Which date is taken into consideration to determine the exchange rate for the bank receipts presented to evidence payment?
If the bank receipt is paid in Turkish Lira, the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day preceding the payment date is relied upon to calculate the USD equivalent of the value in the bank receipt.
If multiple bank receipts of different dates are submitted, how is the value found?
Total values calculated based on the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day preceding date, when each bank receipt is issued, must match USD 250.000.
Where to receive a valuation report from and is there an expiry date for it?
A valuation report is to be received from the valuation firms published on the website of Capital Market Board (CMB) (http://www.spk.gov.tr/SiteApps/SirketIletisim/List/gds) or The Turkish Association of Appraisers (TDUB) (http://www.tdub.org.tr/Web/CompanyListForm.aspx?UID=a11d0b04-de56- 4ab0-9bb8-7c2c8863ba92). It is considered to be valid for three months following the date when it is issued. It will be considered valid starting from the time it is submitted until the procedure is complete.
How must the sale price of the real estate be transferred?
It must be deposited to the bank account of the seller or the seller’s authorized representative through such means as money transfer, EFT etc. by the purchaser or the purchaser’s authorized representative and must be documented. For real estates owned by public institutions and enterprises, such as TOKİ and Emlak Konut, the transfer/payment of the price may also be evidenced by a certified bank receipt or official letter showing the amount received.
Is it possible to apply to acquire Turkish citizenship through exceptional means with shares purchased in real estate?
It is possible if the share is worth USD 250.000 minimum.
Is it possible to purchase multiple real estates to acquire Turkish citizenship?
It is possible.
Are all the real estates to be purchased at the same time?
No. It is possible to apply for real estate purchased at different times.
What must be the quality of the real estate for Turkish citizenship?
For processing an undertaking through sale, the quality of the real estate does not matter (It can be residence, land, field, orchard, etc.) However, in cases, where the undertaking is processed into a notarized agreement for the promise of sale, the real estate must be a real estate with condominium or construction servitude created thereon.
Is it possible for foreigners to apply for Turkish citizenship with real estate owned by the company?
It is not. The real estate must be registered to the natural person, who is to file the application.
Is it possible for a person to apply to acquire Turkish citizenship by purchasing the real estate of the company, in which such person holds shares?
It is not possible. The real estate(s) to be sold or promised for sale must not be registered to the legal personality of the company, in which the foreign natural person is a shareholder or director.
Does it matter from whom the real estate was purchased for Turkish citizenship application?
The real estate(s) to be sold or subject to the promise of sale must be registered to Turkish citizens. Moreover, it also must not be a real estate transferred by a foreign natural person after the date 12.01.2017 (Including the foreign natural person to acquire and his/her spouse and children).
Is it possible to sell the real estate before the annotation in the registry expires?
The procedure will depend on the response to be received from the Provincial Directorate of Civil Registration and Citizenship Affairs.
Is it possible to apply for citizenship in case the purchased real estate has a mortgage or attachment on it?
It is possible for the sale to take place along with an existing mortgage or attachment.
Is it possible to apply for Turkish citizenship if the real estate is purchased using a loan?
In this case, the advance payment amount remaining after subtracting the loan amount shall be taken into consideration. For sales with a legal mortgage, on the other hand, the portion paid in advance must match the value of USD 250.000.
Is it possible to file Turkish citizenship applications for real estate acquisition through a power of attorney?
It is possible if this is clearly stated in the power of attorney.
Is it possible to apply for Turkish citizenship by a promise of sale agreement?
As applicable for 07.12.2018 and thereafter, the application may be filed after an undertaking is provided not to transfer and cancel the agreement issued before the notary for a period of three years, provided that the minimum amount of USD 250.000 or equivalent thereof is paid in advance for real estates with condominium or construction servitude created thereon.