The opportunity to obtain a Turkish passport for buying a property worth USD 250,000 will disappear on June 13, 2022. The Government of Turkey approved the relevant amendments to the legislation. We recommend you hurry up to take advantage of the 60% discount!
In an effort to sweeten the pot, the Turkish authorities also introduced a new financial option. We are talking about the possibility of obtaining Turkish citizenship by investing USD 500,000 in a pension fund.
Promo for 1 month: Turkish passport by real estate purchase with USD 150,000 off
On April 13, 2022, the Turkish media announced an increase in the price of citizenship by real estate purchase from USD 250,000 to USD 400,000 (+60%). Referring to the Cabinet of Ministers meeting results, the journalists reported on the government consensus on this issue. Without naming the exact date, the media noted that the innovations will come into force after the publication in the Official Gazette of the Turkish Republic (T.C. Resmî Gazete).
Insider information was only partially confirmed. On May 12, the text of the amendments appeared on T.C. Resmî Gazete pages. The investment threshold increase is USD 150,000. However, the new rules do not come into force immediately but 1 month after publication. Here is the text of the amendments:
The Government has decided (Decree / Karar Sayısı 5554/2022) to ensure the entry into force of amendments to the Regulation on the Implementation of the Turkish Citizenship Law (Act No. 5901) issued on the basis of Article 46 of the Turkish Citizenship Law (Act No. 5901):
The phrase "250,000" in subparagraph (b) of the second paragraph of Article 20 of the Regulations put into effect by the Council of Ministers Resolution 2010/139 of 02.11.2010 has been changed to "400,000".
The amendment takes effect 1 month after the publication in the T.C. Resmî Gazete.
We emphasize: the discount is available until June 12, 2022, inclusive! Contact our team now to take advantage of this limited-time offer and avoid overpaying in the future!
New financial option: Turkish citizenship by investment in a pension fund (USD 500,000)
An additional innovation concerns a new financial option. Now, foreigners can apply for a Turkish passport by investing USD 500,000 in a pension fund. The text of this innovation is:
To the second paragraph of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law (Act No. 5901), the following subparagraph (f) was added after subparagraph (e), and the following amendments were made to the tenth paragraph of Article 20.
f) When investing at least USD 500,000 (or foreign currency equivalent) in a private pension fund accredited by the Insurance and Private Pension Regulation and Supervision Agency (Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu). The Insurance and Private Pension Regulation and Supervision Agency have to confirm the fact of making investments for a 3-year period.
The amendment takes effect upon publication in the T.C. Resmî Gazete (May 12, 2022).
Lira investment ban
In addition, the authorities have expanded restrictions on fulfilling financial obligations under the Turkish citizenship by investment program using Turkish lira. This is done to attract foreign currency and support the lira. Here is the text of the relevant amendments:
(10) The foreign currency funds referred to subparagraphs (b), (ç), (d), (e), and (f) of the second paragraph of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law (Act No. 5901)) are subject to transfer to a bank operating in Turkey. This bank transfers funds to the Central Bank of the Republic of Turkey with conversion into lira. Funds in Turkish lira received in accordance with subparagraph (ç) of the second paragraph are subject to placement in the form of deposits; funds in Turkish lira received in accordance with subparagraph (d) of the second paragraph are subject to placement in government debt instruments; funds in Turkish lira received in accordance with subparagraph (f) of the second paragraph are subject to placement in private pension funds. The funds are subject to placement within three years using financial instruments determined by the Insurance and Private Pension Regulation and Supervision Agency. The principles for implementing this provision are determined by the Central Bank of the Republic of Turkey.
The amendment takes effect upon publication in the T.C. Resmî Gazete (May 12, 2022).
Help for wishing to catch the last ride
A few weeks remain until the price of a Turkish passport by real estate purchase rises by 60%. Announced in April 2022, the threshold increase from USD 250,000 to USD 400,000 will take place on June 13. But there is still a chance to catch the last ride!
Contact our website team now to start the process. It is enough to request using the feedback form, and you will get an introductory consultation for free!
