Turkey: A Gateway to Citizenship Through Real Estate Investment
Turkey offers a great opportunity for foreign investors who wish to obtain citizenship for themselves and their families. By purchasing a property valued at $250,000, you can secure a Turkish passport while profiting from your investment.
Changes to the Citizenship by Investment Program
In September 2018, Turkey significantly changed its citizenship by investment program. The investment limits saw a notable reduction:
- Previous Requirement: $2 million for capital asset investments and $1 million for real estate investments.
- Current Requirement: Fixed at $500,000 for capital assets and $250,000 for real estate.
Within a year of this change, 2,611 investors and 7,351 family members successfully obtained Turkish citizenship, totaling 9,962 individuals.
Real Estate Purchases in Turkey
The Turkish real estate law relies on an official title deed registry system. This system maintains all property records, and it requires all sale agreements to conclude before the Title Deed Registry Offices.
Importance of Legal Assistance
Foreign investors who are unfamiliar with these regulations should seek legal assistance when purchasing property. Doing so helps avoid long and costly legal battles, whether related to citizenship or not. Finalizing significant payments only at the Title Deed Registry Office, where contracts officially sign, is crucial.
Restrictions on Foreign Purchases
Foreigners face certain limitations when buying real estate in Turkey:
- Properties in designated special security areas or near military zones remain ineligible.
- The total area purchased cannot exceed 10% of the total land area of the county/district, nor can it exceed 300,000 square meters per person. These limitations typically do not affect those seeking citizenship.
The Citizenship Application Process
To initiate the citizenship process through real estate investment, follow these steps:
- Find a Suitable Property: Identify a property valued at $250,000 or more. Engage a real estate agent to evaluate options.
- Property Valuation: Once you select a property, an independent evaluation company must appraise it above the $250,000 threshold.
- Sales Agreement: Conclude the official sales contract at the Title Deed Registry Office, with an attorney and translator present to assist.
Purchase Requirements
The property must not belong to another foreign individual or a company with foreign shareholders. After signing the contract, the investor must guarantee that they will not sell the property for three years, which will be noted on the title deed.
Investors can meet the $250,000 requirement by purchasing one or multiple properties. Ensure that payments transfer from the buyer’s bank account to the seller’s, and keep proper documentation.
Residency and Citizenship Application
After the purchase, the investor can start preparing their residency and citizenship application. The spouse and children under 18 also qualify for citizenship. The authorities will issue the residency permit first, followed by the citizenship application review. This process can take three to four months, depending on various factors.
Associated Costs
The overall costs for obtaining citizenship through real estate investment will vary based on the property’s value. Typical expenses include:
- Real estate agent’s fees
- Attorney’s fees
- Title deed registry office fees
- Immigration office fees
The Benefits of Turkish Citizenship
After completing the process, the investor and their family will receive Turkish citizenship and a passport. This passport allows for visa-free or visa-on-arrival travel to over 100 countries. Additionally, Turkish citizens qualify for the E-1 and E-2 visa programs of the United States, which provide further investment opportunities.
Conclusion
Investing in Turkish real estate not only offers a path to citizenship but also presents a profitable opportunity in a growing market. By understanding the requirements and seeking appropriate legal assistance, foreign investors can navigate the process smoothly.
For more information on real estate investments in Turkey and to explore available properties, contact Select Turkey today!