We have seen since mid September an increase in foreigners wanting to know more about Turkish citizenship. They have asked how it works, is that really the price $250,000 and where is the best location in Turkey to invest? More than any other city or resort location more foreigners are asking about Istanbul and not just Istanbul but by the Bosphorus.
Is this the area to invest in? You bet it is, this is where you will find amazing property for sale in Istanbul with views to die for. What is the “Golden Visa” that everyone is asking about and why are they talking about it now?
In September of this year, the Turkish government announced the price for citizenship for foreigners would be reduced from the current $1 million to just $250,000 for those who invested in Turkish real estate. It was a surprising announcement; the price was expected to drop but not to that degree. Now, Turkey holds the number one spot for offering the lowest amount for citizenship via buying property for just $250,000 and this will attract an influx of foreigners to visit Turkey to invest in Turkish property. The much coveted second passport is a massive pull for investors and it’s expected many plan to invest in or close to real estate Istanbul Bosphorus.
How does it work?
A minimum investment of $250,000 in real estate, it can be one property or more.
The property ideally will have the Tapu (Title Deeds) ready to transfer.
You will need to use a lawyer (by recommendation) when you apply for citizenship by investment.
A surveyor will be sent by the Government to value the property/properties and they will assess the money paid and the Tapu (Title Deeds).
Your application will be accepted and a charge will be put on your Tapu (Title Deeds) so you cannot sell the property/properties for 3 years (this is the minimum time you must keep your property/properties for). At the end of 3 years the charge is removed and the property/properties are freed up and you can sell if you wish.
The application process can take from 3 to 6 months.
Citizenship is then given to you, your wife/husband and any children who are under the age of 18.
It goes without saying that property in Istanbul is a good investment; it’s the commercial hub and a major city in its own right. It may no longer be the capital of Turkey anymore but that does not devalue its importance or indeed its popularity. Property in Istanbul ranges in price and you may be surprised to know that prices currently start from under £50,000 which is surprising to most prospective buyers. Obviously if you are interested in Turkish citizenship then you need to make an investment of a minimum of $250,000 however, what a gorgeous property you can bag yourself for that amount of money, not to mention another passport which basically means you and your family have options.
Another plus with Istanbul property is that from an investment point of view the rental potential is excellent. It is a popular city and tourists arrive in their millions, which can generate a superb return on your investment. If you decided to go for Turkish citizenship you can rent your property out for the 3 year term you must keep your property and earn an income from it. In all honesty I don’t see any negatives.
There is also the Kanal Istanbul project to take in to consideration. It is an artificial sea-level waterway which is currently being built on the European side of Istanbul. It will connect the Black Sea to the Sea of Marmara and therefore also the Aegean Sea to the Mediterranean Sea. The start point is the Black Sea and the end point is the Sea of Marmara and its length will be from 45-50 kilometres (28-31 miles) with a depth of 25 metres (82 feet).
Kanal Istanbul will form an island between Europe and Asia by bisecting the European side of Istanbul. The expected date of completion is on the 100th anniversary of the foundation of the Turkish Republic in 2023. Kanal Istanbul is being built to reduce the marine traffic on the Bosphorus to hopefully eliminate the dangers from the tankers that sail through the Bosphorus.
If you invest in Istanbul now by the Bosphorus I think it’s safe to say after completion of the Kanal project your property should increase in value, definitely one to consider!