Turkey has recently granted more than 10,000 foreign investors the Turkish citizenship by Real estate invest.
The amount of money that must be deposited in the bank to obtain citizenship has been reduced from two million dollars to 500 thousand dollars.
As a result of the amendments for the decision to obtain Turkish citizenship by buying Real estate, many Arabs and foreigners have obtained Turkish citizenship.
In 2017, the Turkish government issued a decision to acquire Turkish citizenship by investing in Real estate with an amount of $1 million.
As the required amount was very high, only 70 buyers and investors obtained Turkish citizenship after this decision.
In 2019-2020, when the required amount decreased to $250.000, 7,500 foreigners have obtained the citizenship.
Statics showed that between 2017 and 2021, 18,000 foreigners from 122 different countries have obtained Turkish citizenship by owning Real estate in 48 Turkish cities.
Turkish passport give many advantages for its holders, they can enjoy visa-free or visa-on-arrival entry to most of the countries, including Japan, Singapore, South Korea and Thailand.
Turkey and the European Union have signed the 1963 “Ankara Agreement” treaty, which allows Turkish citizens and their families to live in the UK for any purpose.
Also, there is an agreement with Greece that allows Turkish citizens to visit the country for short holidays, without the need to obtain a Schengen visa.
All these advantages have increased the number of investors in Turkish Real estate with the purpose to acquire Turkish citizenship.
Can foreigners buy a property in Turkey?
Foreign investors and buyers can buy properties in Turkey for residence or Real estate investment.
They have the right to buy 30 hectares in Real estate market in all Turkey, except in the forbidden areas.
Foreigners bought 45,000 of the properties in Turkey in 2019, and the number is increasing rabidly.
Most of the foreign investors prefer Istanbul for Real estate investment, as it gains the focus of attention for the whole world.
Istanbul is the top choice in the Real estate market for foreigners, Antalya, Ankara, and Bursa are other options.
Investors in general can benefit from the property by renting it to get monthly rent profit.
The profit can come after buying a property in a strategic location and with all the required facilities.
Foreigners who buy property in Turkey are also eligible for obtaining Turkish citizenship.
Buying and owning property guide for foreigners
Foreigners can buy and own properties in Turkey, but they should follow the rules stipulated in the law.
If a foreigner wants to buy a land in Turkey, he must inform the Ministry of Environment and Urbanization within two years about the type of building to be built on that land.
An initial application must be submitted also to the Turkish Land Registry Directorate.
And a serial number is required for the initial application, for this purpose, you can call 181 or apply at https://randevu.tkgm.gov.tr/ after this application, a date is set for transfer transactions between seller and buyer.
The following documents must be prepared on this date:
- Property title deed.
- The passport of the foreigner who will buy the property and a copy of the passport (a Turkish translation of the passport may be required).
- The “property value statement” is submitted by the municipality.
- Compulsory earthquake insurance policy for buildings such as home, office, etc.
- One photo of the seller (the original owner) and two photos of the buyer.
- Certified translator if the foreign buyer does not speak Turkish.
- The original or a certified copy of the power of attorney must be submitted (Turkish translation of the power of attorney is required).
Why foreign investors choose Turkey for Real estate invest?
There are many factors that encourage investors to invest in Real estate in Turkey, which in turn increases the number of foreign investors in the Real estate sector in Turkey for the year 2021.
The most important of these factors is Real estate diversity of prices in Turkey, which influences investors of buying a property in Turkey, especially by Foreign investors.
Also, the great return that came from Real estate investment is considered a profitable income, due to the prices of rent in Turkey.
In addition to the Turkish citizenship that investors grant it by buying a property in Turkey.
Last but not least, Turkey properties have stunning views, from distinctive seascapes or landscapes to views of the huge and strategic projects in the country.
New instructions on investment in Turkey for citizenship by Real estate
New amendments were made on implementation of Turkish citizenship by Real estate investment, stating that:
- The same property or Real estate share cannot apply to the acquisition of Turkish citizenship again after obtaining Turkish citizenship, according to this update, it was determined that only one applicant can apply for Turkish citizenship on a property.
- The investor cannot resell the purchased property to the same Turkish person except for some obligatory reasons.
- The buyer must submit a pledge before buying the property stating, “I pledge that I will not sell these properties that I have purchased to obtain Turkish citizenship for a period of 3 years”.
- If it is determined that the information and documents that will be submitted for the application are incomplete, incorrect or have little fraud, then Article 31 of the Turkish Citizenship Law No. 5901 states that “if there is a defect, lie or things like that, the competent authorities have to cancel the acquisition of the citizenship”, and the buyer must know that before buying.
- Turkish law will prevent such ways to obtain Turkish citizenship including, transferring investors to Real estate among themselves and through companies, as it is considered illegal transfer.
Requirements to apply for Turkey citizenship
The following documents must be submitted to obtain Turkish citizenship:
- Fill out the application for acquisition Turkish citizenship without errors and put your signature.
- A document proving the identity of the owner, a passport or an identity document issued by another country.
- Personal photos.
- Family statement.
- Real estate documents required to apply for Turkish citizenship.
- The title deed of the purchased property.
- Bank receipts and bank account statements, under which the property was paid and transferred from the seller’s account to the buyer’s account.
Buy a house in Turkey and get citizenship
The project is considered one of the most important residential properties in Istanbul, due to its important geographical location.
YediMavi consists of 7 towers; 6 of them are residential and one is a hotel tower, and each tower consists of 17 floors with apartments for sale in different styles.
It is also equipped with many features such as smart home systems, personal services, indoor car parking, indoor and outdoor swimming pools, sports and swimming area.
The project consists of 27 buildings spread over 5 residential blocks on a land of 20,800 square meters, and 593 housing units with different apartment styles ranging from 1+2 to 1+5.
Bahar Yaka project is characterized by its breathtaking views of the Golden Horn and the interior views of the project area.
The project has an amazing architectural and interior design and is considered as an investment opportunity for its strategic location and the privileges available in it.
Bomonti Residence project is located in Sisli area in Istanbul, which is one of the fast-growing areas that attracts investors due to its nearness to the city’s commercial center such as Taksim and Istiklal street.
Do you know what the benefit of buying a property in Istanbul? Contact me to find out why!