Real Estate in Turkey How to Obtain a Turkish Citizenship for a Real Est | Page 3

The Ministry of the Environment and Cities of Turkey has set out many conditions
in order to obtain citizenship in this way. A report issued according to the
valuation criteria should be obtained by a legal property appraiser approved by
the Turkish Capital Markets Authority to clarify the market value of the property
that the buyer wishes to purchase.
Is it possible to resell the property after obtaining the citizenship?
The law provides that a person with foreign nationality who wishes to obtain
Turkish citizenship by owning a property in Turkey must make an undertaking not
to sell the immovable property owned for the purpose of obtaining this
citizenship for a period of three years from the date of obtaining the nationality,
this is recorded in the property register. The prohibition on the sale of the
property may be lifted following an application submitted by the owner in the
event of a desire to sell after the person has obtained the Turkish citizenship and
after the expiration of the three years period after confirming the registration
information and data of the person who obtained the Turkish citizenship.
Alternatives to purchasing the property for citizenship
The Ministry of the Environment and Cities of Turkey, issued earlier last year a
decision to include a form to apply for Turkish citizenship to foreign investors.
The application form under the current citizenship grant law provides for five
conditions, each of which has the right to apply for citizenship: a fixed investment
of at least $ 2 million, purchase of at least one million dollars and not sell for
three years or providing a job opportunity for at least 100 Turkish citizens,
depositing $ 3 million in Turkish banks for three years, or buying three-million-
dollar treasury bills for three years.
Source: Harriet
Article Source