Onyx Blog

In this blog, I'll discuss the significant changes occurring in Turkiye citizenship, linking them to previous legislative discussions. Two major changes stood out in 2022: adjustments in foreign currency documentation and a raised citizenship requirement of $400,000. Yet, seemingly minor changes wield significant influence among investors. These modifications include the abolishment of acquiring different citizenships based on a single property, ceasing the allowance of partial owner...

According to the new decision made by the Ministry of Internal Affairs, the "B" type residence permit for those who own real estate in Turkiye must be worth 200,000 USD in Turkish Lira (TL), based on the Central Bank foreign exchange sales rate on the day the title deed was transferred. This regulation came into effect on October 16, 2023. The date of the title deed transfer will be processed based on the amounts in the Title Deed and the evaluation report, along with the foreign exchange purch...

Condominiums (condos) and housing co-operatives (co-ops, construction servitude in Turkish Law) seem very similar. Generally, both are apartments within a multi-unit building.  The difference lies in the ownership structure. When you buy a condo, you receive a deed and own an individual unit along with undivided interest in the common elements. Co-op owners are granted a proprietary lease and receive shares in the nonprofit corporation that owns every part of the building, which enabl...

In order for foreigners to own real estate in Turkiye, it is imperative that the real estate they purchase be subject to the valuation process by valuation companies licensed by the Capital Markets Board before the title deed transfer process. This obligation ensures foreign buyers pay the right amount of property tax whilst purchasing the property, it aims to protect all foreign property buyers from potential fraud, and also assists in the property cost estimation process for foreign buyers p...

FREQUENTLY ASKED QUESTIONS There has been a new requirement to exchange foreign currency from the Turkish Central Bank with related regulations such as Article 13 of the “Capital Movements Circular of the Central Bank of the Republic of Turkiye”, “the Regulation on the Implementation of the Turkish Citizenship Law”, and “the Implementation Instructions for the Sales of Foreign Exchange” in real estate purchase transactions where foreigners are buyers. According to the regulat...