The Turkish government has changed the conditions for foreigners to acquire Turkish citizenship in 2022.

According to the most important change in the regulation; When foreigners buy real estate in Turkey, they will sell their foreign currency to the Turkish Central Bank through Turkish banks for this real estate, which will amount to at least 250 thousand dollars and converted into Turkish lira.

The foreign currency obtained from the sale of property to foreigners will be sold to the Central Bank through a local bank and converted into Turkish lira.

The ‘condition of keeping deposits in Turkish banks’, which is defined as at least 500 thousand dollars in the regulation, was also changed, and the condition that this amount should be exchanged at the Turkish Central Bank through Turkish Banks and converted in Turkish Lira was introduced.

According to the new regulation , the foreign currency will be deposited into Turkish banks and is required to be kept in Turkish lira in the country. The money must remain in the country for a minimum of three years.

For more information please contact WiklundKurucuk Law Firm Official Website

source