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Obtaining Turkish Citizenship by Investing in Turkish Real Estate

15/03/2024 Turkish Citizenship 113 Obtaining Turkish Citizenship by Investing in Turkish Real Estate

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Obtaining Turkish citizenship by investing in Turkish real estate

  • Recent amendments to Turkish citizenship laws have reduced the minimum investment requirements.
  • According to the Citizenship Law published by the Turkish government, the minimum requirements for obtaining citizenship through investment in real estate include the following:

Türkiye real estate

  • Previously, the minimum requirement to obtain citizenship by investing in real estate was US$1 million. With recent modifications, the requirement is now $400,000.
  • However, there are certain conditions such as the investor not transferring, withdrawing or transferring the amount for a period of at least three years.

Other investments

  • Other investments include a bank deposit of US$500,000 only with the condition that the amount is not withdrawn for a period of not less than three years. Foreigners can also obtain citizenship by purchasing government bonds worth up to US$500,000 or by employing at least 50 Turkish citizens in their companies.

Increased demand for Turkish real estate

  • Efforts by the Turkish government to facilitate the path to Turkish citizenship have significantly increased the number of foreign property buyers. In the first quarter of 2019, government data show an 82% jump in foreign housing investments. The majority of buyers were attracted to Turkish real estate from the Gulf region.
  • The devaluation of the Turkish lira has opened a world of opportunities for foreign buyers. With nowhere to go but up, the Turkish lira is expected to bounce back during the year. This means a high rate of return on investment for foreign property buyers!

Fast and easy process

  • Obtaining Turkish citizenship by investing in real estate in Turkey is a relatively simple process. The process can be completed within weeks and, in some cases, just a few days. Include the steps involved

Evaluating the fair market value of the property

  • This can be done after or before purchasing the property.

Obtain a certificate of compliance

  • This will require proof of the transferred funds, the Turkish property title deed, and a valuation report. This step usually takes a week to complete.

Apply for a residence permit

  • The application is submitted along with a certificate of compliance and other documents similar to a visa application.

Register the property address

  • The application is submitted along with all other processed documents to FICO (Special Joint Office for Foreign Investor Citizenship Applications). Once the application is approved, you will receive written confirmation from the office.

Apply for citizenship

  • Once you have completed all other steps and received all confirmations, you can apply for Turkish citizenship. The background check will be conducted by the General Directorate of Population and Citizenship Affairs. Once approved by the Ministry of Interior, the General Directorate will issue Turkish ID cards.

Become a Turkish citizen today !

  • Invest in Turkish real estate with Damastrick to start the process of obtaining Turkish citizenship today! We are a leading real estate company in Türkiye that helps foreigners buy property in Türkiye. Contact us on +90 554 186 90 03 to learn more about your options.

Are you an investor? Start thinking about real estate in Istanbul because it has great potential.

  • One of the currently thriving businesses in Türkiye is real estate. People who are considering real estate investment in Istanbul will make profits because the market conditions are well suited. From being a destination for local property sales only, Istanbul has grown to become competitive in foreign real estate investments.
  • Its rise has seen it overtake the Mediterranean region of Antalya in terms of popularity in sales to foreign buyers. In 2017, it sold more than 200,000 properties to local residents and more than 8,000 properties to foreigners from different countries.

These are the reasons why investors should consider real estate investment in Istanbul:

Istanbul has great potential for capital growth

  • In the real estate market, Istanbul is just starting to improve compared to other big cities. It can benefit from being one of the major cities in the world historically and today. The government is pumping money into the real estate sector in order to streamline it to match the modern capacity of other great destinations. As a result, buyers decided to deposit their money while the company was still taking its first steps. Turkey's Vision 2023 plan aims to bring Istanbul up to the standards of London, one of the world's most established cities.
  • All real estate in Türkiye has the potential to generate income deals and capital growth. The government also takes care of its citizens by giving financial credits to young entrepreneurs.

Liquidity capabilities in Türkiye

  • Today, it has become easy to buy a house in Istanbul. Both locals and foreigners can buy property quickly compared to other countries. Taxes are low and so are property prices. Capital gains taxes are exempted only after 5 years of owning the property. The Turkish government aims to raise the number of members per family to the equivalent of European countries by 2023.
  • This business is valid because currently people can own, on average, three homes in their lifetime. The real estate market here can be crowded since most people are moving out of their homes.

Istanbul is focusing on urban renewal

  • Istanbul's decision to renovate its properties is one of the main reasons for the booming real estate market. Cleaning its environment and redesigning the building with modern architecture is a big attraction. It also integrates social and community amenities for its people. Surrounding towns such as Beylikduzu provide city residents with a suburban experience for nightlife, shopping and transportation links.

Profitable mega projects

  • There are many mega projects in Türkiye that constitute a real attraction for the real estate market. Istanbul's new third airport is scheduled to be completed in 2028. Another project is the Canal Istanbul project, and investors are already buying properties.
  • Other projects such as bridges and road links are expected to contribute to capital growth once completed.

Benefiting from the tourism sector

  • As you know, Istanbul is a historical city unlike other cities. It is known that it was the ruling center of both the Ottoman and Byzantine empires. The Turkish government has helped the tourism market through mass marketing. As Istanbul surpasses cities like Rome in visitor numbers, the real estate market will grow significantly
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