Turkish Citizenship By Real Estate
You can get Turkish citizenship by buying a house in Turkey. But of course, with considering some requirements. Since 2016, the Turkish government has launched a program where you can get a chance to receive a citizenship acquisition by investing an amount of money to the immovable property in Turkey.
Foreigners are required to purchase real estate in Turkey that is worth a minimum of $1 Million back then. But this offer seems not to get so much attention from foreign investors.
The New Rules Regarding Real Estate Investing in Turkey
Moreover, the Turkish currency (₺) and debt crisis in 2018 has removed nearly 30% of the Lira’s value. So, to cope with this situation, the Turkish Official Gazette published a new regulation about investment. They changed the rules regarding the transition of foreigners to become Turkish citizens in 2018.1
Where they dropped the rates drastically in 2018. The minimum investment for Turkish citizenship decreased from $1 Million to $250.000 in Turkey.1 This is accompanied by the period of the property has to be held which was cut down to three years after acquiring Turkish citizenship. The action is effective enough for responding to the issue. Although there are protesters who oppose the low minimum value of the property, investment in Turkey is proving to be thriving.
Single or Multiple Property
Foreigners can buy any kind of property in Turkey. It can be a house, apartment, or even land. To reach the $250.000 threshold, the applicants may purchase single or multiple properties. If your case is purchasing multiple properties, they must be in the same neighborhood and must be registered on the same day to be counted towards the threshold.
Steps to Apply for Turkish Citizenship By Real Estate Investing
1. Get Your Tax Registration Number
Foreigners can obtain their tax registration number from any local Tax Office in Turkey. Please don’t forget to bring your passport and photos with you. Authorities will input your information into a database. After that, you will get the tax number required for Turkish citizenship.
2. Open a Local Bank Account in Turkey
Foreigners are required to bring their original passport and tax registration number to open an account. To show the current address, you also need to provide an official document, such as a public utility bill. Bring the documents of the transaction during the buying stage.
Check out our other article on; “How to Open a Bank Account in Turkey as a Foreigner?” and learn more detailed information on the subject.
3. Find Your Prospective Property
You can purchase one or multiple property units where the total value is reaching or exceeding $250.000.
You have a good choice if the property has filled out these requirements:
- Having the Construction Servitude or Title Deed,
- Granted habitation license; and suitable to receive a real estate appraisal report (the certificate of eligibility),
- The status of construction can be either complete or almost complete.
4. Buy Your Chosen Property
Foreigners are required to pay the property via Bank Transfer using their Turkish bank account. Remember to file your transaction with a receipt. You will get the Title Deed and/or Notarized Sales Contract with annotation not to be sold for three years in order for you to obtain your Turkish citizenship.
5. Obtain the Certificate of Eligibility
You need to apply to the General Directorate of Land Registry and Cadaster to get the Certificate of Eligibility. The cost is between 1.000 to 2.000 Turkish Lira (₺). The expected time to finish the process is about three days in Istanbul and six days in other provinces.
It’ll be valid for about three months from approval. Foreigners must refuse to deal with real estate agents who claim to have a license to conduct appraisals. Let the authorities became the ones who handle this matter to avoid all forms of fraud.
6. Apply for Turkish Residency
After foreigners have made the investment, they must obtain a residence permit. It’s because they should be a legal resident when they are applying for Turkish citizenship. Turkish residence permit for citizenship will usually be issued on the day you apply.
Make sure to gather any required documents. After you have received it, there is no need to stay or live in Turkey for becoming a resident. This is just a formality.
7. Lodge for Your Turkish Citizenship
After your residence permit is granted, submit your paperwork to the Provincial Directorate of Census and Citizenship. There is no interview you have to do. It’s good news that the Turkish government makes it easy for foreigners to have a Turkish passport. And what is even better is that you don’t have to be present in the country in making the decision.
You just need to drop the paperwork off and go back to your home country while holding the Title Deed. You will receive the passport via mail in the next three to four months. After you have got it, the passport will remain valid for about ten years.