Requirements for Real Estate Investment in Turkey
Turkey provides a great opportunity for foreign nationals to obtain citizenship through real estate investment. However, applicants must meet specific criteria and regulations. Here’s an overview of the key requirements for real estate investment in Turkey.
1. Minimum Investment Amount
To qualify for Turkish citizenship through real estate investment, applicants must buy property or properties worth at least $250,000 USD (or its equivalent in Turkish Lira or foreign currency). A licensed valuation company must assess the property’s value and provide an official report.
2. 3-Year Holding Commitment
Applicants must hold the real estate for at least three years after purchasing it. The commitment is recorded on the property title deed or notarized sales contract. The law prohibits applicants from selling, transferring, or cancelling the property within the first three years.
3. Valuation Report
The applicant must obtain an official valuation from a BRSA-approved company. The valuation report must be no more than three months old at the time of the citizenship application and must remain valid during the transaction.
4. No Mortgage or Loan Restrictions
If the real estate is purchased with a mortgage, the report must subtract the mortgage amount from the total property value. Applicants must clear any paid-off mortgages from the title deed registry before the valuation.
5. Property Ownership Criteria
Applicants cannot register the real estate under the name of any foreign national (including their spouse or children). Additionally, the property cannot have been transferred to a foreigner previously, and it must not belong to a company where the applicant holds a partnership or managerial role.
6. Official Application Process
After meeting the property investment requirements, applicants send their citizenship application to the Ministry of Internal Affairs via the General Directorate of Population and Citizenship Affairs. The Ministry of Environment and Urbanization oversees the land registry process.
Meeting these criteria allows applicants to invest in Turkey’s dynamic real estate market and gain the potential for Turkish citizenship.
