Legal issues

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Get Turkish citizenship by buying a property for $250,000With the decision publıshedon 19.09.2018 on the Turkish official newspaper, some regulations regarding the transition of foreigners to Turkish citizenship changed. Turkish citizenship will be given directly to foreigners who buy at least 250.000 USD in real estate in Turkey.

 

As informed in (b) Regulation  (a) Article 20 of the Regulation with  the amendment of the Article 2 «b» which regulates the condition for the exceptional acquisition of Turkish citizenship  and referred as « it is possible to obtain Turkish citizenship on exceptional basis for foreign nationality who  purchased the immovable property with a minimum amount of 250,000$ having land registry record which is determined by the Ministry of Environment and Urbanism  on the condition that it is not going to be sold for three years».

Within this scope;
1. In order to benefit from this arrangement and determine the amount which is indicated in the application for the sale of the immovable property, there should be prepared an immovable valuation report which should be accepted by the Capital Market Board in accordance with valuation standards by valuation expert who has a valid license.

2. Based on the value in the immovable valuation report that shows the market value, the value of immovable/immovables in US dollars is calculated on the effective selling rate of the Central Bank of Turkey at the date of transaction.

3. The amendments of the Regulation dated 12.01.2017 and the effective date of this
instruction, in case, if more than one immovable is acquired by the same person, the sum of which corresponds to a price stated in the relevant article or above, the value
calculated in accordance with the effective sales price of each immovable on the sale
the date shall be taken as a basis.

4. The foreign real person who has bought the real estate should be arranged and declared; Within the scope of Article 20 of the Regulation on Implementation of the Turkish Citizenship Law states that this immovable / immovables property will not be sold for a period of 3 years for the purpose of acquisition of Turkish citizenship; Within the scope of the 20th Article of the Regulation on the Implementation of the Turkish Citizenship Law”  is stated that within 3 years is declared that it will not be sold for 3 years from the date of acquisition”. “Within the 20th Article of the Regulation on the Implementation of the Turkish Citizenship Law, there is a commitment not to be sold within three years from the date of acquisition”.

5. From now on, the immovable property which will be purchased for the purpose of obtaining Turkish citizenship should commit that the property will not be sold for 3 years. However, the immovable property which was purchased between the Regulation on implementation dated 12.01.2017 and the date of entry into force of this directive without a declaration of not selling the property should declare and undertake  that in accordance with article 20 of the regulation on the implementation of the Turkish Citizenship Law there is a declaration that the immovable property will not be sold within three years from the date of acquisition.

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6. With the condition to have the same date and the same journal number, If more than one immovable is requested for the same person with a value equal or exceeding stated in the related article, the statement of each immovable shall be made within the scope of “Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law There is a commitment not to be sold within three years from the date of acquisition”. Point (b) The condition that the amendment of the regulation taken on the date of 12.01.2017 and for the immovable/immovables acquired in the date interval in which this directive entered into force shall not be required to be purchased with the same journal number.

7. According to the decision taken with the regulation the said statement with the
requirement the abandonment following the three years stated within the law, If the
applicant’ cancellation requested by the applicant within 3 years from the date of the entry of the declaration, the MERNIS registry shall be checked to see if the applicant has obtained Turkish citizenship, by:

 If the owner is registered as a Turkish citizen in the system, the citizenship will be
revoked until the end of three years’

 In case of not being registered, the question of whether to abandon the commentary from the General Directorate of Population and Citizenship Affairs should be questioned and directed to the procedures to be taken.

8. Foreclosure, measure, etc., on immovables acquired in this way, is possible by establishing annals with the same limited rights and in case that the property’s owner change within the three year period without the agreement of the owner the General Directorate of Population and Citizenship shall be informed urgently.

9. The evaluation reports which will be submitted within the scope of this instruction shall belong to the same year and the application and operation made at the end of the year or the applications which have not been finished in the same year the reports submitted will be reevaluated according to the reevaluation ratio determined by the Ministry of Finances.

10. If the amount of the immovable valuation report based on the sales transactions under this instruction is lower than the value of the real estate tax determined for the municipal acquisition year according to the provisions of the Real Estate Tax Law No. 1319, the title fee shall be collected on this value.

11. The title deed registration is given to the applicant following the completion of the
procedure.

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Main Steps for Turkish Citizenship by Investment

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1 - Open a Bank Account: An account should be opened in a Turkish bank in the name of the investor.

2 - Make an Investment: Carry out the necessary investment transactions such as property title deed transfer, cash deposit, government bond/share purchase, etc.

 

3 - Residence Permit Application: Applicants are required to hold a valid residence permit at the time of citizenship application. Nevertheless, permit holders can continue to live abroad as long as they wish.

4 - Turkish Citizenship Application: After obtaining your residence permit, you can apply for Turkish citizenship immediately. A physical presence or interview is not required during the application process.

belleREAL Switzerland team helps you from the beginning until
you get your passports when you buy a property for citizenship by
investment.

 

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Key Benefits

BECOME CITIZEN WITH YOUR FAMILY 
Your spouse and children under 18 years old can acquire citizenship together with you at the same time. 

NO WEALTH DECLARATION 
When you apply for citizenship, you are not required to declare your assets or income that you currently have in other countries.

 

NO NEED TO BE A PERMANENT RESIDENT
You do not have to have lived continuously in Turkey for a certain period to become eligible for citizenship. You can continue to live abroad and apply for citizenship as soon as you get the residence permit. 

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REPATRIATE YOUR INVESTMENT 
After holding your investment for 3 years., you can cash out your investment and repatriate the funds along with its proceeds (i.e. rental income, interest etc.) free of exchange control restrictions.
 

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Notable VISA-FREE countries 

EUROPE:
ALBANIA, ARMENIA, AZERBAIJAN, BELARUS, BOSNIA AND HERZEGOVINA,
GEORGIA, KOSOVO, MACEDONIA, MOLDOVA, MONTENEGRO, NORTHERN CYPRUS,
SERBIA, UKRAINE. 
 
ASIA:

BAHRAIN, HONG KONG, INDONESIA, JAPAN, JORDAN, KAZAKHSTAN, KUWAIT,
LEBANON, MALAYSIA, OMAN, QATAR, SINGAPORE, SOUTH KOREA.
 
AMERICAS:
ARGENTINA, BAHAMAS, BRAZIL, CHILE, COLOMBIA, MEXICO, PANAMA, PARAGUAY,
PERU, URUGUAY. 
 
AFRICA:
KENYA, LIBYA, MADAGASCAR, MAURITIUS, MOROCCO, SENEGAL, SEYCHELLES,
SOUTH AFRICA, TANZANIA, TUNISIA .

 

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F.A.Q.: Frequently asked questions about Turkish citizenship by owning properties worth
 

1. Does a foreigner who owns more than one Turkish property totaling to $250,000 have the right to apply for Turkish citizenship?
Yes, a foreigner who owns real estate with a total value of more than $ 250,000 is entitled to Turkish citizenship under the latest law change. It is not required to be a single property.

2. Is the citizenship granted only to the owner of the property or to him and his
family?
Turkish citizenship is granted to the owner of the property and all members of his family who are under 18 years of age.

3. Is there a specific currency required to buy a property in Turkey and get the Turkish
citizenship?
The decision states that the purchase of a property must be worth $250,000 or its equivalent in foreign currency.

4. Are Individuals who own real estate in Turkey worth $250,000 and above before the
recent law change entitled to apply for Turkish citizenship now?
There is still no statements as to those who own property in Turkey worth $250,000 and above before the issuance of this decision and whether they are entitled to the Turkish citizenship or not.

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Property Purchasing in Turkey

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To foreigners, the property buying process in Turkey may seem daunting and like negotiating a minefield, however, rest assured, because the team at BelleReaL have your back. As well as helping and supporting our customers at every stage of the buying process, we offer a comprehensive after-sales service to help you settle in and keep your new home in tip-top condition. When you choose to invest in Turkish real estate with BelleReaL Turk, the process will be smooth and easy.

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Key Stages of The Property Buying Process in Turkey

 

1. Viewing Tour
A viewing tour of BelleReaL Turk begins with a meeting in one of our offices and discussing suitable options for viewing. At the request of the client, our real estate agent can pick you up from the hotel or other places where you stay.

From there, we will take you to see the suitable properties and the neighborhoods surrounding them. This is a stress-free process because we don’t do hard sales at BelleReaL. We understand that buying a property in Turkey is a big lifestyle decision and we want our customers to feel comfortable with their choice.

2. Deposit and Sales Agreement
Once you have chosen the property you want to buy, the next step is to sign the sales
agreement with the seller and to make a deposit that is usually 5.000-10.000 USD.
At this stage, you will need your passport. The agreement will be in three languages, Turkish, English and your own.

Two copies are issued, one for each party. The agreement will include all terms and conditions related to the sale, and it is legally binding. At this stage, we also offer additional help including furniture shopping, obtaining tax numbers and opening bank accounts.

3. Payment
The sales agreements will also include the currency for payments, which usually consist of the following stages:
• A deposit (usually 5.000-10.000 USD) when signing the sales agreement.
• Full payment when receiving the Title deed (Tapu).

In some cases according to the agreement with the buyer & seller:
• A deposit (7-10% of the property amount) when signing the sales agreement
• Final payment at the time of signing for Title Deed (Tapu).

4. Preparing the Appraisal Report
After the payment, the appraisal report is required before the title deed transfer. 
While preparing the valuation report, the expert checks the property itself, takes the photos, controls the registry at the Tapu office and checks the registered plans at the municipality and finally, collects the comparison prices. It takes 2 days to prepare the report.

5. Receiving Your Title Deeds (TAPU)
Unless you appoint a Power of Attorney, you will need to be present when notified that your title deed is ready for collection. At this stage, the final payment must be made, and all taxes and state duties paid.
Both the seller and buyer meet at the title deeds office at the appointed time, where the official transfer of the title deed takes place in the presence of a sworn translator.
Congratulations! You are the proud owner of a property in Turkey.

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What Extra Charges Will I Pay for My Property?
The construction companies that we work to set the prices of new homes, so we do not charge a commission on this type of real estate purchase. We charge a 7% commission on resale properties. Purchase Expenses page contains information about other expenses associated with the property buying process in Turkey.

When Can I Move into My Property?
For resale properties, the buyer and seller agree on the handover date. It usually coincides with the full payment and signing of title deed. If you buy a brand-new apartment from a construction company, in most cases, the developers let buyers move in when 70% of the price has been paid.

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How Will I Pay My Utility Bills?
We will also help you to get electricity and water registered, and at this point, advises you on the easiest and best ways to pay household bills.

What Documents Do I Need to Buy Property in Turkey?
Initially, to buy a property, you need a passport and local tax number, of which we will help you to obtain. You will also need the tax number as well as a utility bill from your home in the country you are living in, to open a Turkish bank account. Lastly, two photos measuring 3cm by 4cm are needed.

Consult BelleREAL web page if you have more questions about the property buying process in Turkey. Otherwise, contact us today to speak with a sales representative, via email, telephone or by dropping into one of our local offices.

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