Investment Citizenship Program Reduces Types of Qualifying Immovable Property (Real Estate)
Changes regarding the type of the immovable property (real estate) purchased for investment citizenship were made to the Regulation on the Implementation of the Turkish Citizenship Law (“Amending Regulation”) published in the Official Gazette dated December 12, 2023 numbered 32397.
Pursuant to the Amending Regulation, the previous unrestricted phrase “immovable property” with a minimum value of USD 400.000 or equivalent in sub-paragraph (b) of the second paragraph of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law was changed to “immovable property with a condominium or a construction servitude, or land with a building” (emphasis added). The Amending Regulation is effective from the publication date.
The amendment reduces the types of real estate eligible for investment citizenship to additionally require:
- immovable property with a condominium;
- immovable property with a construction servitude; or
- land with a building
Within the scope of this amendment, undeveloped lands can no longer be subject to investment citizenship applications. This is to say, it is now mandatory that the immovables (real-estates) purchased for investment citizenship must be at least at the construction stage. Note however the “minimum value of USD 400.000 or equivalent” remains unchanged.