding Member of the Association for Overseas Real Estate Promotion, the Associatio...