Getting Turkish citizenship through buying under-construction properties
- Advantages of getting Turkish citizenship:
- Definition of the property under construction:
- Advantages of buying a property under construction:
- Terms of obtaining Turkish citizenship by buying a property under construction:
- Tips for the investor before buying a property under construction:
- Required documents to buy a property:
Many amendments have been made since February 2022 by the Turkish government to several laws related to foreigners, including those related to tourist residence and real estate residence, and several amendments have been made to the law on foreign ownership of real estate, whether in order to obtain real estate residence or to obtain Turkish citizenship, it also made several amendments to purchasing process to maintain the value of the lira against the dollar, which confused many investors with the latest developments in the Turkish real estate market, especially at the beginning as it causes many confusion and ambiguity for many, and made some ask questions, including what are the procedures for buying a property for foreigners in Turkey, and what are the required documents to own a property in Turkey?, What are the conditions for obtaining real estate residence, and what are the recent amendments to obtaining Turkish citizenship.
Also, one of the questions the possibility to obtain citizenship by purchasing under-construction properties, and what are the procedures that the investor must follow if he purchases under-construction real estate, and in this article we will answer everything that the investor may interest about the possibility of obtaining Turkish citizenship through buying under construction real estate, and what documents the investor must submit to the Immigration Department in order to obtain Turkish citizenship, all these questions we will try to answer in this article.
Advantages of getting Turkish citizenship:
First of all, we have to clarify reasons that make many investors are keen to obtain Turkish citizenship, the answer is simply because of its different advantages, whether within Turkish territory or even its citizens who have a Turkish passport, including:
• Turkish citizenship allows travel to more than a hundred countries around the world.
• Work on Turkish territory in all sectors, fields and government interests without the need to obtain a work permit.
• Getting Turkish citizen benefits, such as the retirement law and free public transport
• Work in professions that foreigners are prohibited from practicing, such as law, dentistry, veterinary, pharmacy, notifier, translation (certified translator), tourist guide professions and maritime professions.
• Take advantage of the privileges offered by the government to Turkish investors in particular, such as tax reduction, financial support, full exemption from value-added tax, and others.
• Get free education and benefit from university payment plans granted to Turkish citizens.
• Obtaining all medical rights offered to Turkish citizens.
• The benefit from the retirement plan as a Turkish citizen.
• The right to vote for all kinds of elections in Turkey.
• Persons who have obtained Turkish citizenship are entitled to obtain a Turkish passport immediately after obtaining Turkish citizenship.
Definition of the property under construction:
It is a project that is still in the process of construction and has not reached its final shape, which enables the buyer to see the shape or verify the quality of the finishes used in the interior cladding of the property, and it still needs a period of time, until it is completed for the final shape.
Advantages of buying a property under construction:
- Its price is lower than ready-to-move in the same area
- The possibility of paying with different plans, whether in cash or in short-term instalments, according to what suits the buyer, which does not cause him a burden on his budget.
- The possibility of selling it at a large profit once the project is completed at a rate of no less than 25% of the original price.
- The possibility of making modifications to the design of the interior of the property before construction to be implemented by the construction company, as it allows you to design, modify and divide rooms according to what you want. You can also control the building materials, and all raw materials, and sign the contract according to the agreement with the construction company.
- The ability to choose the property, its floor, and its view in a large way, due to the availability of various options in terms of area, floor height, or even the view of the apartment.
- The possibility of obtaining a large discount if the investor pays the full price of the property.
Terms of obtaining Turkish citizenship by buying a property under construction:
The investor can obtain Turkish citizenship by purchasing real estate under construction, but through a mechanism set by the Turkish government, as the state has set some conditions the investor should follow to obtaining Turkish citizenship, and if the foreigner violate any of these conditions, he won’t be able to get the citizenship, which are:
- The property must be worth 400 thousand US dollars or more or its equivalent in Turkish lira.
- Obtaining an evaluation report for the value of the property approved by the Turkish government.
- The property must have a title deed, which is known as “Tapu” If the property is under construction, the title deed should be blue title deed, or it is a preliminary purchase contract with the construction company certified in the notar department.
- The value of the property with the title deed should be at the same real purchase price.
- The value of the property should be paid through bank transfers, and transfer receipts that prove bank transfers between the buyer and seller should be submitted in the file for applying for citizenship.
- The property must be owned by a Turkish company.
- Keeping the property for a period of 3 years from the date of purchase, and the investor is not allowed to sell or give up the property and then repurchase it.
- The price of the property is fully paid, and there are no external installments or mortgages on it.
Tips for the investor before buying a property under construction:
- The assistance of a trusted real estate agency in its work and its integrity, with a good reputation and history in the market of real estate in Turkey.
- Knowing the name of the construction company developing the project, seeing previously completed projects, and making sure of its strength in the construction market in Turkey. It is one of the most important things that the investor must verify to ensure the reputation of the construction company and that it does not have bankrupt or idle projects in the market.
- If the project is under construction, it must ensure that all agreed terms are written in the contract, including the finishing materials and equipment received.
Required documents to buy a property:
1. A copy of the investor’s passport that translated and certified at the notary.
2. The tax number is extracted from the Tax Department.
3. Four biometric personal photos (at white background) of the buyer, to be inserted at the title deed.
4. A copy of the preliminary contract of sale (in case the purchase is through a construction company to buy an apartment in installments or cash, the primary purchase contract is required until the ownership is transferred from the company to the investor, provided that the contract is in both Turkish and the buyer’s native language.
5. A bank account at one of the banks operating in Turkey, in which the investor deposits his money in dollars in the bank before converting it to Turkish Lira, as it is required that purchasing process should be made through banks.
6. A transaction document (and this document was created by the state at the end of 2021, it is a bank document that the buyer transfers his money from dollars to Turkish lira and then the buyer transfers the purchase amount later from his account to the construction company or the person selling the property, and the state obliged the investor to attach it among the required documents.
7. A copy of the building permit for the project.
8. A copy of the original title deed of the property to its first owner, whether a company or a person, before transferring its ownership to the new buyer
9. An insurance policy for the property against natural disasters such as earthquakes, known as the (DUSK).
On May 13, 2022, the Turkish government issued a decision to raise the amount of obtaining Turkish citizenship through the purchase of real estate to a value of 400,000 dollars instead of 250,000 dollars. The decision has been implemented starting in 12th June 2022.
The investor has the right to buy a real estate or several properties with the new amount of $400,000 in order to obtain citizenship, provided that the investor must keep the property for 3 years and he mustn’t sell the property he purchased for the purpose of citizenship before 3 years from the date of purchasing. For more information about the Turkish citizenship law and its conditions, click here.
At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
- Legal advice.
- Property Management.
- After-sales services.
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.
Editing by Ramzy Real Estate Team ©