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And real estate cuts in Turkey
Real estate investment in Turkey is witnessing a steady increase and rapid growth, according to experts interested in the field, citing the stability that the country is experiencing compared to countries in the region and the economy with rapid recovery and rising growth.
As is known, real estate is one of the most profitable and growing sectors in the world and its results are largely satisfactory. The field rebounded strongly in Turkey after the year 2018 when the Turkish government announced $250,000 for Turkish citizenship through real estate investment, and also demand is still increasing significantly. After the amount increased to 400 thousand US dollars at the beginning of 2022.
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With the increase in those wishing to obtain Turkish citizenship , the Turkish authorities worked on many legal reforms to improve the investment climate and set many conditions for achieving a safe and successful real estate investment subject to certain conditions that we will learn about in the following lines, pointing first to the advantages and options of real estate investment in Turkey .
There are many options for investing in real estate in Turkey, as the Turkish government grants foreigners the right to own 30 hectares of real estate throughout Turkey, provided that the ownership percentage exceeds 10% of the total area. In general, real estate investors resort to one of the following options:
Some investors prefer to buy lands that are located in promising strategic areas to invest in, whether to build residential projects on them later or otherwise, and then achieve double profits.
This is because investing in land is characterized by the ease of recovering the value that increases over time and the possibility of achieving high investment returns, in addition to the lack of need to manage real estate and deal with problems of supply and demand.
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Residential apartments are considered the most attractive for investors wishing to buy apartments for sale in Turkey for the purpose of living or investment because they provide the investor with the opportunity to settle down if he wants or achieve returns from investment in addition to obtaining Turkish citizenship whether he is able to buy apartments for sale in Istanbul or in any Turkish city. Others, including investment in new and old commercial or residential apartments.
Some investors resort to this type of real estate investment, as purchasing an off-plan or under-construction property is considered a successful investment project and an opportunity to achieve profits and gains after the project is completed due to the great demand witnessed by modern real estate.
Buying a project in its initial stages saves the investor a lot of money and achieves large profits after its completion and its market value increases.
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- Freehold ownership, as Turkish law does not require a specific period of time for ownership of the property, and the property becomes the eternal property of the buyer who has the right to pass it on to his children and does not face risks such as nationalization and confiscation without a legal reason.
Obtaining Turkish citizenship , as the authorities in Turkey grant real estate investors Turkish citizenship if the value of investments reaches 400 thousand dollars.
- Achieving huge financial returns and profits. As is known, investing in the real estate field is an extremely successful investment, especially if it is in a tourist country like Turkey .
Turkey allows foreign investors to transfer all their profits and investment returns, whether real estate investment or otherwise, to their country of origin without any conflict with Turkish law.
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The Turkish authorities provided many facilities to foreign investors and established laws that protect the investor and preserve his rights.
Turkish law does not differentiate between a foreign investor and a Turkish citizen in the taxes and fees imposed on the process of owning real estate.
The numbers indicate recovery and growth in the Turkish economy and an unprecedented recovery in the real estate market, which gives an optimistic outlook for the future and always attracts new investors.
Turkey is distinguished by its excellent infrastructure, which is considered an environment for successful investment. It is also a link between Europe and Asia and a strategic crossing.
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- The value of the real estate purchased by the investor must not be less than 400 thousand US dollars.
- Deposit the value of the property in the bank in foreign currency and convert it to the Turkish lira within Turkish banks.
- The property must not have been previously used for the purpose of obtaining citizenship.
- The seller must not be a foreigner with the same nationality as the buyer.
- Regularly registering the property in Turkey in the Land Registry Department and obtaining the title deed.
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- Obtaining a real estate evaluation report from a specialized real estate evaluation company accredited by the Turkish Financial Markets Authority.
- The property to be purchased by the foreign investor must not be located in military or security areas.
- The applicant’s record is free of any security problems or crimes that may threaten national security.
- Not contracting a serious disease that threatens public health.
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- Discipline, respecting the country’s laws, and not violating the country’s rules.
- Mental integrity and reaching the age of majority for the applicant in accordance with Turkish Civil Law.
- The applicant for Turkish citizenship intends to settle and live in the country, with the need to have a sufficient source of income to remain in Turkey.
- Knowledge, even if minimal, of the Turkish language.
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Applying for Turkish citizenship requires many documents and documents, which are:
- The application for Turkish citizenship is completed and signed.
- a copy of the passport.
- A copy of the birth certificate.
- 4 personal photos.
- Bank accounts or payment statements.
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- A valid residence permit.
- Turkish citizenship application tax payment receipt.
- A copy of the title deed or taboo.
- A real estate evaluation certificate proving that the value of the property is suitable for obtaining Turkish citizenship.
- Valid health insurance.
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- The applicant’s civil status document.
- And the identity papers of the wife and children (birth certificate, passports, personal photos).
To obtain it, Turkish citizenship through real estate investment takes a period ranging between 3-6 months from the date of application.
The matter of Turkish citizenship and the advantages it provides to foreigners has become something everyone knows, and the great demand that Turkey is witnessing indicates that Turkish citizenship is a real gain, and whether you want to obtain citizenship by purchasing apartments for sale in Turkey or working and settling there, the opportunity to live In a historical and touristic country with a moderate climate, it is a correct step towards a promising future.
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The holder of citizenship can benefit from the power of the Turkish passport for movement, investment, and living, especially for foreigners whose countries are experiencing economic and political crises and instability.
The first steps begin with purchasing a property or group of properties for no less than $400,000 in any city the investor chooses.
- After completing the purchase process and obtaining the title deed and real estate evaluation report, an appointment is made at the General Directorate of Land Registry to pledge not to sell the property and reserve it for a period of three years, and also obtain a paper (UYGUNLUK BELGESI) stating that the property is suitable for obtaining Turkish citizenship .
After this step, the investor submits an investment residency application to the Immigration Department for the purpose of being in the country legally until the Turkish citizenship procedures are completed .
- Prepare all necessary papers, submit the application for Turkish citizenship to the Civil Registry, and receive the file number, to follow the steps of the application process step by step.
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- After submitting all the papers, the Civil Status Department begins to scrutinize and examine the application carefully, and it is subjected to seven different evaluation stages, starting with sending it to the General Directorate of Civil Status, passing through the security services and the Ministry of the Interior to examine the security file, all the way to the Turkish Council of Ministers to decide on the decision.
- Bank deposit: The Turkish government granted money holders a privilege that makes it easier for them to obtain Turkish citizenship by depositing a sum of money of no less than $500,000 with a pledge not to withdraw it for a period of no less than three years from the date of submitting the application.
- Marriage: to a Turkish citizen, male or female, for a period of no less than three years, provided that the reason for the marriage is not only to obtain citizenship, but rather to establish a family in the first place.
- Work residency: Turkey allows foreigners who have official work permits from Turkish companies whose capital is not less than 100 thousand liras the possibility of applying for Turkish citizenship after 5 years of working in Turkey and provides the applicant with qualifications for the conditions for obtaining Turkish citizenship .
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- Investing at a value of $500,000 or purchasing investment portfolios of the same value.
- Proof of assets.
- Employing 50 Turkish employees.
In general, there are basics that investors follow to ensure the success of real estate investment, which is to first determine the expected return in the future from the investment and study the market movement, and then choose a property that can generate profits for you continuously during the expected period.
It should be noted that investing in new or under construction residential areas is a good opportunity to achieve reasonable profits when this area prospers and the demand for it increases, as the cost of purchasing will be lower and then selling it at high prices.
Do not forget to consult those with experience in the market, for the full knowledge they have and the accuracy of the information so that you get the best investment results.
Edited by : damasturk
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