Do I need to invest in Turkish property to gain Turkish Citizenship? Turkey offers one of the most appealing Turkish citizenship by investment programmes globally, which is excellent news for investors. After just three years, a modest investment of $250,000 in freehold property for sale in Turkey can now ensure a Turkish passport. After acquiring property and citizenship in Turkey, you might hold dual citizenship with your birth country. UK citizens can have dual citizenship.
Turkey’s citizenship policy based on property investment:
Turkey has had a citizenship investment programme in place since 2016; however, the first investment was far more significant (a minimum of $1 million in property spending was required). This amount has been cut to merely $250,000 to bring the Turkish Lira back into line following the summer currency difficulties. This is a considerably more manageable number. And, because the perks don’t end there, Turkish citizenship can be earned by investing $500,000 in a Turkish company or depositing $500,000 for more than three years in a state investment plan or state bank. What to expect when living in Turkey?
Select a reputable buyer’s agent:
Look for a real estate agent who has been assisting investors in the Turkish real estate market for a long time. Several realty agents’ offices have experienced a deluge of requests since the new citizenship restrictions were disclosed. A straightforward five-step investment plan guides buyers through the process from the initial investigation. Obtaining citizenship will take three years. You can then call Turkey home. Here are some options for where to buy real estate in Turkey, Kalkan, Istanbul, Bodrum, Antalya, plus many more cities or resorts; the choice is yours.
To be followed is a property for citizenship strategy:
Invest $250,000 on a Turkish property. Turkey offers a diverse assortment of destinations to suit a variety of tastes and interests. Good estate brokers will help you identify and obtain the most significant possibilities, whether you’re looking for an investment property in Turkey or a beach lifestyle home in Kalkan. To be approved into the citizenship program, you must invest $250,000. This money can be used to buy one or more Turkish properties. Because all purchases must have their Title Deeds (TAPU) in order, your selections are usually limited to flats or villas currently built or near completion.
Engage the services of a lawyer to manage the citizenship application:
A lawyer should be hired to assist you in defending your rights and through the citizenship application process. The real estate agent will put you in touch with several multilingual lawyers who can produce all necessary documentation and guide you through the entire procedure. The application process can take up to six months to complete.
Following the completion of legal reviews and property evaluations:
A government surveyor must inspect the purchased property or land as part of the application process. The surveyor will consider both the price charged and the amount stated on the title deeds. The critical reviews will be overseen by your real estate agent, who will also make the required arrangements.
For a three-year term, the house cannot be sold:
According to the rules for qualifying for citizenship, the property purchased cannot be sold for at least three years. If the application is approved, an official fee is imposed on the Title Deeds property, which prevents it from being sold for three years. After the time limit has been met and citizenship has been awarded, this restriction will be lifted.
Citizenship is awarded:
The investor, spouse, and children under 18 are granted citizenship after three years of waiting. The charges against the property have been removed, and the property can now be sold if desired.