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Below is an in-depth overview of these updates:
1. New Documentation Requirements
Citizenship Acquisition Amount Determination Certificate (TTB)
The TTB now replaces the traditional real estate valuation report as a critical document to confirm the investment amount for citizenship applications.
- Electronic Submission Only: TTB must be generated electronically via the WebTapu/TADEBİS system, using valuation reports prepared by GEDAŞ. Physical submissions are no longer accepted.
- Validity Period: TTB must be requested within six months of the original valuation report’s issuance. Expired reports require renewal to proceed.
- Integration: TTB data is integrated into the TAKBİS/WebTapu system for seamless verification.
2. Eligibility of Real Estate for Citizenship
Specific Property Types Allowed
Only the following property types qualify for citizenship:
- Independent Sections: Properties registered under the Law on Condominium Ownership (No. 634) as independent units.
- Lands with Permanent Structures: Land parcels must include a permanent structure with a valid building use permit.
Restrictions
- Agricultural Land: Unstructured agricultural land and properties requiring development are excluded unless a project is initiated within two years of purchase.
- Currency-Specific Requirements:
- Investments must be in foreign currency.
- Land with floor easement or permanent structures is prioritized.
3. Minimum Investment Thresholds
Investments must meet the following thresholds to qualify for Turkish citizenship:
- $1,000,000 USD for properties purchased between January 12, 2017, and September 18, 2018.
- $400,000 USD for properties purchased on or after September 19, 2018.
4. Additional Provisions
Transactions Exempt from TTB
The following transactions are exempt from TTB requirements unless specifically requested by the General Directorate:
- Public institutions and their affiliates.
- Real estate investment trusts (REITs).
Title Deed Fees
TTB-confirmed values do not impact title deed fees, which remain governed by existing regulations.
5. Administrative Procedures and Oversight
Centralized Oversight
The General Directorate of Land Registry and Cadastre and the Department of Foreign Affairs oversee all real estate transactions tied to citizenship applications.
Real Estate Valuation System
- Valuations are processed through the TADEBİS system and validated within the TAKBİS/WebTapu platform.
- Any valuation discrepancies must be referred to the General Directorate for resolution.
6. Implications for Citizenship Applications
Enhanced Eligibility Criteria
- Only properties meeting clear registration standards and structural requirements are eligible.
- The updated system ensures compliance, reducing inconsistencies in the appraisal process.
Streamlined Processes
- The shift to digital documentation, such as the TTB, enhances transparency and uniformity.
- Adherence to strict timelines ensures a more efficient and predictable application process.
Economic Alignment
These changes strengthen the integrity of Turkey’s citizenship program by aligning investments with national economic and legal frameworks.
Key Takeaways for Foreign Investors
- Prioritized Real Estate: Properties with independent registration and permanent structures are preferred.
- Digital Documentation: Electronic submissions are now mandatory, eliminating delays from physical paperwork.
- Foreign Currency Compliance: All investments must be completed in foreign currency to meet eligibility requirements.
- Timely Actions: Renewals and applications must comply with strict timelines, such as the six-month TTB validity period.
Conclusion
The updated Turkish Citizenship by Investment regulations enhance the program’s credibility and efficiency. By standardizing documentation and focusing on structured investments, Turkey ensures a streamlined process for foreign nationals while upholding the integrity of its citizenship offerings.
For further assistance or inquiries about eligibility, documentation, or property selection, our experts are ready to guide you through every step of the citizenship process.
