Officially called the Republic of Turkey, this middle-eastern country is strategically located, and boasts a rich history, vibrant culture, beautiful architecture, and amazing investment opportunities. If you are looking to acquire Turkish citizenship, the Turkey Citizenship by Investment program can be the perfect option for you. Launched in 2017, this investment program offers individuals citizenship in return for a Turkish real estate investment.
Owing to the reduction in cost, foreign investors looking to obtain Turkish citizenship generally apply through the real estate investment route. The minimum qualifying sum for buying property in Turkey amounts to $400,000 + fees, making this one of the world’s most attractive citizenship by investment programs.
The Turkish Citizenship by Investment Program aims to attract foreign direct investment to boost the country’s emerging economy and promote the country’s real estate market. Since Turkey is a transcontinental country, by obtaining Turkish citizenship, foreign investors can access the flourishing markets of Europe and Asia. For Turkish citizenship, individuals need to invest a minimum amount of $400,000 in real estate property. The application takes around 120 days to get processed. Once an individual is a Turkish citizen, he/she has access to free movement within the nation and to countries like Hong Kong, Japan, and Singapore.
”How To Buy Property in Turkey”
Turkey provides many inexpensive accommodation options for expats, so you don’t have to spend a lot of money if you dream of enjoying the Mediterranean lifestyle. For international buyers, property in Turkey remains quite inexpensive. Nonetheless, there are some aspects to consider before buying property in Turkey.
To begin, follow the steps below to make sure that your real estate investment transaction goes as easily and safely as possible:
- Start your research: there are hundreds of properties for sale in Turkey, just like there are many real estate brokers. Before looking for a real estate property in Turkey, you can consider finding the right real estate agent to make the process easier. For this, you can consult with anybody you know who has already purchased a property in Turkey, and ask them to recommend a few real estate agents. Or contact agents yourself. You must research every option available to you.
- Create an excellent connection with your real estate agent so that they can get you the greatest offers.
- The next step is to go to Turkey. You would want to know about the area, the communities, and surrounding facilities before making a purchase. You can also go on a Turkey property inspection tour to see what properties are available.
- Negotiate the purchase price and terms, then reserve the property and lock in the price.
- To save time, appoint a solicitor through power of attorney and complete the acquisition.
- Register Turkish title deed (TAPU).
Bureaucracy and paperwork
According to Turkish legislation, some property transfers can take place in Land Registry Directorates. You may be required to sign the title deed, and the land deed, which you may receive after getting your occupancy certificate. Because obtaining the habitation certificate is time-consuming and complex, you should speak with real estate professionals that specialize in arranging properties for foreign nationals.
Visas and Requirements for Residency
Purchasing a property does not directly entitle you to a work permit or residency permit in Turkey, unless the investment sum is $400,000 or larger, which would then qualify you for Turkish citizenship by investment program. To proceed with any property purchase, however, you must first receive your Foreigner Identity Number from the TNP Foreigners’ Department.
The Title Deed
The charge for getting a title deed, also known as a Turkish TAPU, is 4% of the property value. It is a legal document that transfers property ownership from one person to another.
Commission Fees for Real Estate Agents
The commission fee for a real estate agent is generally 4% of the property value. While it is a reasonable price, you are free to negotiate it.
