In early March, Turkish authorities announced a new regulation lifting the ban on real estate transactions in foreign currency. This restriction was originally introduced under Decree No. 85 in 2018 as part of efforts to stabilize the Turkish lira. It applied to property sales and rental agreements, among other transactions.
Exception: The ban remains for vehicle sales agreements, which still have to be conducted in Turkish lira.
This change simplifies the process of buying property in Turkey, as transactions can now be completed directly in foreign currency without the need for conversion into lira.
However, there are currently no official clarifications on how this will impact the minimum investment threshold for obtaining residency or citizenship, which currently stands at $200,000 and $400,000, respectively. Further guidance is also expected on how the foreign currency purchase certificate, required for real estate transactions, will be issued for foreign currency sales.
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