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Various techniques have been used by numerous governments in recent years to motivate capital resources and maintain economic development. One of the most prominent techniques is "economic citizenship," as it is frequently termed. This sort of citizenship, which is available in a variety of states, has also been implemented in Turkey. This technique was designed to stimulate foreign investment in the first place, and it also allows investors to get Turkish citizenship simply by buying a property in Turkey . The principal goal of such programs is to stimulate business and increase prosperity by drawing private capital and resources to the country.
According to new Turkish legislation, anyone who acquires real estate valued at least $400,000 USD in Turkey, with a three-year no-sell annotation put on the deed by the Land Registry Office, is considered eligible to apply for Turkish citizenship . However, when purchasing real estate in Turkey , it is permissible to use foreign currencies or the Turkish Lira instead of the USD. The foundation for determining this monetary situation is the CBRT effective selling rate and/or cross exchange rate on the date of determination.
When you get Turkish citizenship , it will also be conferred on your spouse and children under the age of 18. Turkish citizenship will last for the rest of your life, and your new children will be born as Turkish citizens as well. You may acquire multiple citizenships in addition to your Turkish citizenship .
The process of purchasing real estate in Turkey begins with a public notary translating the non-Turkish buyer's passport into Turkish, receiving a free National Tax ID number from the government's State Tax Department, and signing off at the government's Tapu and Land Cadastro offices on the same day. Since 2005, 287,000 foreign nationals have acquired 50 billion USD in land and real estate investment in Turkey , according to the Turkish government, when compared to 2 million holiday homes sold in Spain. As a result, Turkey, an eastern EU candidate and OECD member, appears to be a prominent participant in the worldwide real estate league, with market values and forecast numbers set to treble in the next few years by 2025, if demand and focus persist.
The Turkey investment visa (also referred to as the "Golden visa") is essentially a tourist or business visa that also permits you to actually make investments while in the country. After visiting Turkey on a tourist visa, the Turkish citizenship and passport requirements will be fulfilled by purchasing a property in Turkey for $400,000 USD (the sum lowered from $1 million USD) and bonding a pledge not to sell the property for three years at the land registry office, ensuring Turkish citizenship without any language exam or obstacles.
However, Turkish Citizenship Law 5901 makes it simple for Americans, British, and European nations, as well as more than 180 foreign nationalities, to get dual citizenship. Furthermore, a tourist visa can be converted into Turkish citizenship and a passport, allowing you to take advantage of additional benefits. Visas are not required for travel to 115 countries throughout the world, including Russia, Japan, Singapore, Thailand, Malaysia, and Brazil.
As a matter of fact, Turkish citizenship and passport applications are submitted immediately to the Ministry of Interior's Directorate General of Migration Management (Göç Idaresi) at 250 district offices around Turkey, and are accepted in less than three months. Consequently, after submitting Turkish citizenship and passport applications to the government migration office (Göç Idaresi), the final name published in the Turkish Official Gazette will indicate that the Turkish citizenship procedure has been granted and finished.
The Statistical Institute and the Turkish government agency TUIK have issued official statistics for the first three months of 2019 to indicate that foreigners' invest in property for sales in Turkey and the benefit of Turkish citizenship through investment [with a real estate purchase value of 400.000 USD, down from 1 million USD] continue to attract international investors and buyers in all four seasons and year-round markets, whether they want to reside in Turkey or visit for vacations.
The overall number of affordable house sales in Istanbul for Arabs in the Marmara area was 19,140, ranking first in Turkey and accounting for 18.2 percent of all transactions. Second, records show that 10, 619 holiday homes in Antalya were sold, with a 10.1 percent in the Mediterranean, with the majority of them being chosen by wealthy European citizens. Third, 6.366 houses were sold in Ankara, accounting for 6.1 percent of all the real estate sales in the capital city. On the other hand, Hakkari, with 5 housing units, Ardahan, with 7 homes, and Bayburt, with 27 apartments, were the cheapest areas to buy property for sale in Turkey and land investment in the far eastern parts bordering Georgia, Iran, Iraq, and Syria, where the number of housing sales was limited.
Foreign home sales in Turkey increased by 81.5 percent in the first three months of 2019, totaling 9,717 units. In the January-March quarter of last year, a total of 5,298 housing units were sold to foreigners.
When compared to the same month last year, foreign-buyer home sales increased by 71.3 percent, from 1,827 to 3,129 units sold. As a result, Turkey had the best results in its history for foreign home sales in the first quarter and March of 2019.
According to official data, Istanbul manages to lead the cities where foreigners choose to acquire commercial properties for sale in Turkey . Yachtsmen from Istanbul purchased 173.4 percent more homes in March 2021 than in the same month the previous year.
Istanbul was the province with the greatest rise in house sales to foreigners. Istanbul, with a 158.2 percent increase, was followed by Antalya, in the Turkish Riviera region, then came Sunny, with a 55.2 percent raise, followed by Ankara.
Trabzon, in the Black Sea region, was the first city to evaluate the most residential sales to foreigners in March 2020, with 63.4 percent of house unit sales to foreigners declining.
However, Trabzon was followed by Istanbul with 20.857 units sold, then came the rest of the cities as follows: Antalya with 10,619 units sold, Ankara with 2,539 units sold, Bursa with 2,213 units sold, Yalova with 1,696 units sold, Sapanca with 1,247 units sold, Mugla with 957 units sold, Samsun with 885 units sold, Izmir with 837 units sold, and finally Mersin with 210 units sold.
The regulations for getting Turkish citizenship by investment have undergone significant revisions as of March 23, 2021. The majority of these changes are related to real estate investments. As a result, foreigners who want to engage in real estate in Turkey in order to get Turkish citizenship must exercise extreme caution following the modifications, as they impose some significant limitations on the validity of real estate investments for citizenship applications. To put it another way, citizenship procedures have become increasingly difficult in recent years. This is why, more than ever before, international investors must work closely with legal professionals in order to successfully complete their investment and citizenship applications.
Thus, foreign investors, in particular, must avoid deceptive real estate price appraisal reports in this respect.
Under the plan in place, the applicant's spouse, as well as any children under the age of 18, will be awarded Turkish citizenship . Moreover, any kid born after the parents' citizenship has been granted will be granted citizenship by birth. And those over the age of 18 need to become Turkish citizens on their own.
Dual citizenship is permitted in Turkey, which means you may preserve your present citizenship without having to give up anything in the event of applying for Turkish citizenship while purchasing real estate.
Those holding a regular Turkish passport can travel to 104 countries without a visa or obtain one upon arrival. This places the Turkish passport among the top 30 most powerful passports in the world. A Turkish passport is valid for ten years and can be renewed.
Citizenship holders are free to work in the country. A work permit was previously required. Citizenship facilitates employment in a state that serves as a bridge connecting Europe and the Middle East.
With citizenship you will have access to cheaper healthcare options and insurance policies in Turkey.
Once you have earned Turkish citizenship, you are not required to reside in Turkey. Citizenship implies that you have the freedom to enter and depart from Turkey as you like.
As a Turkish citizen, you may live and work in the United Kingdom with relative ease since you can apply for a business person visa and eventually get British citizenship.
Another option for Turkish nationals is obtaining the E-2 investor visa to help facilitate a move to the USA. If your dream is to live in the US, Turkey is a great option on that path, using the real estate route.
Those who invest in and relocate to Turkey via the investment program are not required to serve in the military. Your dependents are likewise spared.
In the sad case of the owner's death, Turkish law completely protects the legal successors. This guarantees that your property will pass effortlessly to your children without much to deal with in the future.
Foreign nationals, their spouses, and children under the age of 18 who have truly managed to bring industrial utilities to Turkey or who have conducted or are thought to have performed extraordinary services in the scientific, technological, economic, social, sports, cultural, and artistic fields and for whom a justified offer has been made by the relevant ministries can obtain Turkish citizenship by presidential decision if they do not have issues that would constitute a threat to national security.
According to Turkish law, foreigners who fall into one of the following categories are eligible to apply for Turkish citizenship:
In the previous three years, 7312 people have received Turkish citizenship through the purchase of real estate, making it the most popular route for acquiring Turkish citizenship .
In Turkey, you may get a tax identification number from any tax office. An original passport and photo are required.
It is necessary to have a bank account in order to document real estate purchases. To open one, you must have an original passport and tax identification number, as well as an official document that serves as proof of current address, such as utility bills.
You may buy one or more properties for a total of $400.000 USD, or the equivalent in foreign currency or Turkish Lira. The property must be nearly finished or already finished, with a Habitation License and a Title Deed or Construction Servitude in hand. In order to get citizenship, the property must be appropriate for an official appraisal.
As mentioned previously, the applicant for Turkish citizenship through property investment must acquire a real estate property in Turkey for a minimum of 400.000 USD or enter into a preliminary contract for sale with a notary on the sale of the real estate. As a result, foreigners may purchase properties in under-construction projects, but these properties must be either condominiums or have a construction servitude attached to them.
The office of land registry should then be notified of a three-year not for sale pledge. The annotation should state that "there is a promise that the aforementioned asset will not be sold within 3 years from the date of acquisition within the scope of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law . "
When purchasing, the pricing criterion can be met in either foreign money or Turkish lira. The property has to be purchased using a bank transfer with document and transaction by receipt. However, this monetary situation is determined using the CBRT's effective selling rate and/or the cross-exchange rate on the date of determination.
However, it is not necessary for the property to be actual real estate, such as a villa, apartment, or home. It might also be a vacant lot, a workshop, a field, or a garden. However, if the desired property is a field, the buyer must secure the required preliminary licenses and a business plan outlining how the land will be used must be presented along with the application. The project must be finished within two years.
Furthermore, the value of a single immovable property may be equal to or greater than 400.000 USD, or the combined value of several properties may be equal to or greater than 400.000 USD. There are no restrictions in this regard.
Properties acquired before January 12, 2017 are ineligible for this purpose. On the other hand, properties acquired between January 12, 2017 and September 18, 2018, must be worth at least one million US dollars, and properties purchased after September 19, 2018, must be worth at least two hundred thousand US dollars.
The property cannot be registered on behalf of a foreign real person (the spouse and children of the foreign real person are included.) Furthermore, from January 12, 2017, the property must be transferred to the foreign actual person who will physically buy the property. By the same token, the property cannot be registered in the name of a legal body or a corporation in which the foreign real person is a partner or manager.
A bank receipt verifying payment is also required in sales transactions completed on or after October 15, 2018. From this date forward, the transfer/payment reception of the sales or preliminary sales contract amount must also be done through a financial institution.
In addition, the buyer (or the appropriate individuals who will be identified on the application) must attest that the funds for payment of real property have been deposited with a bank receipt (remittance, EFT, etc.). For international fund transfers, the receipt for the account to which the fee will be transferred must also be presented. In sales transactions, the receipt date must also come after the selling date. In the preliminary sale, however, the date of receipt must be before the notary's contractualisation or, at the very least, on the same day of contractualisation. A payment receipt obtained after the date of the preliminary sales contract's issue at the notary will be invalid since it is not deemed a "cash" payment.
It is feasible to purchase a property that already has a mortgage or lien on it. If the property was purchased through a sale-mortgage transaction, the valuation should be determined after subtracting the loan amount from the sales price. The remainder should be at least equal to the amount requested in the law.
And it is now possible to buy the property in installments, as long as the property is acquired after September 19, 2018 and each installment is paid after that date. Payments paid in installments prior to September 19, 2018 will be invalid. The value of installments in US dollars is computed using the Central Bank of the Republic of Turkey's effective selling rate on the day of the transaction.
Foreigners must first submit a pre-application in order to own real estate in Turkey . Together with the owner of the property, the real or legal person shall submit an application to the General Directorate of Land Registry and Cadastre. They can also make an appointment without having to attend to the directorate's offices by phoning the "Alo 181" call center, which is open 24 hours a day, or by visiting "randevu.tkgm.gov.tr."
Turkish firms with foreign money, on the other hand, should first apply to the Provincial Planning and Coordination Directorate in the province where the real estate is situated, and then apply to the Land Registry Directorate after receiving a positive response. Such firms can apply in person, by mail, or via email.
Following the pre-application, the date for the real estate transfer should be chosen.
To get a certificate of compliance, an official value study must first be obtained, then a bank transfer receipt should be filed, and lastly, an application to the Ministry of Environment and Urban Planning must be submitted.
A "real estate appraisal report" indicating the market value of a property should be acquired from an appraiser with a valid license certified by the Capital Markets Board (CMB). This might be received from one of the CMB Valuation Companies in order to calculate the sum of 400.000 USD specified in the applications for obtaining citizenship through the sale of real estate. The CMB expert determines the value depending on the Central Bank of the Republic of Turkey's (CBRT) effective selling rate and/or cross exchange rate on the day of the transaction.
Following the completion of the transaction, a short-term residence permit can be sought using the address of the purchased property, which takes 2 to 4 weeks to be issued.
To get Turkish citizenship through a property purchase, an application must be submitted to the authorities along with all required documentation.
The applicant is summoned to the nearest provincial security directorate for fingerprinting and to conduct an interview during the application's approval process.
It is critical that the application to be prepared by a professional and that the procedure is followed precisely. Any errors committed during the application process, as well as missing papers, may result in the application being denied or the procedure being extended.
With more than ten years of experience, damasturk is a real estate industry leader in property-related concerns in Turkey. Our professional officers have carefully selected a variety of properties that have been pre-approved for the Turkish citizenship by investment program, and we provide the most diverse collection of properties in regions and cities around the country. We will happily assist you in applying for and obtaining citizenship from A-Z, leveraging our negotiating power and in-house attorneys to secure you the best possible price. For more information, please feel free to email or contact us.
FAQ's about obtaining a Turkish passport through investing
According to Turkish legislation, people who acquire real estate in Turkey for at least $400,000 USD with "a three-year no-sell annotation" that must be written on the deed by the Land Registry Office are entitled to apply for Turkish citizenship . When purchasing real estate, it is permissible to use foreign currencies or USD instead of the Turkish Lira. The foundation for determining this monetary situation is the CBRT effective selling rate and/or cross exchange rate on the date of determination.
According to the Turkish regulations, published in the Official Gazette on September 18, 2018, foreigners who fit into any of the following categories may get Turkish citizenship :
It's worth noting that all of the aforementioned options cost more than twice as much as obtaining citizenship through real estate investment.
Those seeking Turkish citizenship must spend $400,000 USD (the sum lowered from $1 million USD) on one or more properties purchased outright, or $500,000 USD on a fixed-capital investment, state department instruments, or a venture capital investment fund. While the monthly cost of providing work for 50 people in Turkey is $18,000 USD (net wage), not to include the cost of establishing the firm or business in which they would be employed.
In Turkey, the process of obtaining citizenship normally takes 2-4 months, which is much faster than in other countries across the world.
Please contact us today to talk with one of our staff members or email us for further information.
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