Value Appraisal When Acquiring Turkish Citizenship Through Investment

Pursuant to resolution published on the official journal on September 19th of 2018 of issue 30540, foreigners are allowed to acquire Turkish citizenship under following conditions:

– Turkish Ministry of Environment and Urbanization determines that an immovable property of minimum USD 250.000 value is bought with an annotation to be affixed at the land registry for keeping it 3 consecutive years,

– The Turkish Ministry of Economy determines that a capital investment of minimum USD 500.000 is made,

– The Turkish Ministry of Family, Health and Social Services determines that employment is provided minimum for 50 employees,

–The  Turkish Ministry of Treasury and Finance determines that determines that USD 500.000 or its equivalent in Turkish Lira or in any other foreign currency is invested in state investment instruments or in state-owned banks that are operating in Turkey on condition of keeping the same therein for at least 3 consecutive years.

We, Reel Değerleme A.Ş., provide appraisal services for real estate when acquiring Turkish citizenship by investment.

Pursuant to the resolution numbered 106, which was published on the official journal dated September 19th, 2018 of issue 3054: “It was resolved to put into effect the Regulation on the Amendments to Regulation on the Implementation of the Turkish Citizenship Law in accordance with article 46 of the cited Turkish Citizenship Law Number 5901.

ARTICLE 1– “The Ministry Proposal and Council of Ministers” is replaced by “President of the Republic” in paragraph two of article 20 of the Regulation on the Amendments to Regulation on the Implementation of the Turkish Citizenship Law, which came into force based on a Cabinet Decision dated 11/2/2010 with the number 2010/139; and the following amendments were made for the same paragraph:

Phrases, “USD 2.000.000”, “by the Turkish Ministry of Economy” as referred to in paragraph (a) were replaced by “USD 500.000 or its equivalent in Turkish Lira or in any other foreign currency”, “by the Turkish Ministry of Industry and Commerce” respectively;

Phrase “USD 1.000.000” as referred to in paragraph (b) was replaced by “USD 250.000 or its equivalent in Turkish Lira or in any other foreign currency”;

Phrases “100”, “by the Turkish Ministry of Labor and Social Security” as referred to in paragraph  (c) were replaced by “50”, “by the Turkish Ministry of Family, Labor and Social Services” respectively;

“USD 3.000.000” as referred to in paragraph (ç) was replaced by “USD 500.000 or its equivalent in Turkish Lira or in any other foreign currency”;

Phrases “USD 3.000.000”, “by the Turkish Undersecretariat of Treasury” as referred to in paragraph (d) were replaced by “USD 500.000 or its equivalent in Turkish Lira or in any other foreign currency”, “by the Turkish Ministry of Treasury and Finance” respectively;

paragraph (e) was replaced as follows: “the Capital Market Board determines real estate investment trust share or venture investment fund of minimum USD 500.000 or its equivalent in Turkish Lira or in any other foreign currency is bought and held minimum for three consecutive years”.

ARTICLE 2–”and/or cross foreign exchange rate” is added to follow “effective selling rate” in paragraph six of article 20 of the Regulation.

ARTICLE 3– The following paragraphs have been added to article 20 of the Regulation.

“(7) In order to follow up with the procedure relating to applications for acquisition of citizenship under the provisions of the second paragraph, a commission formed by the representatives of the Turkish Ministry of Family, Labor and Social Services, the Turkish Ministry of Environment and Urbanism, the Turkish Ministry of Treasury and Finance, the Turkish Ministry of Industry and Technology can be established under the Turkish Ministry of Internal Affairs.

(8) Transitivity is allowed in order to complete the term set forth among the types of investments under paragraph two.”

ARTICLE 4– This Regulation enters into force on the date it is published.

ARTICLE 5– Provisions of the Regulation are executed by the President of the Republic.

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