By Justin Mays:
Turkey is a magnificent country with a location that
positions itself between Asia and Europe, essentially bridging them together.
It is a country where you experience a unique yet seamless blend of the modern
way of life and the Muslim culture.
Turkey’s economy is fast developing, with various global
companies headquartered in this country. Moreover, Turkey welcomes foreign
investments and has offered to provide Turkish citizenship through real estate
investments.
Many have taken this opportunity to invest in the Turkish
real estate market and acquired doubled profits since the prices of properties
in Turkey are rising yearly.
In today’s blog, Prime Property Turkey tells you about the
step-by-step process of becoming a Turkish citizen through real estate
investment.
How to Obtain Turkey Citizenship by Real Estate Investment?
Turkish citizenship can be legally obtained in many ways:
- By marriage
- By birth
- By investing in Turkey, etc.
However, we will look at how you can buy a property in
Turkey and get citizenship.
The conditions for obtaining Turkish citizenship by real
estate investment involve investing a minimum of USD 400,000 in real estate.
You also have to agree not to sell this property for three years.
Furthermore, you can buy a single unit for USD 400,000 or
multiple for this amount.
According to the Türkiye Citizenship by Investment Program,
applicants may obtain citizenship for their spouse and their children under 18.
This program was first launched in January 2017, and since
then, it has caused immense expansion and development in the real sector.
After purchasing the property, the authorities will prepare
a valuation report to confirm that the property's value is USD 400,000. You
have to ensure that the property is paid for through the bank with receipts to
show for it.
The property also must be registered under the applicant’s
name, and the official value of the property has to be mentioned in the
Notarized Sales Contract.
Finally, the application is forwarded to the Ministry of Internal Affairs, Directorate of Foreign Affairs, etc., for processing.
What Is the Process of Applying for Turkish Citizenship by Real Estate Investment?
Here is what you need to know before investing in Turkey:
- Acquire a Tax Registration Number from the Tax office. All
you need is your passport and some photos.
- Open a bank account.
- Find a property worth at least USD 400,000 and make sure it
passes the Evaluation Survey.
- You can be eligible for this program if you carry out the
transaction to buy the property through the bank and possess the receipt for
it.
- You also need an annotation that states "cannot sell
for three years" along with the Title Deed.
- You have to acquire the “Certificate of Conformity,” which
you can get by applying to the “Ministry of Environment and Urbanization.”
- The next step is to gather the essential documents to apply
to the “Directorate General of Migration Management” for a renewable residency
permit.
- The last step of this process is to apply for Turkish
citizenship with your necessary documents and residence permit to the “General
Directorate of Population and Citizenship Affairs.”
- The concerned authorities will review the application and
documents. Once it is determined that the applicant qualifies for Turkish
citizenship, the process is finished with the signature of the President of
Turkey, Recep Tayyip Erdogan, on the application.
Further Reading: Is Buying Property in Turkey a Good Investment?
How Long Is the Processing Time?
Acquiring Turkish citizenship is a speedy process; it does
not take more than three to four months after the application has been submitted.
Once you receive citizenship, you can get your Turkish I.D and passport a week
or so after that.
Do I Need to Live in Turkey When the Application Process Takes Place?
You do not have to be in Turkey for the application process
to initiate. You can hire a lawyer and grant them a POA (Power of
attorney).
The lawyers will then take care of every step, including opening an account, applying for your residence permit, buying property on your behalf, etc.
What Are the Benefits of Having a Turkish Citizenship?
When making a property investment in Turkey for Turkish
Citizenship and a passport, you can opt for any kind of real estate. It can be
land, an apartment, commercial property, a house, etc., worth at least USD
400,000.
Here are some of the upsides of having Turkish citizenship:
- Enjoy equal rights with Turkish citizens.
- Get free, high-quality healthcare.
- Acquire the right to live in Turkey for a lifetime.
- Have the freedom to work and do business in Turkey.
- Receive citizenship without the hassle of long wait times
and going through complicated language courses and exams.
- You can enjoy the advantages of dual citizenship and keep
your home country’s citizenship.
- Enter a massively diverse real estate market and benefit
from excellent investment returns.
- Acquire an E-2 investor visa with a five-year validity
period.
- Take advantage of a wide range of visa-free countries to
visit with your Turkish passport, such as Hong Kong, Japan, etc.
Further Reading: Buy Property in Turkey and Get Citizenship
How Can Prime Property Turkey Help You Buy a House in Turkey and Get Citizenship?
Turkey is becoming increasingly popular for its
sophisticated, well-equipped holiday homes and residential complexes.1,491,856
residential property sales were made in 2021 in Turkey.
If you want to buy a house in Turkey and get citizenship,
Prime Property Turkey can help you. We believe in being fully transparent with
our clientele. We aim to empower our clients by giving them all the information
and guidance they need to make a profitable real estate purchase.
Our after-sales services handle rentals, resale, property furnishing, and
maintenance.
Get a free consultation with our professionals so we can
cater to your needs in the best way possible.
Conclusion
Overall, acquiring Turkish citizenship through real estate
investment is a thoroughly fast and uncomplicated one. Moreover, there are
countless benefits that one can get by acquiring Turkish citizenship.
With this in mind, it is wise for foreigners to explore the
local market and consider investing in Turkey.
Contact us if you want to know more about Prime Property Turkey’s services.
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