The Republic of Turkey is a promising country with ample opportunities for foreign citizens. It is famous for its unique location, favorable climate, developed economy, and high standard of living. The combination of the above factors encourages foreigners to purchase real estate with high investment potential in a sunny country.
Owning real estate in Turkey allows you to spend holidays on the Mediterranean coast in your accommodation and earn money from rent. It also gives you the ground to obtain a Turkish residence permit or citizenship of the republic, depending on the cost of the real estate purchased.
The prospect of obtaining Turkish citizenship by investing in the real estate market increasingly appeals to foreigners. You can learn what requirements must be met for this, what documents are required and how long the procedure of acquiring a Turkish passport will take from our expert review.
Conditions for obtaining citizenship in Turkey in return for investments in the real estate
According to the investment program, a foreign citizen who invests at least $400,000 in the real estate market has the right to apply for citizenship in the Republic of Turkey. The procedure takes 4-6 months. The amount of investment is determined by the cadastral valuation of real estate. The program covers secondary real estate, new buildings, residential and commercial real estate, and land plots. The main requirement is that real estate has not been used to obtain citizenship in prior buy-sale agreements. You can apply for the status of a resident of Turkey only once with an individual real estate object.
A prerequisite for retaining citizenship is that the real estate must remain your property for at least three years. If the real estate is sold prior to this date, you will lose your Turkish citizenship. However, you can rent out your property immediately after purchase.
Under the terms of the program, it is prohibited to sell purchased real estate to the previous owner, for example, the developer. In case of violation of the rules, you will be deprived of citizenship status. An exception is the return of property by a court decision.
To obtain Turkish citizenship in return for real estate investment, a foreigner does not have to reside in the country. In addition, passing the Turkish language and history exam under the investment program is not mandatory.
Requirements for a buyer applying for citizenship of the Republic of Turkey:
- be over 18 years old;
- have no criminal record;
- have no diseases dangerous to others.
Along with the applicant, citizenship can be acquired by his immediate family: spouse and minor children. The investor's parents and children under 18 can also obtain a residence permit.
Turkish Citizenship by Investment: processing steps and documents
To acquire citizenship in Turkey in return for real estate investments, you need to meet an investment minimum of $400,000 and apply for a Turkish passport to the Migration Service. The registration procedure takes place in several stages.
- Obtain a Turkish TIN. Issued by the Turkish Tax Authority. The document will be required to apply for a residence permit. It will be issued for the time the citizenship application is being processed.
- Exchange foreign currency into Turkish lira in one of the Turkish banks. Bank confirmation of the conversion of funds will be required when finalizing a buy-sale agreement.
- Purchase and registration of a property. To register the ownership rights - TAPU is required to apply to the Land Registry Office at the location of the real estate. TAPU is issued after careful inspection of the real estate for debts and other legal issues.
- Obtain a certificate of conformity. Accredited persons from the Cadastral Office evaluate the real estate and state the estimated value in the document. The cadastral valuation must match the price specified in the buy-sale agreement.
- Apply for Turkish Citizenship. The applicant's request is sent for consideration to the regional structures of the Republic of Turkey, then to the national police. After the Ministry of Internal Affairs validates the investor's reliability, the application is considered by the Presidential Administration.
Documents required to acquire Turkish citizenship:
- filled in the application form on the Migration service website
- a copy of the applicant's passport translated into Turkish and notarized;
- copies of identity cards of the spouse(s) and minor children applying together with the applicant for citizenship;
- 4 photos 3.5x4.5 cm;
- tax number obtained in Turkey;
- copy of TAPU;
- Ikamet or visa;
- bank statement of currency exchange;
- tax receipts;
- a report on the valuation of real estate, indicating the market value of the real estate;
- certificate of conformity from the Ministry of the Environment;
- a notarized copy of the act of the real estate registration in the Land cadastre.
What are the benefits of a Turkish passport?
Real estate ownership and Turkish citizenship provide its owner with a lot of opportunities: from investment benefits to obtaining the privileges of a Turkish citizen:
- social and retirement benefits;
- legal protection - you will always receive assistance in the Turkish embassy;
- medical insurance;
- dual citizenship, in case there are no restrictions in your country;
- official employment on the territory of the republic;
- opening a business visa E2 in the USA;
- visa-free visits to more than 110 countries of the world;
- permanent status of Turkish citizenship.
Licensed real estate agency Sky Turk Property will help you choose a reliable real estate to invest in and acquire citizenship. By contacting our company you receive full legal support at all stages of the buy-sale agreement. Sky Turk managers will assist in resolving issues related to real estate and preparing documents required for citizenship in Turkey.