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Turkish Citizenship by Property: The Valuation Rule Changed Again in 2026

GEDAŞ is no longer the only accepted valuer, and the TTB now lasts 12 months. Here is what changed on 28 September 2026, how often this rule has changed since 2019, and what it means for investors choosing a route.

Short answer: Since 28 September 2026, the valuation report behind the Amount Determination Certificate (TTB) for citizenship by property can be prepared by any valuation company licensed by the Capital Markets Board and connected to TADEBİS, not only GEDAŞ. The TTB must be no older than 12 months (previously 6) at the time of the application. The USD 400,000 minimum is unchanged. The fund route does not use a TKGM valuation or TTB.

What changed on 28 September 2026

Before (March 2024 – September 2026)Now
Who can prepare the reportOnly GEDAŞAny CMB-licensed valuation company in TADEBİS
How it is requestedWebTapu / TADEBİSWebTapu / TADEBİS ("for citizenship" menu)
Validity of the TTB6 months12 months, then a new report
Paper copiesNot acceptedNot accepted
Minimum amountUSD 400,000 (deed price and payments)USD 400,000 (unchanged)
REIT (GYO) salesExempt from TTBKAP-published report or a new TTB report

Any change in the land registry record between the report date and the application (for example a change of use, a new annotation or land given up for a road) requires a new report, whatever the date.

Seven years, many changes

Valuation has been one of the most frequently changed parts of the property route.

  1. February and May 2019: Circulars 2019/1 and 2019/5: valuation reports become part of the citizenship-by-property file.
  2. November–December 2021: New instructions tighten how the investment amount is checked for citizenship.
  3. November 2023: Circular 2023/6 sets new valuation report procedures.
  4. 4 March 2024: Circular 2024/2: for citizenship transactions only reports from one state-linked company (GEDAŞ) are accepted.
  5. 13 June 2024: Circular 2024/4 on citizenship transactions issued.
  6. 9 December 2024: The Amount Determination Certificate (TTB) is introduced: the investment amount must be confirmed by a TTB sent electronically through TADEBİS.
  7. 6 January 2026: A further TKGM instruction is issued (later revoked).
  8. 18 and 28 September 2026: Latest change: any valuation company licensed by the Capital Markets Board (TDUB member, connected to TADEBİS) can prepare the report; TTB validity extended from 6 to 12 months; the January 2026 instruction is revoked.

Each change affects files already in progress: reports may need to be renewed, timelines move and costs rise.

Why this matters if you are choosing a route

Property route

Your file depends on a TKGM valuation and a TTB within 12 months of the application. If the valuation comes in below USD 400,000, the property does not qualify, whatever you paid.

Fund route

You invest USD 500,000 in units of a CMB-regulated fund. There is no TKGM valuation or TTB for the investor: the CMB issues a conformity letter. The fund's own assets are valued regularly by independent licensed appraisers.

Independent oversight

Fund assets are held by a custodian, accounts are independently audited and disclosures are public on KAP.

Same citizenship

Both routes lead to the same Turkish citizenship, with spouse and children under 18 included.

Read more: Turkish citizenship through a fund · cost comparison 2026 · 2026 revocations and property fraud.

Frequently asked questions

Is GEDAŞ still required for citizenship valuations?

No. Since 28 September 2026 any CMB-licensed valuation company that is a TDUB member and connected to TADEBİS can prepare the report.

How long is the TTB valid?

The gap between the TTB and the citizenship application must not exceed 12 months. After that, a new report is needed.

Can I hand in a paper valuation report?

No. The report and TTB are sent electronically through TADEBİS to the land registry system.

Did the minimum investment change?

No. Property bought after 18 September 2018 must still reach USD 400,000, confirmed by the TTB.

Does the fund route need a TTB?

No. In the fund route the investor buys fund units, and the Capital Markets Board issues the conformity letter.

Author
Serkan Topaktaş, Chairman of FT Gayrimenkul ve Girişim Sermayesi Portföy Yönetimi A.Ş., a portfolio management company licensed by the Capital Markets Board of Türkiye. He works on structuring real estate and venture capital funds and their tax planning.
Last updated: 15 October 2026

Related guides: Türkçe · Turkish citizenship through a fund · Cost comparison 2026 · 2026 revocations and property fraud

This page is general information, not an investment offer or investment, tax, legal or immigration advice. Citizenship is granted only by the Turkish authorities. Fund units carry risk and their value may go up or down; past performance is not a guarantee of future results.

Sources: TKGM circulars 2024/2 and 2024/4 (as amended 28.09.2026) · Capital Markets Board of Türkiye.

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