Turkish Citizenship by Investment: Procedural Update on Property Valuation

Turkish Citizenship by Investment: Procedural Update on Property Valuation

The Turkish government has recently announced a procedural change in its Citizenship by Investment program, set to take effect on December 9, 2024. This update primarily affects the administrative process, particularly the property valuation aspect, without significantly altering the core requirements for investors.

Key Points of the New Procedure

Introduction of TTB

The new system introduces the “Property Acquisition Amount Determination Certificate” (TTB), which will replace the previously required property valuation reports. This certificate, issued by GEDAŞ through the TADEBİS application, will confirm whether a property meets the minimum investment threshold for citizenship eligibility.

Unchanged Investment Thresholds

The investment requirements remain the same:

• $1,000,000 for properties purchased between January 12, 2017, and September 18, 2018
• $400,000 for properties purchased after September 19, 2018

Streamlined Process

While this change primarily affects the backend administrative procedures, it may result in a somewhat smoother application process for investors. The TTB will clearly indicate if a property qualifies for the citizenship program, potentially reducing uncertainty in the application process.

Impact on Investors

Minimal Direct Effect

For most investors, this change will have little direct impact on their application experience. The core requirements and investment thresholds remain unchanged.

Potential for Faster Processing

The simplified documentation process might lead to slightly faster application processing times, although this remains to be seen in practice.

Implementation Details

• TTB must be obtained through the WebTapu/TADEBİS system
• Certificates are valid for six months from the date of issue
• Special provisions exist for transactions involving public institutions and real estate investment trusts

While this update represents a refinement in the administrative process of the Turkish Citizenship by Investment program, it does not fundamentally alter the program’s structure or requirements for foreign investors. The focus remains on ensuring that property investments meet the established thresholds for citizenship eligibility.

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