Farmland Purchases No Longer Eligible for Turkish Citizenship
In a recent development, changes have been introduced to the regulations governing the acquisition of Turkish citizenship through real estate investment. The amendment, published in the Official Gazette as of today 12.12.2023, now imposes a new condition on foreign nationals seeking citizenship through property purchases, specifically focusing on land acquisitions.
Previously, foreign investors could acquire Turkish citizenship by investing at least $400,000 in real estate. However, the latest amendment introduces a significant modification to this practice. Now, in addition to the monetary threshold, it is mandatory for the purchased land to have an existing structure.
The amendment, which modifies the regulations governing the implementation of Turkish citizenship laws, specifies that the property in question must be a “land characterized by the presence of a building or at least $400,000 worth of condominium or property with a condominium structure.”
Previously, the regulation simply stated the requirement as “Real estate valued at a minimum of $400,000 or the equivalent in foreign currency.”
This change is expected to have a considerable impact on foreign investors looking to obtain Turkish citizenship through real estate transactions. It emphasizes the importance of not only the monetary investment but also the development of the purchased land.
These adjustments aim to ensure that real estate investments contributing to citizenship applications are accompanied by tangible developments on the acquired land, aligning with the Turkish government’s objectives for sustainable and substantial contributions to the country’s real estate sector.
Basically we can say farmland purchases are no longer eligible for Turkish Citizenship.
As always, it’s crucial for foreign investors and those interested in Turkish citizenship through real estate investment to stay informed about regulatory changes to navigate the process effectively. We will continue to monitor and update our clients and readers on any further developments in this regard.