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How to get Turkish citizenship by investment ( All questions answered )Save Page
The Turkish real estate market comes with many advantages and opportunities, and it goes without a doubt that the shining star among them is the chance to get the Turkish citizenship by investment.
You will find in this article a simple and comprehensive guide of how to get the Turkish citizenship by investment, as well as pitfalls and important details important to know before getting into this venture.
So let’s simply jump into it and go step by step into details;
1) Who can apply for the Turkish citizenship by real estate investment?
The answer to this question can actually be summarized in 2 points;
- Anyone with legal and valid passport from any country allowed by Turkish laws to purchase a property can apply for the Turkish nationality.
- Anyone purchasing a property worth at least 250.000 USD or more can apply for the Turkish citizenship once the property has been duly registered onto the purchaser’s name.
It goes without saying that these two points go hand by hand, or in other words, if one or none of these points are met, the way to Turkish citizenship are closed until further notice.
Although put very simply, and that many other details are implied into the process, these are the 2 major points to already have in mind before getting into that way.
2) How does the process work?
Assuming that you comply with the (basic) first time the process can be, again, divided into 3 major steps;
- Finding the right property & the right Seller
- Starting the purchase process
- Making the Citizenship application
So let’s get into details of each step.
- Finding the right property & the right Seller
The first and natural step of this process, and certainly why you are reading this article is to find the right property which fulfils the requirements of the law that opens way to getting the Turkish citizenship.
Although this point seems natural and simple, it may actually turn into a very challenging one, even sometimes more challenging than the following other points.
So why is that point worth great attention?
Anyone who has allocated 250.000 USD for that purpose might think that finding a property worth it should be easy, which is not wrong, but when it comes to finding one with goals to apply for citizenship, the property must also fulfil the requirements as dictated by the law.
So what are these laws?
As per current regulations, the property must be inspected by an independent BDDK Certified surveyor (BDDK is the Banking Regulation and Supervision Agency ). The surveyor must inspect and valuate legally that the property is actually worth 250.000 USD (or more).
Without the legal approval of the surveyor, or lesser valuation from him/her, the property will not be valid for the next steps, and the venture will directly stop there.
As Capitol Estate , we recommend to do the valuation prior to finalizing the deal in order to avoid any surprises afterwards.
So, why is it important to find the right Sellers?
Again, the current regulations state that the valuation value must be included to the Title Deed (Certificate of Ownership – TAPU in Turkish ). This, in return, creates some obstacles with Sellers who face to pay important capital gain taxes, which generally they are quite reluctant to do so.
To summarize this point, it is important to note that the property MUST be independently valued with a value of no less than 250.000 USD and the Seller must accept to sell and deliver the TAPU following requirements of the law.
- Starting the Purchase Procedure
The purchase procedure is similar to a regular purchase of a property in Turkey , with the exception that all money transfers must go through a bank (From Buyer to Seller), and a Compliance Certificate must be obtained by the local Cadastre and Land Registry Office.
The process to obtain the Compliance Certificate takes approx. a week to 15 business days depending on workload of the office where the application has been made.
- Making the Turkish Citizenship Application
Once the Certificate obtained and TAPU duly registered the next step is to start the citizenship application, which starts first by getting the Permit of Residence.
The next step, once the Residency Permit granted is to register all ownership and address details with the related Office and finally make the Citizenship application.
This is a summarized streamline of the process, which of course demands its fair share of document and of course patience and expenses.
It is now time to do a shortlist of the most Frequently Asked Questions regarding this matter
- How can I make sure that the property I buy qualifies for the Citizenship application through buying a property in Turkey ?
This is perhaps the most crucial point of the whole deal and you have to make sure that the property is “legally” worth the price you are paying for it. The word “legally” may sound strange, as Turkey is a free market, and any Seller is free to put whatever price tag they feel right for their property.
However, when the purpose of the deal/purchase is to apply for citizenship, an independent eye, or in better words, the valuation of an independent SPK Certified surveyor must approve the price and legally register it to the records.
In short, if the surveyor appraisal of the chosen property is not equal, or worst, less than 250.000 USD, the property will not be validated as one that will allow you to apply afterwards for the Turkish Citizenship.
As Capitol Estate, we strongly recommend that the survey is made before finalizing any deal.
- I have found a property but the Seller is reluctant to sell it, why is that?
The current real estate laws allow all Sellers to use certain loopholes in the tax code, which allow them to pay less Capital Gain Tax when they sell their properties.
When such a deal comes, the requirements of the Buyer necessitate that none of these loopholes get used and the Seller is obliged to pay the tax in full. It is thus important that not only the property, but also the Seller complies with the requirements for the success of the process.
- How long should I wait after my application?
Assuming that everything went by the book, the process takes about 6 to 18 months to finalize.
- Do I have to buy one property to apply for the Turkish Citizenship, or can I buy multiple properties worth 250.000 USD or more?
The law actually not precisely answers this question but in practice, you can buy various properties worth 250.000 USD or more and use them for your application.
However, the purchase of these properties must not spread in time (accumulated in time) and must be made preferably within the same time or very close intervals. The survey process will apply for each property and the total must amount to 250.000 USD or more.
- Can my wife and kids get the Turkish nationality as well?
The answer to this critical question is YES, your wife and kids UNDER the age of 18 will be eligible to get the citizenship once you have purchased a property with required conditions as explain above.
- What are the benefits of obtaining the Citizenship for my family?
Once you have obtained the Citizenship, your family gets also right to stay in Turkey indefinitely with you, and also get right to obtain the Turkish nationality after fulfilling the necessary requirements as permitted by the current laws.
- Are there any fees to apply for the citizenship?
Yes indeed, there will be several fees and taxes to be paid before and during the process. Please contact us for more information on the fees and taxes.
- Would a purchase of a land qualify for the Citizenship application?
Yes, for as long as the surveyor values it for its required value, the purchase of a land will qualify for the application.
- Can I use a mortgage to purchase the property and apply for the Citizenship?
Yes, you can choose to get a mortgage from a Turkish bank to purchase a property however the amount used from the bank will be deducted from the sales price and the value will be determined accordingly.
- I already have a property in Turkey, can I apply for the citizenship?
If you have bought your property, no matter the purchase price, prior to 18 September 2018, your property will not be accepted for an application for citizenship.
- Will you assist me and my family during the process
Yes, our professional dedicated Team will assist you all along the way and guide you through each and every step to make sure that you are doing a valid and secure purchase.
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- >> DO NOT BUY A PROPERTY IN TURKEY BEFORE READING THIS!
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