The Turkish government has issued several updates to the Turkish CBI law regarding real estate ownership, and the government has confirmed that these decisions will come into effect at the beginning of the new year, more precisely on Jan. 1, 2023
The latest updates of the Turkish CBI law can be summarized in the following five points:
- It is strictly prohibited to combine a property with a title deed and another property whose title deed is not yet ready, or a so-called real estate contract and a promise to sell. Rather, only one of the two types will be taken advantage of.
- It is not allowed to apply for citizenship by acquiring more than one property with a title deed not yet completed and through two separate purchase and promise contracts. Recent developments in the Turkish Citizenship Law provide for the possibility of acquiring more than one property through one contract, i.e. from one project.
- Foreigners who have acquired Turkish citizenship through real estate investment are prohibited from selling their property to another foreign person to obtain Turkish citizenship.
In other words, the right to obtain Turkish citizenship through the one-time acquisition of a property. Later, after three years, the owner can sell the property again to a foreign person without the new buyer acquiring Turkish citizenship through this property.
This is because the property was previously used to obtain Turkish citizenship.
- It is forbidden to buy property from a foreigner or a naturalized Turk to obtain citizenship. Rather, the owner of the property must either be a native Turk or from a Turkish construction company.
- One of the innovations of the Turkish Citizenship Law is that it is forbidden to register more than one person in a property deed to obtain citizenship, even if the value of the property exceeds the amount decided for obtaining Turkish citizenship.
- The delivery of the Döviz Alım Belgesi transfer bill by the bank has been canceled, instead it is delivered electronically through the CEP system, i.e. the registered e-mail through which the transfer bill is sent by the bank directly to the Land Registry Directorate.
In addition, each title deed has its own number, the taşınmaz tipi numarası, i.e. the number of the type of property.
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