Turkey Revokes Citizenship of 687 Foreign Investors

Тurkish law enforcement agencies have executed one of the largest operations against illegal schemes in the Citizenship by Investment (CBI) program. Coordinated by the Istanbul Chief Public Prosecutor’s Office and the Istanbul Police Department, a criminal network facilitating fraudulent citizenship applications was successfully dismantled.

The most critical outcome for international buyers is the official launch of legal proceedings to revoke the Turkish citizenship of 687 foreign nationals involved in the scheme and freeze 1,045 properties.

The Fraud Mechanism: Inflated Appraisals and Fake Transactions

Under Turkish citizenship legislation, applicants must invest at least $400,000 USD in real estate, with funds directly entering the national banking system. The investigation revealed how the network bypassed these requirements:

• Overvalued Property Appraisals: Low-value real estate properties ($100,000 – $150,000 market value) were artificially inflated to over $400,000 using forged appraisal reports from colluding valuation firms.

• Simulated Bank Transfers: Fraudsters generated fake money movements between bank accounts solely to obtain the Foreign Exchange Purchase Certificate (DAB) from the Central Bank. Funds were withdrawn immediately after paper approval, leaving an estimated 2.5 billion TRY uninvested in the economy.

• Selling Citizenship for Commissions: Foreign buyers paid a fixed illegal commission fee to the syndicate instead of executing the genuine $400,000 investment.

Operation Scale: 16 Provinces, 1,045 Properties Seized

The crackdown spanned 16 provinces, centered in Istanbul, resulting in major asset seizures and detentions:

• Detentions: 73 out of 90 targeted suspects have been arrested.

• Asset Seizures: Authorities seized 1,045 properties, a 5-star hotel in Bodrum, 15 vehicles, a luxury yacht, and 10 bank accounts.

• Corporate Trusteeships: Government trustees were appointed to manage 7 real estate and development companies linked to the fraud ring.

Legal Consequences for Implicated Foreign Buyers

According to the Regulation on the Implementation of the Turkish Citizenship Law, naturalization acquired through false declarations or forged documents is annulled retroactively.

For the 687 foreign nationals involved, the following legal steps are underway:

• Revocation of Passports: Citizenship status, national ID cards, and passports will be declared null and void.

• Property Confiscation: Injunctions have been placed on all 1,045 properties, initiating state forfeiture proceedings.

• Deportation & Entry Bans: Individuals face mandatory deportation and lifetime re-entry bans into Turkey.

• Criminal Prosecution: Buyers may face criminal charges for forgery and fraud.

Legal Security Standards at Reptur:

• Certified Appraisals: We strictly collaborate with independent valuation experts accredited by the Capital Markets Board (CMB/SPK).

• Transparent Financial Flow: Capital is transferred exclusively through official banking channels, fully compliant with Central Bank (DAB) regulations.

• Comprehensive Legal Due Diligence: Our legal team conducts thorough title deed and developer checks prior to contract signing.

The Reptur continues to monitor the situation closely. If you need advice on safely obtaining Turkish citizenship or a legal review of your property — contact us today!