Deadlines Announced For Acquisition Of Turkish Citizenship By USD 250.000 Real Estate Investment
Turkish Land Registry Administration clarified the process and deadlines for for acquisition of Turkish citizenship by USD 250.000 real estate investment.
Authors: Av. Haşmet Ozan Güner, Av. Hatice Arabacı, Av. Ahmet Samet Turan
Date: 01.06.2022
Recent amendments to the Turkish Citizenship Law Implementation Regulation has increased the real estate investment threshold from USD 250.000 to 400.000. The effective date of the amendment has been set as 13.06.2022.
The doubts regarding how to benefit from the 250.000 USD threshold has been clarified by a communiqué published by the Turkish Land Registry Administration on 01.06.2022.
Accordingly, the applicants must follow the below guidelines:
If the application will rely on a title deed (tapu) transfer, the title deed transfer and the 3-year blockage appointment applications must be made until 12.06.2022 midnight.
If the application will rely on a notary promise to sell contract, the contract registration and 3-year blockage appointment applications must be made until 12.06.2022 midnight.
All appointment applications must be made via Webtapu or ALO 181(webtapu). Appointments via e-appointment system will not be accepted.
If the appointment application is made on time but a value-determining document (i.e. currency conversion document, valuation report and bank transfer receipt) is missing or insufficient, the application will be ended. The applicant, however, will be able to continue the process and benefit from the USD 250.000 threshold if s/he submits the missing documents on the condition that they are dated before 13.06.2022.
If the appointment application is made on time but the other documents are missing or insufficient, the applicant will be able to continue the process and benefit from the USD 250.000 threshold if s/he submits the missing documents within 30 days. These documents may be dated even after 13.06.2022.
If the above applications are made on time, the investment conformity letter process and citizenship application may be made after 13.06.2022.
CONCLUSION: Benefiting from USD 250.000 threshold for acquiring Turkish citizenship by real estate investment needs a careful follow-up of the process.
The above text is for information purposes only, and does not constitute legal advice.
