According to new regulations introduced on September 18, 2018, the determined scope and amounts are mentioned below. Buying property in Turkey and citizenship acquirement is among the most popular options, but foreigners who meet any of the conditions below can acquire Turkish citizenship.
Those who have invested a fixed capital worth a minimum of $500,000 or the equivalent amount in another currency,
Those who have bought real estate worth a minimum of $250,000 or the equivalent amount in another currency, provided that an annotation is added in the land registry that it will not be sold for three years,
Those who have employed a minimum of 50 Turkish citizens,
Those who have deposited a minimum of $500,000 or the equivalent amount in another currency in the banks in Turkey, provided that they do not withdraw the money for at least three years,
Those who have bought government bonds worth a minimum of $500,000 or the equivalent amount in another currency, provided that they keep the bonds for at least three years,
Those who have bought real estate investment trust or venture capital funds worth a minimum of $500,000 or the equivalent amount in another currency, provided that they keep them for at least three years
Buying Property in Turkey and Citizenship
The rate of house sales made to foreigners in Turkey was 1.7% in 2015, while this figure reached 2.7% by the end of 2020. Buying property in Turkey and citizenship acquisition are now grabbing the attention of foreigners more than ever.
According to the statistics, the most common property type sold is the apartment with a rate of 90.4%, followed by detached house/villa, commercial real estate, building, student dorm, and vacant land.
Research conducted to evaluate the foreign investors’ demand towards real estate in Turkey shows that 92.7% of the investors who bought a property in Turkey keep the property rather than sell it.
The research also illustrates that the average ownership length is 5.7 years while only 1/4 of the foreigners invest in Turkey for citizenship acquisition purposes. These data prove that foreigners feel secure investing in Turkey while also showing that buying property in Turkey and citizenship acquisition is not the sole factor determining the investment decision.
The Property Market
According to the research, the average amount foreigners pay for all real estate types in Turkey is $161,500. The figure for residential properties is $150,750.
The average length of time foreign investors spend in Turkey is three years, while the average number of real estate properties is 1.66. In other words, despite all the difficulties the global markets face, the real estate industry in Turkey is considered safe and secure, and foreigners are now increasingly buying property in Turkey and citizenship.
In the same research, Istanbul is the first city where foreigners are buying property in Turkey and citizenship with a rate of 61%, followed by Antalya with 27.4%, and Trabzon with 3.7%. Kemer with 2% and Alanya with 1.2% are also included in the most popular cities list.
The research evaluates vast geography, including Iraq, Iran, Russia, Saudi Arabia, Kuwait, Jordan, and Germany, to find which nationals buy the highest number of houses. The research also shows that the average age of the investors is 50.6 with executives, engineers, business people, doctors, and retired individuals dominating the investors’ category.
Residence Permit Application
Foreigners who own real estate in Turkey and foreigners who will start a business in Turkey should submit the required documents to the relevant immigration authority upon applying for a short-term residence permit.
The law stipulated that short-term residence permits are granted for a maximum of two years. If not used within the first six months, the residence permits are considered invalid.
- The application for a residence permit
- The original and a copy of the passport or an equivalent document
- The declaration to prove that the foreigner has steady and sufficient financial resources during the length of stay
- The official document showing that the house belongs to the applicant
- The invitation letter or similar documents obtained from the people or companies in contact
- Valid health insurance (one of the following is sufficient)
- The document showing that the foreigner benefits from the healthcare services in Turkey within the scope of bilateral social security agreements
- The provisioning document acquired from SSI
- The document of the application made to SSI to carry general health insurance
- Private health insurance
Turkish Citizenship by Investment
Citizenship is now used as a tool across the world by the governments to serve workforce policies and to encourage foreign investment. Many countries have introduced the necessary regulations within this context. It is possible to acquire Turkish citizenship by real estate investment, capital investment, buying government bonds, money deposit, and funding.
Buying property in Turkey and citizenship acquisition are now easier than ever with Realista Turkey. Thanks to our expert lawyers and professional staff, we help foreigners to acquire Turkish citizenship easily and smoothly. We guide you throughout the whole process from the application to the very end when you obtain citizenship.
We constantly inform you about at what stage your application is, never letting you down. Realista Turkey proves its difference in the industry with its solution-oriented approach. REMEMBER! The start of the citizenship process does not mean you are accepted to Turkish citizenship. Realista Turkey shows its superiority at this stage as we follow your application from the first day you made it, complete all your documents, and shorten up the citizenship process for you. If you are considering buying property in Turkey and citizenship, you are at the right address.
Our Property Finding Services
Buying a house requires being meticulousness. Real estate is a big investment, which may result in problems both for the owner and buyer if the utmost care is not taken.
Those who consider investing in residential complex projects should carry out detailed research on the developer companies. Evaluating the projects in the company portfolio might be useful.
If the company in question is newly established, you should check the references for the company. You should stay away from negatively criticized companies or companies whose names were brought to courts.
As per the new law introduced, the areas with high earthquake risk are subject to gentrification. If the house you buy is in a high-risk area, the municipality may bring it down. In addition, buying a property in a risky area poses a threat for both your investment future and your life.
The following subject concerns all buyers: you should research if there is a lien or hypothec on the property whether you buy an apartment from a project or buy a house for sale because you might face serious legal problems. For instance, a newly-built flat may be resold due to the debt owed by the contractor, which will trigger a legal process that would probably last for long.
Those who are considering taking a housing loan should compare the interest rates of the banks. Interest rates may change in every bank and according to the credit rating. You can contact Realista Turkey to evaluate the credit and real estate opportunities that are the most suitable for you before buy property in Turkey and citizenship.