22 June 2021
Turkish citizenship by investment in real estate. What is worth knowing?
By purchasing Turkish property from a developer, foreign buyers can count on a number of advantages. After an individual signs a contract for the purchase of real estate, you can deal with the issue of obtaining a residence permit. A residence permit is granted for 1-2 years and allows you to freely stay in Turkey. When buying apartments worth $400,000 or more, a Turkish passport can be issued in an accelerated format (in just 6 months) under the Turkish Citizenship by Investment (TCBI) program. This option of obtaining citizenship through the purchase of housing is most in demand among investors.
The advantages of Turkish citizenship
The conditions for obtaining Turkish citizenship by investing in real estate have been facilitated by the latest regulations. According to Turkish law, since 2018, foreign investors can obtain Turkish citizenship and its cumulative benefits through the purchase of real estate worth over $400,000 of cadastral value. Previously, the minimum investment was $1 million, which was far from affordable for everyone. After such a 4-fold decrease, the interest of foreign citizens from all over the world in Turkey and in the real estate sector in particular has increased significantly.
What are the benefits of citizenship in Turkey:
- Simplified process of obtaining Turkish citizenship in a short time (3-6 months).
- No language proficiency requirements.
- The right to stay in Turkey indefinitely.
- Citizenship for all family members.
- Visa-free access to 111 countries around the world.
- The shortest route to the US through the US E-2 visa.
- Possibility of moving to the UK.
- Turkish law allows dual citizenship.
- Free medical care.
Conditions for obtaining Turkish citizenship through the purchase of real estate
There are no special requirements and prohibitions on choosing real estate for obtaining citizenship. It can be as one object, such as a luxury residence on the beach, or several options for ownership. For example, you can buy several apartments from the primary or secondary market, or invest in a commercial facility. The main condition is that the total value be equal to or greater than the declared threshold of a quarter of a million.
A mandatory requirement is to retain ownership of real estate for at least 3 years from the date of the transaction. At the same time, it can be used both for personal purposes and for renting. In addition, not only the investors themselves, but also their families receive Turkish citizenship, including the spouse and all children under the age of eighteen.
The procedure for obtaining Turkish citizenship
The stages of obtaining Turkish citizenship:
- Obtaining a tax registration number
- Opening a Turkish bank account
- Finding and buying property
- Receiving a real estate appraisal report
- Issuance of a certificate of conformity
- Issuing a residence permit in Turkey
- Apply for citizenship.
Before transferring ownership, an expert real estate appraisal report must be obtained from the cadastral office (Tapu office) showing that the value of the property is at least $400,000. It is issued by a company that is licensed by the Capital Markets Council. The value in the real estate purchase contract or title deed must match the value in the real estate appraisal report and the amount of the bank transfer. Based on these documents, a certificate of conformity is issued.
The value of the property must be transferred through the bank and confirmed by the necessary document. The purchase can be paid in lira, euro and other foreign currencies. Manual payments to the merchant are not valid for applying for Turkish citizenship. When you apply for citizenship of the Republic, you are not required to declare your assets or income that you currently have in other countries.
To obtain Turkish citizenship, you should prepare a package of documents:
- A questionnaire filled out on the website of the migration service;
- Photocopy of passport;
- Original or certified copy of all applicants' birth certificates;
- Turkish tax identification number;
- Valid health insurance;
- TAPU title;
- Photos 3.5 x 4.5 cm (2 pieces);
- Certificate confirming the absence of a criminal record;
- A valid property valuation report (the report is valid for three months).
All documents and the application from the applicant must be translated into Turkish by a sworn translator and certified by a notary. Consideration of an application for citizenship takes from 3 to 6 months.
Offer from Nordic
NORDIC PROPERTY Construction construction company offers comfortable housing in new modern residential complexes in different parts of Alanya. The developer is one of the top companies in the construction of resort housing on the Mediterranean coast.
Apartments in the Nordic Art residential complex in the Kargicak area.
Duplexes are offered for sale loft 2+1 with separate garden plots from 219 m2. The owners of these exclusive apartments will appreciate the privacy of their backyard plots in a competent combination with the infrastructure of the residential complex, a spacious interior, quality materials and unique architecture. For water and electricity, only materials with the TSE quality mark are used, which means passing all the checks of the Turkish Standards Institute. Duplexes are sold already with an equipped kitchen (furniture, household appliances) and with built-in wardrobes recommended by the architect. The bathrooms already have plumbing. An air conditioning and heating system has been installed.
There are many additional services for residents on the territory of the residential complex: a swimming pool for adults and children with a play area, a gym and table tennis, a Turkish bath (hammam) and a Roman steam room, massage rooms and SPA zone. There is also a covered parking, which is guarded.
The buyer only has to choose the furniture to his taste. Price from 286 500 EUR. By purchasing such apartments, you can immediately apply for Turkish citizenship.
You can also pick up several apartments with a smaller footage. There are plenty to choose from. Buyers are offered apartments with 1+1, 2+1 rooms, 2+1 and 3+1 duplexes, as well as garden duplexes. The footage starts from 66.5 m2. Price: from 118 500 EUR.
The developer offers a convenient payment plan available to everyone: the initial payment is only 30%, the rest is paid under the terms of interest-free installments until 10/31/2023.
< strong>NORDIC PROPERTY Construction specialists will be happy to help you find high-quality apartments in Alanya to participate in the Turkish citizenship program. Get in touch!