Turkey has one of the most attractive Turkish citizenship by investment schemes globally, which is excellent news for investors. A simple investment of $250,000 in freehold property for sale in Turkey can now guarantee a Turkish passport after just three years. Turkey also allows you to have dual citizenship from your birth country after acquiring property and citizenship.
Turkey’s citizenship scheme by investing in property
Turkey has been running a citizenship investment scheme since 2016, but the buy-in was far higher back then (a minimum of $1 million in property spending was required). To get the Turkish Lira back into line following the summer currency woes, this amount has been reduced to just $250,000. This is a significantly more manageable figure. And, since the benefits don’t stop there, Turkish citizenship can be obtained by investing the $500,000 in a Turkish company or depositing the $500,000 in a state investment scheme or state bank for more than three years.
Choose a good agent to buy from
Look for an agent who has helped investor’s secure in the Turkish real estate market for many years. After the new citizenship rules were revealed, several estate agents’ offices have received a flood of inquiries. To make the application process more transparent, there is a simple five-step investment plan to guide consumers through the process from initial investigation and property search to acquiring citizenship three years later. If you consider taking advantage of the new rules, this is an excellent investment for you and your family.
Here are some suggestions for where to buy property in Turkey if you’re looking for a place to call home. Istanbul, Antalya, Alanya, Fethiye, Kalkan, and Bodrum are all places worth visiting.
Property for citizenship plan to follow
Spend 250,000 USD on Turkish property
Turkey has a wide range of locations to fit a wide range of preferences and interests. If you’re searching for an investment property in Istanbul or a coastal lifestyle villa in Kalkan, good estate agents will help you find and secure the best options. It is necessary to invest $250,000 to be accepted into the citizenship programme. This can be used to purchase one or more Turkish assets. All transactions must have their Title Deeds (TAPU) in order, which usually limits your options to apartments or villas that are already built or near completion.
Hire a lawyer to oversee the application for citizenship
A lawyer should be employed to help defend your rights and guide you through the citizenship application process. Your estate agent representative will refer you to several multilingual lawyers who can prepare all of the necessary paperwork and walk you through the process from beginning to end. The initial application process can take up to six months.
After legal reviews are done, and property assessments are performed
As part of the application process, a government surveyor must examine the purchased property or land. The surveyor will look at the price charged as well as the sum declared on the Title Deeds. Your real estate agent will oversee the critical reviews and make the necessary arrangements.
A fee is levied on the house for a period of three years
According to the requirements for applying for citizenship, the property purchased cannot be sold for at least three years. If the application is accepted, the Title Deeds property is assessed an official fee, which prevents it from being sold for 36 months. This will be lifted after the time limit has been reached, and citizenship has been granted.
Citizenship is granted
After three years of waiting, the investor, spouse, and children under the age of 18 are granted citizenship. The property charges have been lifted, and the property can be sold if desired.