On May 12, 2022, the Turkish government issued amendments providing for raising the minimum value of real estate that grants Turkish citizenship from $250,000 to $400,000. It was also preceded by many government decisions affecting real estate purchase in Turkey. Due to the importance of this matter, we, at Akarkom International Real Estate, will answer all the questions regarding the new laws related to real estate investment in Turkey.
Therefore, you will find the answers to your questions in this article.
What are the ways to obtain Turkish citizenship?
- Real estate investment for 3 years.
- Depositing $500,000 in a Turkish bank for 3 years.
- Getting married to a Turkish citizen. Yet you can apply for Turkish citizenship 3 years later.
- By proving that you have Turkish origins and submitting documents confirming that.
- Adoption by a Turkish citizen may obtain Turkish citizenship for minors, providing that this does not make a threat to national security.
- Turkish citizenship is granted in an exceptional way to people who achieve in improving Turkey, by a scientific invention, or having a significant university degree, for example, through a law issued directly by the Turkish government.
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What are the conditions to obtain Turkish citizenship through real estate investment?
- The price of the property must be $400,000 or more, according to the new amendments.
- The property should not be sold before 3 years from the date of purchase.
- You have to buy the property from a Turkish citizen, not a foreigner.
- The property must not have been used to obtain citizenship before.
- Pay the value of the property through a Turkish bank.
When will the new amendments take effect?
It has already been in effect since June 2022. Thus, buying any property that is less than $400,000 will not grant Turkish citizenship.
Can the $400,000 include more than one property?
Of course, the amount can include owning more than one property, provided that the total value of the properties is not less than $400,000.
Can citizenship be granted to a group of owners who purchased one property together at a value of $400,000?
The Turkish government issued recent amendments on the law of obtaining citizenship by buying a property, in December 2022, which stipulates that Turkish citizenship cannot be granted to a group of owners who own the same property, even if the price of the property exceeds $900,000. Turkish citizenship is only granted by buying a property for one owner, provided that the property is $400,000 or more. It is worth noting that this decision is effective from January 1, 2023.
When does the investor obtain Turkish citizenship?
The investor obtains Turkish citizenship within 90 days of the purchase process. He can also apply for his wife and children under the age of 18 years old.
Are there exceptions for the second wife to obtain citizenship or children over 18 years old?
More than one wife can obtain Turkish citizenship. As for children over the age of 18, they can obtain citizenship if they suffer from a disability, after 3 years of the father obtaining citizenship.
However, it must be noted here that these exceptions are subject to acceptance and rejection, as they are finally decided by the government.
Can the father and mother obtain Turkish citizenship if the son/daughter bought a property?
Unfortunately, if one of the sons/daughters obtains citizenship, he/she cannot grant it to the mother and father, but he/she can grant it to his wife/her husband and children under the age of 18.
Can I keep my first nationality?
Of course, Turkish citizenship does not cancel the first nationality. In this case, the investor can have dual citizenship.
Does the Turkish citizenship law require residence in Turkey in order to obtain it?
Residency in Turkey is not required for citizenship. Citizenship is obtained within 90 days of the property purchase process.
Is it necessary to obtain Turkish citizenship to buy a property in a specific city?
No, there is no specific place or city to obtain citizenship. Also, there are no closed areas for real estate investment and purchase, except for military places or historical archeological sites, because they belong to the government.
Is proficiency in the Turkish language required in order to obtain citizenship?
The language option was not included in the past, but recently, knowledge of the Turkish language at the lowest levels has become very necessary to obtain citizenship.
Are there nationalities that are prohibited from owning real estate in Turkey?
Yes, there are countries that are prohibited from real estate ownership in Turkey, including: Syria, Armenia, North Korea, and Cuba.
What are the privileges of obtaining Turkish citizenship?
- Enjoying the full rights as a Turkish citizen, in all respects.
- You can benefit from free medical and educational services.
- Vote in elections and apply to high positions in the country.
- Employment opportunities in the private and government sectors.
- You will obtain the Turkish passport that qualifies you to travel to 113 countries, and also obtain a C2 visa that enables you to enter the European Union and stay there for 90 days.
Are there annual taxes on the property after owning it?
Yes, they are as follows:
- Title deed tax (Tabu): It is estimated at about 4% of the value of the property and is paid equally between the seller and the buyer at one time.
- Value-Added Tax on Real Estate (KDV): It is estimated at 1% or 8% on residential real estate and 18% on commercial real estate.
- Profits Tax: This tax is due when selling the property 5 years before the date of purchase if the sale was at a profit.
Is it necessary to use someone to obtain Turkish citizenship?
You cannot take the step of buying a property in Turkey or in any other country without searching and knowing the most important details related to it and its laws. Thus, real estate companies in Turkey are considered the safest and easiest way to buy a property and obtain citizenship, as it will avoid many means of fraud and obstacles in your way. One of the most important tasks carried out by real estate companies is organizing and arranging contracts and following up all real estate buying and selling procedures. Yet, to make sure that you have chosen the right company, you must do the following:
- Make sure of the company's reputation in the Turkish market.
- Communicate with customers who have dealt with the company previously.
- Obtaining an initial perception of the services that the company will provide to you.
- You must visit the company's headquarters to make sure that it is not a fake company and ask your questions.
Advantages of real estate companies in Turkey:
- Real estate companies have a full view of the real estate investment around Turkey, and they provide a complete study on each city.
- They follow up on all news, developments, and real estate offers, as they also have close relations with construction companies in Turkey.
- They have extensive knowledge of everything related to documents, taxes, legal procedures, in order to obtain real estate residence or Turkish citizenship.
- They have full knowledge of how to open bank accounts.
- Their agents speak many languages, including Turkish, in order to make communication between the client and the construction companies easy.
What distinguishes Turkish real estate investment from others?
- The cycle of return on investment (ROI) is short-term; the value of the property after a few years rises, and therefore the invested capital will increase.
- The increasing and continuous demand for the rental market, in Turkey, in general, and Istanbul, in particular, in terms of Education, work, tourism and many other reasons, because it is open to all nationalities, even Turkish people, themselves, consider Istanbul a main destination for them.
- The buying curve, if it is not rising, is constant and cannot decline because the purchasing power in Turkey, in general, depends on the Turkish people, who make about 93% of the real estate market, compared to foreigners who make about 7% only.
- In 2023, Turkey will come out of a centenary international treaty, which will make it easier for it to control its natural resources, and will lead to economic prosperity, in return.
- Great economies and countries are about to pour their money into Turkey through huge strategic projects that will create a significant impact on the international economy, including: China, Qatar and Saudi Arabia.
- There is a close interdependence between the fields of investment in Turkey, such as industry, agriculture, real estate, trade and tourism, which encourages investors to start their projects and their investments.
- Each new project that appears in the atmosphere affects the price of the real estate, which encourages investors to buy properties in Turkey, especially after announcing the Turkey's vision 2023.
- Turkey is going to be one of the greatest powers in the world, side by side with the U.S, China and Russia, according to political and economic predictions. This will increase the power of the Turkish passport and the price of Turkish real estate.
We offer you our services in the field of buying real estate in Turkey in three stages, before buying the property, after purchasing the property, and during the purchasing process. We also provide you with the latest real estate offers, in Turkey, that go with your desires and the specifications that you desire, including suitable real estate, offers to obtain Turkish citizenship through real estate investment, and purchasing real estate in Turkey within a standard period of 90 days.
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