The rights of Arab and foreign investors in Turkey

  • Created At: October 23, 2021
  • Updated At: October 23, 2021
  • Category: Legal Affairs in Turkey
  • Views: 2070

Investing in Turkey in its general image is considered one of the most important aspects that receive attention and follow-up in the country. It is considered the focus of attention and receives great attention for foreigners, as Turkey has witnessed a comprehensive economic renaissance at all levels in the past years, and its prosperity was very remarkable for foreigners and Arabs, which increased the importance of Turkey and its cities among the regions of neighboring countries and countries of the world. Turkey noticed this and showed great interest to all its visitors from all countries. Turkey, from the beginning, has realized the importance of foreign real estate investors and has been interested in them, especially those from Arab and Middle Eastern countries. Therefore, this interest has produced more laws that raise the level of reassurance for foreigners and Arabs in Turkey to obtain good and suitable real estate investment opportunities for them in Turkey. The Turkish government does not differentiate between the foreign and Turkish investor in the investment laws, but there are many facilities that the foreign investor enjoys in addition to the facilitating laws that guarantee the rights of foreigners and encourage them to invest in Turkey. Once you own a property or company in Turkey, a foreigner can obtain Turkish citizenship and have the same rights as a Turkish citizen. This law is extremely important and is considered a milestone in the life of every foreigner who aims to invest in or reside in Turkey for the long term.

Turkey always seeks to inform the foreign real estate investor of all the rights guaranteed to him within the real estate investment laws in Turkey, and to provide all the necessary facilities and procedures to help the foreigner adapt and facilitate his affairs in the best possible way.

● Why are Arabs and foreigners eager to go to Turkey?

Real estate investment in Turkey reached its peak after the renaissance witnessed in the past years, where this investment proved to be successful and safe. The interest of Arabs and foreigners in the real estate market in Turkey increased, and the importance of knowing the laws and guarantees that preserved their rights increased. Citizens of (183) countries have the right to own property on Turkish lands, after Turkey abolished the principle of reciprocity with countries that do not grant Turks the right to own real estate on its lands.

● What are the rights of Arab and foreign investors in Turkey?

- Obtaining real estate residency:

The real estate law in Turkey states that foreigners who buy a property in Turkey, whatever its value, have the right to obtain real estate residence in Turkey for a period of one or two years, subject to extension, unless the property remains in the name of its owner. It also grants the owner's family the right to reside in real estate such as the spouse and children under the age of eighteen. The holder of this residence permit has the right to enter and exit Turkey freely at any time without the need for a visa. He is also entitled to move between Turkish cities without referring to the authorities or requesting a travel permit. He can also get health and education services for free or at nominal prices at some times. After eight years of real estate residency, the owner can apply for long-term residency in Turkey. And the desire of foreigners to obtain real estate residence has increased after the government tightened the renewal of tourist residence for foreigners, as it is the ideal choice for those wishing to reside in Turkey now.

- Obtaining Turkish citizenship according to specific conditions and laws:

Turkish citizenship has a good position globally, as the Turkish passport ranks between 36th and 39th globally. Until the beginning of 2020, the Turkish passport's ranking scored 121 points on the visa-free travel index, as its holder can enter more than 72 countries without obtaining a visa in advance (Visa), 42 countries grant Turkish citizens a visa upon arrival, and 7 countries grant an electronic entry visa obtained via the Internet. Therefore, Turkish citizenship is a dream for many foreign investors in Turkey, especially since the procedures for granting foreign citizenship to real estate investors in Turkey have become greatly facilitated. Foreigners in Turkey have the right to obtain Turkish citizenship through real estate investment in Turkey, if the value of the real estate purchased by the foreigner is at least 250 thousand US dollars. There is no legal difference between any type of real estate in Turkey that nominates you for Turkish citizenship, whether it is lands, villas, apartments, offices or buildings, as long as the general sum of real estate prices reaches the minimum qualification for Turkish citizenship, which is the specified financial value as we mentioned earlier. On the other hand, a foreigner is also entitled to buy real estate in Turkey in more than one Turkish state. It is not required that all the properties he buys to obtain Turkish citizenship be in the same state.

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