The Vanuatu Citizenship Investment Program, launched in 2017, is a unique offering in the southern Pacific Ocean region.
Turkey has changed the conditions for obtaining citizenship by investment
According to the new instructions of the General Directorate of Land Cadastre, from 01.01.2023, a new set of rules for the acquisition of real estate for obtaining citizenship will apply.
Below you can see a summary of the new rules that will come into effect on 1st January:
Number of properties
- The number of properties that an applicant can purchase is not limited.
- The value of one property cannot be less than $400,000 to apply for citizenship.
- If an applicant purchases multiple properties for a combined price greater than $400,000, the authorities will only approve the citizenship application if the same contract applies to all properties.
Joint acquisition of real estate
- It is not possible to apply for citizenship based on the acquisition of shares in the property, unless all shares are acquired by the same foreign citizen.
- Property registered to more than one person may only qualify for citizenship if all shares are acquired by a single foreign citizen.
Property valuation report
- Applicants for citizenship must receive a property valuation report no later than three months before the notarization of the preliminary sales contract. In this case, a separate property valuation report is not required before submitting an application to the Land Registry.
- A new valuation report is not separately required in the event of a sale based on annotated preliminary sales contracts.
- A property can only be the subject of a citizenship application once.
- A foreign person cannot subsequently sell this property to another foreigner in order to obtain Turkish citizenship.
- Real estate subject to sale or a preliminary sale and purchase agreement must not be registered to a legal entity whose authorized person is a foreign citizen.
Certificate for the purchase of currency
- If the buyer transfers the amount before the issuance of the currency purchase certificate, the transfer must be made in foreign currency.
- If the buyer transfers the amount after the issuance of the currency purchase certificate, the transfer must be made in Turkish Lira.
- In the case of buying real estate on credit in foreign currency, the amount remaining after deducting the loan amount from the sale price must be at least $400,000.
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