Rasheed Alkhanji QICMS
Published 01:55 PM 20 April 2021
Updated 01:48 PM 22 November 2021
Immigration investment programs have become very popular as a source of foreign investment in real estate in countries from Jordan, Egypt, Iraq, Yemen, Palestine, Lebanon, Kuwait and Sudan to Greece, Grenada, Saint Kitts and Nevis, Saint Lucia, Dominica, Antigua & Barbuda, Malta, Cyprus, Portugal, Spain, to Turkey. Some programs focus on investment resulting in residency permits (e.g. Malta Residence and Visa Program, Cyprus Permanent Residence Program, Portugal Golden Residence Permit, Greece Residency by Investment Program, Spanish Golden Visa Program, Permanent Residency of Jordan) and others on investment resulting in a passport or citizenship (e.g. Saint Kitts and Nevis Citizenship by investment Program, Saint Lucia Citizenship by investment Program, Dominica Citizenship by investment Program, Grenada Citizenship by investment Program, Antigua and Barbuda Citizenship by investment Program).
Turkey’s investment immigration program focuses on citizenship and is mainly attract those citizens from emerging economies looking for a passport that allows them to travel more easily than their current passport. As of 5 January 2021, Turkish nationals had visa-free or visa on arrival access to 110 countries and territories including Singapore, Japan, Ukraine, Brazil, Korea, Mexico and many countries in Africa, the Caribbean and Latin America, ranking the Turkish passport 53rd in terms of travel freedom.
Turkey’s program is also popular with many Middle Eastern nationals such Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Syria, Tunisia, Turkey, United Arab Emirates, and Yemen who have already invested significantly in Turkish real estate over the last few years.
On January 20, 2021 the committee, that was organized with the participation of representatives from the General Directorate of Population and Citizenship Affairs, the General Directorate of Land Registry and Cadastre, and the Ministry of Treasury and Finance held a meeting. At this gathering, a number of changes were made concerning the acquisition of Turkish citizenship by investment through the purchase of the real estate process by applicants (Investors).
Consequently, changes were made to Regulation No. 2019/5 on the implementation of Turkey citizenship by investment on March 22, 2021. Further measures were made to the provisions in the regulation, and the provisions entitled “transactions between applicants (Investors).” were updated.
With these amendments, it is planned to stop untrue transactions between applicants (Investors).As for the changes made:
The same property or real estate share cannot be subject to Turkish citizenship acquisition again after acquiring Turkish citizenship through sale or promise to sell.
With this update, it has been determined that merely one applicant is capable of applying for Turkish citizenship over a real estate property.
The situation subject to re-examination here is that the investor cannot resell the purchased property to the same Turkish person/legal entity of the company excluding explained mandatory reasons. It has been stated that the process will be re-evaluated after selling.
Another update has also been made in the text of commitment during the acquisition of Turkish citizenship by applicants (Investors). According to this:
In the event of the sale or preliminary sales agreement (promise to sell) transaction; “I undertake that I will not sell these real estate / real estates that I purchased to acquire Turkish Citizenship within the scope of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law for 3 years. If it is determined that the information and documents to be submitted within the scope of the application are incomplete, incorrect, or misleading; within the scope of Article 31 of the Turkish Citizenship Law No. 5901 “The decision to acquire Turkish citizenship; If it occurs as a result of the person concerned a false declaration or concealing important matters that constitute the basis for acquiring citizenship, it will be canceled by the authority that made the decision. " I know that action will be taken by related authorities” phrase is included.
By adding the "information and documents to be submitted under (...) are found to be incomplete, inaccurate or misleading (...)" statement to the previous commitment text of the regulation, authorities are aiming to avoid fabricated transactions.
Properties transferred to a Turkish citizen / Turkish company after January 12, 2017, and subject to gaining of Turkish citizenship through sale or preliminary sales contract (a promise to sell) should not have any registry in the name of the applicant (investor) who wishes to acquire citizenship for his/her spouse, child or another applicant (Investor). of with the same nationality. However, in this case, only another applicant (Investor) with a different nationality can subject this property to acquire Turkish Citizenship.
It is planned to prevent applicants (Investors) who have the citizenship of the same country from acquiring Turkish Citizenship by selling the real estate to each other by this regulation.
Real estate / real estates subject to sale or preliminary sales agreement must not be registered in the name of the legal entity where the applicant (Investor) who will acquire the property himself/herself, his/her spouse, or his children is a partner, or a manager, or on behalf of the company subject to Article 36 of the Land Registry Law (with foreign/international capital) where same nationality real person is a partner. With this regulation, it is planned to prevent purchasing a property from a legal entity by another legal entity with the same nationality.
As a result, the methods of acquiring Turkish Citizenship with the transfer of applicants (Investors) between themselves and through construction companies for a long time will be prevented with these regulations. The Commission decided that Turkish Citizenship cannot be acquired with these transfers carried out in a simulated manner.Final Thoughts
Here Turkey is going after a more exclusive clientele for their Citizenship by Investment Program as the focus is on developing Turkey through increased Foreign Direct Investment. Thus, the investment opportunities available under the program are significant and so better suited to many investors.
Turkey will undertake the necessary checks and balances in order to attract people with a large potential and sound reputation. Having said that, those wishing to secure a second passport through the Turkey Citizenship by Investment Program must undergo security background check, and in case of violations to any of the conditions, the citizenship will be revoked and residency cancelled.
The citizenship by investment industry has undergone a lot of changes in the last year. Depending on your situation, there are many options. If you prefer to invest less, there are a few of countries that offer Citizenship By Investment Programs.
For the Citizenship by Investment Programs comparison table, please click here .
To see our Citizenship and Residency Programs by Investment in Real Estate comparison table, please click here .
To see our Caribbean citizenship by investment comparison table, please click here .
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