Good news for investors, Turkey now has one of the most competitive Turkish citizenship by investment schemes in the world. After only three years, a simple investment of just US $250,000 on freehold property for sale in Turkey can now guarantee a Turkish passport.
Turkey’s property for citizenship incentive
Since 2016, Turkey has been running investment in the citizenship scheme, but the buy-in was substantially higher back then (a minimum of US $1 million required for property spending). This figure has been reduced to just US $250,000 in attempts to put the Turkish Lira back into balance following the summer currency struggles. This is a number that is much more manageable. And, as incentives do not end there, it is also possible to obtain Turkish citizenship following an investment of US $500,000 in a Turkish corporation or a deposit of US $500,000 paid to a state investment programme or state bank for more than three years.
Choose a good estate agent
Check for an agent with several years of experience helping investor’s secure Turkish real estate. Many estate agents offices have received a flood of enquiries since the new citizenship rules were announced. There is a clear five-step investment plan to direct customers straight through the process from initial inquiry and property search to obtaining citizenship three years later to make the application process more straightforward. This is a perfect investment for you and your family if you consider taking advantage of the new regulations.
Here are some ideas of where to purchase in Turkey’s property when searching for places to purchase a property. Istanbul, Antalya, Alanya, Fethiye, Kalkan and Bodrum.
Five – stage property for citizenship plan
Stage 1.
Spend 250,000 US Dollars on Turkish property. Turkey boasts a wide variety of places that fit most tastes and interests. Good estate agents will help you find and secure the right choices, regardless of whether you are looking for an investment property in Istanbul or a coastal lifestyle villa in Kalkan. To enter the citizenship programme, it is appropriate to invest the US $250,000. It is possible to invest this in one or more Turkish properties. All transactions must have their Title Deeds (TAPU) in order, usually restricting your choices to apartments or villas that are already constructed or about to be completed.
Stage 2.
Hire a lawyer to oversee the application for citizenship. To better protect your rights and direct you through the citizenship application process, a lawyer should be hired. A variety of multi-lingual lawyers can be recommended by your estate agent representative, who can draw up all the requisite paperwork and guide you through the procedure from start to finish. Typically, the initial application takes up to six months.
Stage 3.
Legal reviews are done, and property assessments are performed. A government surveyor has to inspect the purchased property as part of the application process. The surveyor would look at the price paid, and the amount on the Title Deeds declared. Your estate agent will supervise the appropriate checks and make the arrangements.
Stage 4.
For three years, a fee is levied on the house. The rules for applying for citizenship state that the property bought cannot be sold for at least three years. If the application has been approved, an official fee is levied on the Title Deeds property, banning its sale for a period of 36 months. Once the time limit is met and citizenship is given, this will be lifted.
Stage 5.
Citizenship is conferred. Citizenship is given to the investor, spouse, and children under 18 after three years of waiting. The property charges are lifted, and the property will, if necessary, be sold on.
