Turkish Citizenship by Investment
Turkish Citizenship by Investment
Afterwards, within the fast growing real estate market in the big and touristic cities such as Istanbul, Izmir, Mugla, etc. Turkey real estate turns out the ruling part of the Turkish economy. Nowadays, many residence projects are consumed at the off-plan phase. That’s why the market also starts to seem attractive from all over the world. Especially Istanbul real estate is seen as a profitable market for both local and foreign nationals.
With the decision published on 19.09.2018 on the Turkish official newspaper, some regulations regarding the transition of foreigners to Turkish citizenship changed. Turkish citizenship will be given directly to foreigners who buy at least $ 400.000 real estate investment in Turkey.
Real Estate Investment Requirements
On the issue of selling a property, the real estate can be sold out after 3 years once you purchased the property. This condition is only valid for a person who applies for a Turkish passport. People aiming for an investment commercially are free for what they are willing to do with their properties.
Decisional authority on the real valuation of an apartment belongs to the official valuation survey done by people who are authorized by the Banking Supervision Board. The actual matter is to write a minimum of $ 400.000 on the valuation report.
Paid price for a property should be transferred directly from the buyer’s account to the seller’s account by a bank transfer. Bank receipts will be a buyer’s prove on this phase that shows the transaction of money between buyer and seller. Moreover, any other third person should not be involved in the transaction process.
Footnote, if you purchase a property before the law published on 12.01.2017, you can not apply for national statues with this property no matter who owns the real estate such as your wife and children. In this issue, another property investment is a must.
If you prefer to buy a property with a mortgage loan or any other installment instruments, the amount that you withdraw your bank takes into consideration after the deduction of mortgage value from the certain amount.
Afterward, your application will be ready to send to the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs, Directorate of Foreigners Department by the Ministry of Environment and Urbanization, Land Registry Office
However, you can apply for a Turkish passport once you collect all properties in hand. On the other hand, you are going to wait for a 3-year period to turn your properties out a sales income. Moreover, rental income is available in this period. Because of what many residence projects give you a rental guarantee, it won’t be harsh to find a settler to your property.
The second passport will be truly yours forever. Additionally, your future children will also be born as a citizen of Turkey. If you choose to get other passports, the programme lets you multiple passport option in addition to Turkish citizenship.
Birth certificate: If multiple applications are done, the General Directorate of Population and Citizenship Affairs asks a birth certificate for each person.
Residence certificate is a must. You can apply for the programme only after completing the purchase stage.
Vital Records including such as marriage certificate is another critical issue that is requested by the authority from all family members.
Death Certificate: If one of the couple is not alive anymore, his/her death certificate should be with you.
Photos You need to get 12 Biometrics photos beforehand
Application Forms: Original and notarized translation of application forms
Power of Attorney: To the lawyer which you are giving to follow your application process.
Important footnote about the process:
All steps – even the purchase phase – can be done remotely so that you don’t need to handle with the situation coming by.
Visa Free Countries to Travel
By obtaining citizenship, you can visa free travel almost all countries in Latin America. Important countries such as Mexico, Argentina, Brazil and Colombia are going to give you free access by this way. On the other hand, many important borders of North and South Africa are open with a little investment.
F.A.Q. Frequently asked questions about the Turkey citizenship by owning properties worth $400,000.
1. Does a foreigner who owns more than one Turkish property totaling to $400,000 have the right to apply for citizenship programme?
Yes, a foreigner who owns real estate with a total value of more than $ 400,000 is entitled to the Turkish citizenship under the latest law change. It is not required to be a single property. It may depend on more investment than one. Your investment plan can vary on land and commercial purposes as well.
2. Is the citizenship granted only to the owner of the property or to him and his family?
Turkish citizenship is granted to the owner of the property. All his children who are under 18 years of age qualify to Turkish citizenship law
3. Is there a specific currency required to buy a property in Turkey and get citizenship?
The decision states that the purchase of a property must be worth $400,000 or its equivalent in foreign currency.
4. Are Individuals who own real estate in Turkey worth $400,000 and above before the recent law change entitled to apply for a passport now?
Unfortunately, your investment with the value of 400.000 $ is invalid before the law, you should purchase another 400.000 $ property to apply for Turkish passport