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How to benefit from the property to obtain Turkish citizenship

How to benefit from the property to obtain Turkish citizenship

All countries try to attract foreign capital in various ways, whether through exporting products or trade exchange with other countries, or through the tourism as one of the most important sources of income and direct foreign exchange, or by encouraging businessmen to invest, and to increase foreign capital away from external loans, Turkish state has tended in the last twenty years to attract direct foreign capital through tourism, as Turkey comes in the 6th places as a touristic destination, also it tries to attract foreign capital through real estate investing that is considered one of the most successful investment not only in Turkey but also all over the world, especially that all countries recognize the importance of real estate investment as a source of direct foreign income, Turkey is considered as one of the newest emerging markets in real estate investments, now according to Bloomberg magazine report Turkey placed in the top 10 countries in real estate fields, Istanbul, Antalya and Mugla are heading real estate sales not just the domestic Turkish market but also European market.

The Turkish government has encouraged real estate investment sector by improving real estate ownership laws and has also legislated laws that granting citizenship through property acquisition, as before 2018 provided for granting Turkish citizenship by buying a property should worth one million dollars or its equivalent in Turkish lira, but in 2018 the law has been changed to be buy a property that worth 250 thousand dollars or its equivalent in Turkish lira, provided that the property is kept and not disposable for a period of no less than 3 years, and the property is inherited to the investor's family after his death, a modification that encouraged many foreigners to buy real estate in Turkey, whether for investment or for living.

 

The advantages of real estate investment in Turkey

Some investors are wondering about the maximum use of the property beside getting Turkish citizenship, and actually real estate investment has many advantages, the most important of which are:

  • Getting residency permit if the property less than 250.000 $
  • Obtaining Turkish citizenship if the property worth 250.000$ and more.
  • Obtaining a fixed, continuous and guaranteed monthly financial income.
  • Increasing the value of the property in the long term, because the real estate market like gold and oil, is the only market increases by time, so after several years the investor can sell it and increasing his capital, and this type of investment with long-term investments is an additional saving for the retirement and as insurance for the family.

How to get best use of the real estate

Investor can get best use of the real estate financially and legally through getting residency permit or obtaining Turkish citizenship, but it depending on the real estate type that you buy:

  • Residential real estate Investment, such as apartments and villas.
  • commercial real estate Investment, which is investment in property that is not intended for living, such as commercial offices, companies, and shops.
  • Student housing projects that depend on its near to universities, and the entire project is depend on international students who come to study in Turkish universities.
  • Investment in stores and warehouses is also a successful investment.
  • Hotel projects and hotel apartments, as it is possible to invest in hotels or hotel that have continuous return for many years due to the large demand for it.
  • Commercial offices, that have profit return due to lease them to companies that are constantly established in Turkey, and construction companies allocate some office buildings to meet the requirements of investors who open their company headquarters here.

Obtaining Turkish citizenship through purchasing real estate

At the same time, the state has set some conditions for the investor in the real estate field, according to which he is granted citizenship. In case of violating these conditions, a foreigner is not entitled to grant Turkish citizenship, including:

  • The property must be worth 250 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 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 person or 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 instalments or mortgages on it.

Nationality law amendments for 2022

Recently, there is a possibility of raising the value of the property to be 400.000$ to obtain Turkish citizenship, instead of 250 thousand dollars, and that the amendment will be implemented once it is published in the Official Gazette, and recently, the Turkish government changed some of the conditions for obtaining Turkish citizenship for foreigners in an attempt to support its national currency, the lira. According to the new regulation, the foreign currency obtained from selling real estate to foreigners will be sold to the central bank through a local bank, and converted into Turkish lira.

During the past four years, some investors were able to manipulate the conditions for obtaining citizenship and circumvent them in twisted and illegal ways to obtain citizenship. Therefore, among the recent amendments made by the state were:

1- It is forbidden to recycle the property or sell it to a Turkish person and then resell it to another investor of the same nationality, as it was previously possible to sell it to a Turkish person and resell it to a person has the same nationality of first investor’s after obtaining Turkish citizenship after 3 years, but now whether the investor sell the property to a Turkish person or to another investor it will not grant Turkish citizenship to new investor.

2- The property can be sold after obtaining Turkish citizenship after 3 years of purchasing to a Turkish person or a foreigner directly, but the foreigner - the new investor - will not be able to submit it to obtain Turkish citizenship even if he is a relative, friend or of another nationality. 

3- When buying a property for the purpose of obtain Turkish citizenship for an amount of 250 thousand dollars, it is not allowed to you to resell the property after obtaining Turkish citizenship after 3 years to the same person who sold you the same property, that is, the property cannot be resold to the original owner, whether this owner is a person or a company.

4- When applying for Turkish citizenship or after obtaining it, when you discover a deficiency or forgery in identification papers or any required files that can withdraw Turkish citizenship from you even after you obtain it.

5- In the case of the sale or the preliminary sale agreement, the pledge shall be made according to the following: “I pledge that I will not sell these real estate that I have purchased to obtain Turkish citizenship within the scope of Article 20 of the Regulation for the Implementation of the Turkish Citizenship Law for a period of 3 years and if it is found that the information and documents that will be provided upon implementation Incomplete, incorrect or misleading based on Article 31 of the Turkish Citizenship Law No. 5901 on Acquisition of Turkish Citizenship, and if it occurs as a result of false declaration to the person concerned or concealment of important matters that form the basis of obtaining citizenship, it will be cancelled by the authority that made the decision.” The phrase "I know that actions will be taken by the relevant authorities".

6- Real estate that has been transferred to a Turkish citizen or company of Turkish origin after January 12, 2017 and is subject to the law of obtaining Turkish citizenship by sale or preliminary sale contract, must not have any record in the name of the investor who wants to obtain citizenship for his wife/husband, child or applicant Another (the investor) of the same nationality, however in this case only another investor with a different nationality can subject this property to obtaining Turkish citizenship.

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.
Our services:
- 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 ©

 

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