Turkey to Revoke 451 CBI Citizenships After Real Estate Fraud

Turkey has launched a major crackdown on a real estate fraud scheme linked to its Citizenship by Investment (CBI) program. Authorities say 451 foreign investors who obtained Turkish citizenship through fake property deals now face revocation. The operation led to 106 arrests across 19 provinces and the seizure of wide-ranging assets. If you’re considering Turkey’s CBI, or already hold it, here’s what happened, why it matters, and how to protect yourself.

Turkey’s Interior Minister, Ali Yerlikaya, announced a nationwide operation targeting an organized network that staged “fictitious real estate sales” so foreigners could qualify for citizenship without meeting the true investment rules. Investigators say the ring, led by an individual identified as “M.A.,” helped 451 foreigners and their families gain citizenship improperly. Authorities have started procedures to cancel those citizenships. Police detained 100+ suspects and seized assets including 1,240 apartments, 65 land plots, 47 cars, and several companies.

Local media and wire services report the operation spanned 19 provinces and highlighted “collusive property sales”—deals structured to look compliant on paper while secretly rebating money to applicants. One common trick involved paying the official minimum at the deed office, then quietly returning a large portion to the buyer. Turkish commentators noted prior weaknesses in valuation practices, which the government has since moved to tighten.

Turkey’s CBI has evolved quickly. The property threshold was cut to $250,000 in 2018, lifted to $400,000 in 2022, and adjusted again in 2024 to $600,000, changes that kept demand high but also attracted opportunists. With more scrutiny worldwide on investment migration, the Turkish government has signaled it will not tolerate abuse that undermines the program’s credibility. Some reports also point to the state seeking to prevent losses in expected foreign currency inflows due to fraudulent inflations or kickbacks.

The Interior Ministry has initiated revocation procedures. Under Turkish law, citizenship obtained through fraud or false documents can be canceled. That typically involves an administrative process where the state must show misrepresentation or illegality in how citizenship was acquired. Those affected may challenge the decision in court, but the burden is significant when records show forged valuations or sham transactions. Expect these cases to take time and turn on documentation trails.

For investors who followed the rules, the headline is unsettling, but not a reason to panic. Authorities and industry experts stress that the vast majority of firms and applicants comply strictly, and that stronger controls (such as independent, randomly assigned valuers overseen by the Capital Markets Board) are now in place. In the long run, cleaning out fraud should protect the program’s reputation, reduce application backlogs caused by questionable files, and support stable property valuations.

If you’re exploring Turkey’s CBI through real estate, treat the following as non-negotiable red flags:

• Cash-back or side deals that reduce your real outlay below the legal threshold.
• Pre-arranged valuation “targets” or promises to “make the appraisal work.”
• Pressure to skip independent lawyers or to use a “package” where the seller, agent, and supposed attorney are all the same party.
• Unclear source-of-funds steps or mismatched SWIFT messages on transfers.
• Rushed title deed transfers where you don’t see original documents or get translations.

1. Hire an independent Turkish lawyer who does only your legal work—no ties to the developer or listing agent.
2. Verify the property’s title (no liens, encumbrances) and check building permits with the land registry.
3. Use reputable, licensed valuation firms assigned under current rules; reject any “friendly appraisals.”
4. Insist on arm’s-length pricing with market comparables; avoid “special CBI pricing” that seems too neat.
5. Document funds clearly: correct SWIFT wording, consistent sender/beneficiary, and bank compliance checks.
6. Pay through regulated channels. No cash, no crypto, no informal rebates, ever.
7. Check developer background: delivery record, litigation history, escrow practices, and completion guarantees.
8. Record every step: reservation agreement, purchase contract, valuations, tax receipts, and deed paperwork.
9. Use escrow or blocked accounts where feasible to align payments with milestones.
10. Walk away from shortcuts. A “fast track” that bends rules can cost you your passport.

Authorities have already shifted valuation oversight from bank appraisers to the Capital Markets Board with random assignment, making it harder to game reports. Expect:

• Tighter KYC/AML checks on source of funds and intermediaries.
• More audits of past files, especially where values clustered exactly at thresholds.
• Higher penalties for facilitators (agents, valuers, developers) involved in collusion.
• Closer coordination between the Interior Ministry, land registry, and financial regulators.

These steps mirror global compliance trends and should help Turkey maintain market confidence while filtering out bad actors. Independent coverage from international outlets also underscores that revocations are being actively pursued, not just announced.

• Self-audit your file with an independent lawyer: valuation, payments, contracts, and SWIFT messages.
• Gather proof of genuine consideration (full purchase price paid without rebates).
• Keep records current (taxes, utilities, property insurance).
• Avoid quick resale below market that could suggest a sham.
• Prepare for possible questions; cooperate promptly with any request from authorities.