Türkiye has become an increasingly attractive real estate market for foreign investors. With the regulation introduced in 2018, foreign nationals who purchase real estate worth at least 400,000 USD are granted the right to acquire Turkish citizenship through exceptional means. One of the most critical steps in this process is exchanging the foreign currency through the Central Bank of Türkiye and obtaining the Foreign Exchange Purchase Certificate (Döviz Alım Belgesi). This document must be obtained before the land registry transaction; without it, the sale cannot be completed.

 

As of January 24, 2022, a new regulation requires all foreign buyers to convert their foreign currency into Turkish Lira through the Central Bank before purchasing real estate. This obligation applies to all foreign nationals, regardless of whether they intend to apply for Turkish citizenship. The legal basis for this requirement is found in Article 13 of the Capital Movements Circular, the Regulation on the Implementation of the Turkish Citizenship Law, and Circular No. 2022/1.

 

The Foreign Exchange Purchase Certificate is an official document showing that the foreign buyer has exchanged foreign currency at a bank operating in Türkiye for the purpose of selling it to the Central Bank before the land registry transaction. It must contain the following information: the buyer’s full name, passport or foreign ID number, the TL equivalent and USD amount of the exchanged currency, and a statement indicating that the transaction is made under Article 13 of the Capital Movements Circular or Article 20/10 of the Regulation on the Implementation of the Turkish Citizenship Law. If the payment is split into multiple transactions, several certificates can be issued; their total amount is taken as the basis for the transaction.

 

The currency must be exchanged at a bank operating in Türkiye. Currency exchange offices or cash transactions are not accepted. The exchange can be carried out by the buyer, the seller, or their authorized representatives. However, the certificate must always be issued before the title deed transfer and submitted to the Land Registry Directorate. The amount declared to the land registry must exactly match the TL amount stated on the Foreign Exchange Purchase Certificate; otherwise, the transaction will not be processed.

 

According to Article 13 of the Capital Movements Circular, the entire sale price must be exchanged. Currency exchange cannot take place after the land registry transaction. This requirement applies to both foreign buyers applying for Turkish citizenship through real estate acquisition and those who are purchasing property without applying for citizenship. For citizenship applications, the certificate must be accompanied by an approved bank receipt showing that the exchanged amount was transferred to the seller’s account.

 

Payments made before January 24, 2022 remain valid. In such cases, a Foreign Exchange Purchase Certificate is not required, but the payment must be proven with an approved bank receipt. Cash payments are not accepted. For older transfers, the sale value declared to the land registry must be calculated in TL based on the Central Bank’s effective selling rate on the date of the transfer.

 

Bank-issued documents may appear in different formats. As long as they contain the minimum required information, they are accepted. Any additional information added to the document must be approved by the bank.

 

For example, a foreign buyer named J.S. transfers 270,000 USD from his overseas account to the Turkish seller B.Z.’s bank account in Didim. The seller then exchanges this amount through a bank operating in Türkiye on behalf of J.S. to the Central Bank and obtains a Foreign Exchange Purchase Certificate. Both the certificate and the bank transfer receipt are submitted to the Land Registry Directorate to finalize the sale.

 

Payments made before the regulation took effect are still accepted, but only if supported by official bank receipts. The sale value is calculated using the Central Bank’s exchange rate on the date of the transfer. Cash payments or informal methods are not accepted.

 

As Uzunpınar & TÜFEK Law Firm, we provide legal assistance to foreign investors who wish to acquire Turkish citizenship through real estate purchases. Our experienced legal team guides clients through every stage of the process — from obtaining the Foreign Exchange Purchase Certificate and handling bank procedures to managing title deed transfers and citizenship applications. We ensure that all transactions are carried out in full compliance with Turkish law, securely and efficiently.

 

For more information about currency exchange procedures, real estate acquisitions, and Turkish citizenship applications for foreign buyers, you can contact Uzunpınar & TÜFEK Law Firm through our communication channels.