REASONS TO INVEST IN TURKISH PROPERTY
Lucrative Exchange Rate: Property buyers in Turkey get far more cash with an advantageous currency exchange rate. Good opportunities await budget buyers eager to get their foot on their Turkish housing ladder.
Citizenship by Investment: Since September 2018, Turkey runs one of the most affordable citizenship for investment schemes in the world. By spending a simple amount of US $400,000, one can acquire a Turkish passport- making it one of the most attractive and low-cost citizenship by investment program worldwide. Since then, countless investors have successfully secured Turkish Passport through investment in real estate in Turkey in a short span of time (between 3-6 months.)
Long Term Capital Appreciation: Due to a low-price index, anyone looking at houses in Turkey for a quick profit would not benefit from a property sale. However, a long-term property investment of ten years or more presents ideal appreciation.
Low Purchasing Costs: While the property buying process in other countries involves hefty closing costs and taxes, Turkey offers the opposite. Combine low buying costs with an easy process that takes 1 to 3 weeks to complete, and homebuyers easily get title deeds.
Attractive Portfolio: The stark difference from Turkey’s property market 20 years ago to the present day is evident in the vast abundance of modern flats, villas, and commercial buildings for sale. The government also invested billions in upgrading infrastructure and roads to boost foreign investment, so everyone finds what they want within their budget.
Ideal Lifestyle: Property buyers looking for another country to retire in choose Turkey for the lifestyle. The gorgeous weather, healthy living attitude, strong community vibes, and seaside location prove too much of a lure. Buy-to-let investors who want to tap into one of the world’s fastest-growing tourism markets love Turkey.
ESSENTIAL STEPS FOR TURKISH CITIZENSHIP APPLICATION
1. Get a Tax registration number
You can get your tax registration number from any tax office in Turkey.
2. Opening a Turkish bank account
Since the documentation of transactions, while buying the property is necessary, you will need to open a bank account for this purpose. An official document that shows your current address will be required to open a bank account.
3. Find the property.
The property must be of a total value of $400,000 USD and it must be completed (or nearly completed) with a habitation license granted, title deeds, and construction servitude ready.
4. Buy the property.
Once the property has been found, use a bank transfer and document the transaction by receipt to buy the property. After that, you get your notarized sales contract annotated with ‘not to be sold for three years’ as part of the requirement.
5. Obtain the certificate of conformity.
Provide the official valuation and submit the bank transfer receipt while applying to the ministry of environment and urbanization.
6. Apply for Turkish residency & Turkish citizenship by investment
Gather all the required documents for your residence permit and apply to the directorate general of migration management.
FACTS ABOUT TURKISH CITIZENSHIP BY INVESTMENT PROGRAM
- You will need to keep all your investments for three years.
- You have the freedom of selling your property once the required time has expired.
- The applicant, spouse of the applicant, and any children under 18 will be granted Turkish Citizenship.
- You are not bound to live in Turkey after acquiring Turkish Citizenship by investment programme.
- Your citizenship is for a lifetime and any children born after will be citizens of Turkey.
- You are allowed to keep multiple citizenships as Turkey permits dual citizenship.
REQUIRED DOCUMENTS NEEDED FOR TURKISH CITIZENSHIP BY INVESTMENT
– Birth certificate
– Certificate of residence
– Marital status
– If widowed, the spouses’s death certificate
– Health insurance
– 12 biometric photos taken on a white background
– Original and notarized Turkish translation of all documents
– Power of attorney granted
– Application forms