While investors liquidating a Turkish Real Estate Investment after three (3) year will be able retain their Turkish Citizenship investors should be aware of the Turkish Capital Gains Tax (âTCGTâ) implications. If an investor liquidates their real estate investment within five (5) years the investor may owe significant TCGT. Clients should schedule a meeting to discuss TCGT with a qualified and experienced Turkish Tax lawyer in our Istanbul office. At the time of writing many Turkish real estate assets have triple in value over the last three years BUT the Turkish Lire has halved in value, this makes TCGT especially punitive. Based in Istanbul, Davies & Associates urkish legal team are able to assist investors to obtain liquidity after three (3) years by arranging for a secured loan against the investorâs real estate asset. After five years the asset can be sold, the loan repaid and any residual value returned to the investor.