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The mechanism to buy a property in Istanbul by foreigners for 2022

The mechanism to buy a property in Istanbul by foreigners for 2022

With the beginning of the summer Turkey receive many tourists, and the Turkish state has begun earlier months to raise its preparations to receive tourists and to develop tourism programs to raise the efficiency of provided services to them, due to the state's keenness to provide all their needs while they are in Turkey, It is also reorganizing the mechanisms of the real estate market, especially since a large part of foreigner aiming to invest in real estate in addition to spending their summer vacations, the mechanism that including setting some new conditions for ownership of real estate for foreigners in Turkey, which makes some investors wonder about the amendments to the law on foreign ownership of real estate.

In this article, Ramzy Real Estate offers you the mechanisms for buying real estate for foreigners for this year 2022, especially after the spread of some rumors about raising the minimum value for buying real estate in Turkey, but before we address the new amendments to the laws of foreign ownership of real estate in Turkey, we will show the current ownership laws.

In 2012, the government cancelled the reciprocity law, which stipulated that “any foreigner has the right to own real estate in Turkey, except for citizens of a few countries for political reasons, such as the case of Syrians’ ownership in Turkey.”. As the approval of ownership is issued to the foreigner who His country agreed at the purchase of real estate units by the Turks, while imposing additional conditions on the ownership of some nationalities in the border and maritime areas, such as the Greeks and Russians, and on the type of real estate such as agricultural land in case of the ownership of Egyptians in Turkey, but once the state decided to open its market to attract real estate investments, it was an enough reason to amend the law on foreign ownership of real estate in Turkey, to make it easier for investors to buy and own real estate.

 

New conditions for buying a property in Turkey

At the end of last April, the Turkish government raised the minimum value for real estate in Turkey to be $75,000 in major cities such as Istanbul, Ankara, Antalya and Aiden, and $50,000 in other cities if the investor wanted to obtain a real estate residence, while there are some rumors that said “it is expected that the value of Turkish citizenship will be raised to 400 thousand dollars”, but this is false news.

 

Is it easy to buy a property in Istanbul

Yes, you can buy a property in Istanbul whenever you want unless you are a Syrian citizen. And through your passport you can reserve a real estate unit within any project, until the required documents are completed.

We, Ramzy Real Estate Company, recommend that you have to hire a real estate consultant who can advise you in the type of property that is suitable for you and nominate the best residential options at the best areas, as well as assisting you in obtaining all the required documents of you, in addition to helping you complete all the required transactions to own a property.

 

 

Buying a property in Turkey

 

 

 

Documents the investor should extract before buying a property

• Translating the passport with a certified translator and notarizing it at Noter Department.

• Tax Number

• Opening a bank account in one of the Turkish banks.

 

Required documents to own a property in Istanbul

There are some required documents must be available with the investor and also the seller, to transfer the ownership of a real estate from one person to another or from an institution or company to a foreigner, whether the real estate is a land, an apartment or a shop, in order to ensure the procedures of documenting your ownership of the real estate, and these documents must be submitted to the Department of Tapu that is responsible for registering the contract and transferring ownership. These documents are:

• The original passport with a copy of it translated and certified by the Notary.

• The investor should have a Bank account to transfer the price of the property to the seller.

• The title deed (Tapu) that includes the details of the real estate unit.

• An earthquake insurance policy (DASK).

• A 4 x 6 biometric photo of the property seller, and two photos of the buyer.

• An interpreter in case of one of the parties does not speak Turkish.

Terms of Buying a property in Turkey online

In case that a foreigner wants to buy real estate and he is outside Turkey, the purchasing process will be through an agency, the foreigner must appoint a lawyer at the Turkish consulate in his country.

This requires submitting an original copy of the proxy at Turkish embassy in the buyer's country, in its official language, with a copy of the proxy translated into Turkish and certified by the consulate.

 

Terms of ownership to obtain Turkish Citizenship

In February 2010, Law No. 139/2010, has been issued regarding foreign ownership of obtaining citizenship stipulated that the foreigner can buy a real estate with one million dollars or its equivalent in Turkish lira, but in 2018, the Turkish government issued a presidential decree reforming law on obtaining Turkish citizenship by President Recep Tayyip Erdogan who announced that a foreigner or investor has the right to obtain Turkish citizenship if he buys a property worth 250 thousand dollars instead of one million US dollars, provided that the property is kept and not disposed for 3 years, and according to the law, the investor has the right obtaining citizenship for himself, his wife, and his children under the age of 18.

 

Conditions for obtaining Turkish citizenship

Despite the facilities provided by the state to foreigners aiming to obtain Turkish citizenship, but at the same time it has set some conditions for the investor in the real estate field, according to which he is granted citizenship. In the case of violating these conditions, a foreigner is not entitled to grant citizenship to a foreigner, 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 installments or mortgages on it.

 

 

 

 Turkish citizenship

 

 

 

Nationality Law Amendments 2022

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 of the first investor’s nationality after obtaining Turkish citizenship, i.e. after 3 years, but now it must Selling to a Turkish person and an investor of another nationality so that the new investor can obtain Turkish citizenship as well.

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. It is mean that is, a foreigner can invest in the new property, but he will not obtain Turkish citizenship unless it is sold to a Turkish citizen and then to a foreigner, and the foreigner should have a different nationality other than the nationality of the first investor.

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 canceled 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.

7- The real estate subject to sale or the preliminary sale agreement must not be registered in the name of the legal entity where the applicant (the investor) who will acquire the real estate by himself or his wife or children is a partner, manager, or on behalf of the company subject to Article 36 of the Land Registry Law (with a capital foreign/international) where the real person of the same nationality is a partner and through this regulation it is planned to prevent the purchase of a property from a legal entity by another legal entity of the same nationality.

 

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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