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Can I resell property in Turkey to apply for citizenship, but not in USD?

My family has property in Turkey so I'm thinking of selling it and buying a bigger property that meets the citizenship by investment requirement, but the whole investment would not be made in USD. Would this work to obtain the golden visa?


Answers
  • Barlas Law Firm
    March 05, 2024

    First of all, it should be noted that foreign real persons, like Turkish citizens, have the right to dispose of their immovable property; they may sell, lease, or pledge the immovable property to third parties. The sale may be in USD or Turkish Liras, which can be arranged between the parties. Foreign nationals do not need a residence permit as a pre-condition to acquire real estate in Türkiye. A natural person of foreign origin may acquire real estate and limited rights anywhere in Turkey of up to 30 hectares. There is no golden visa category in Turkey for obtaining citizenship. You can gain Turkish citizenship by purchasing a property worth at least 400,000 USD in Turkey with the decision published in the Official Gazette of Turkey in 2022. In the application for acquisition of citizenship, the foreigner must state that they purchased the real estate for this purpose, this purpose must be stated in the title deed, and the foreigner must declare that they will not sell the real estate for three years in the section where the declarations are made on the form.

  • ADMD Mavioglu & Alkan Law Office
    March 05, 2024

    No, unfortunately, if you plan to initially sell a property in Turkey with Turkish Lira, you will need to convert such amount to foreign currency, transfer the amount abroad, and then re-invest from abroad back into Turkey within CBI requirements.