A presidential amendment to the conditions for acquiring Turkish citizenship in exchange for real estate
Yesterday, Monday, 12/11/2023, the Turkish Official Gazette published a decision issued by the Turkish President amending the executive regulations related to the implementation of the Turkish Citizenship Law.
Land is no longer a property eligible for Turkish citizenship
The amendment concluded by a presidential decision stipulated the exclusion of agricultural lands and construction lands from real estate properties that qualify their foreign buyers to apply for Turkish citizenship in exchange for a real estate investment, by stipulating the construction quality of the property that qualifies for Turkish citizenship in addition to the condition of a value of $400,000.
Based on this amendment, and after the issuance of this presidential decision, the foreign citizen will not be able to apply for Turkish citizenship in exchange for purchasing unbuilt real estate, meaning that the land is no longer an eligible property to apply for Turkish citizenship, whether it is construction land or agricultural land.
It is noteworthy that the executive regulations for implementing the Turkish citizenship law permitted the ownership of lands under certain conditions, such as preparing a construction project for land suitable for construction and preparing an agricultural project for agricultural lands.
Translating the text of the presidential decision published in the Official Gazette
Below we provide you with a translation of the text of the presidential decision published in the Official Gazette:
Official Gazette
|
Number: 32397
|
Date 12 December 2023
|
Pursuant to Article 46 of the Turkish Citizenship Law No. 5901, the decision was taken to establish the “Executive Regulations Concerning Amending the Executive Regulations for Implementing the Turkish Citizenship Law” attached to this decision; in effect.
December 11, 2023
President of the Republic Recep Tayyip Erdogan
Executive regulations relating to amendment
Executive regulations for implementing the Turkish Citizenship Law
Article 1 - The phrase “property that bears the description of a land on which a floor easement or floor ownership has been concluded, with a value specified in foreign currencies,” has been replaced with the phrase “property with a value specified in foreign currencies” stipulated in Clause (b) in the second paragraph of Article 20. In the executive regulations for implementing the Turkish Citizenship Law, put into effect by Cabinet Resolution No. 2010/139 issued on 2/11/2010.
Article 2 - These executive regulations shall enter into force on the date of their publication.
Article 3 - The President of the Republic shall administer the provisions of these executive regulations.
Edited by Imtilak Real Estate ©
Do you like this topic? You can share it with your friends now!
