Increasing the value of the property that grants Turkish citizenship to 400 thousand dollars
Friday, May 13, the Turkish Official Gazette published Turkish President Recep Tayyip Erdogan’s decision to raise the value of the property that grants its owner the right to obtain Turkish citizenship from 250 thousand to 400 thousand US dollars.
The newspaper indicated that the new decision will enter into force after 30 days from today, which falls on June 12 next.
According to the decision taken in the Cabinet session held on the 12 of last April, the value of the application for Turkish citizenship in return for real estate investment increased from 250 thousand dollars to 400 thousand dollars, while maintaining the condition of the time period for not selling the property at 3 years.
According to the official data issued by the Ministry of Environment, Urbanization and Climate Change issued at the end of last November, the number of those obtaining Turkish citizenship through real estate investment since 2017 has reached 19,630 foreign investors.
The Turkish Official Gazette published in its published version this morning, Friday, 13th of June, the details of the decision to amend the financial value of real estate eligible for Turkish citizenship for foreign investors.
Thus, the amendment took its official character after Turkish President Recep Tayyip Erdogan signed the decision and published it in the Official Gazette. The decision stipulated raising the financial value of real estate eligible for Turkish citizenship from 250 thousand US dollars to 400 thousand dollars.
The details published in the newspaper stated that this decision came into force on the date of its publication, corresponding to the 13th of June.
The text of the legal translation of the decision issued and published in the Official Gazette was as follows:
«Official Gazette Issue 31834, dated Friday 13/05/2022
Resolution No.: 5554
The decision was taken to implement the implementing regulations regarding a change to the implementing regulations for the implementation of the Turkish Nationality Law pursuant to Article 46 of the Turkish Nationality Law No. 5901.
The executive regulations relating to a change in the executive regulations for the implementation of the Turkish Nationality Law:
Article 1: The phrase 400,000 dollars shall be replaced by the phrase 250,000 dollars, which is contained in Clause b of Article 20 of the Executive Regulations relating to the implementation of the Turkish Citizenship Law, which entered into force by Cabinet Decision No. 2010/139 dated 11/2/2010.
Article 1 shall enter into force one month after its publication in the Official Gazette.