Turkey Citizenship by Investment - Real Estate
In 2022, the investment threshold for real estate buyers willing to obtain a "golden passport" was raised to $400. This happened against the backdrop of excitement among those wishing to acquire Turkish citizenship. Thus, the country is trying to attract the capital of wealthy foreigners. And although Turkish citizenship does not open visa-free access to Schengen, it allows you to move to Turkey, work there and do business.
And the requirements for obtaining an investment passport are competitive: the buyer may purchase one or several properties in any region of the country, all the payments are refundable, the the investor has the ability to generate income from real estate.
Ask for advice
The official website of the program
-
About the Program
The Turkish Citizenship by Investment Program has been in operation since 2017. Foreigners are offered several options, including the purchase of real estate. As soon as the minimum investment threshold fell from a million dollars to two hundred and fifty thousand in case of purchasing real estate in 2018 ,there began a boom. By 2020, the country has earned more than $ 1.5 billion from the program participants. More than 5,000 investors have received passports in two years.
The Turkish program "Turkey citizenship by investment - Property" is in high demand among immigrants from the Middle East and the CIS. You may purchase one residential or commercial property with a suitable cost, as well as distribute the assets among several premises.
Those who have received citizenship on the basis of real estate investments are subject to an encumbrance: you may not sell this property for three years if you wish to keep the Turkish passport. After that you may freely dispose of the property.
Due to Turkey's international agreements with the United States, citizens of the republic have the opportunity to develop business and legally move their families to the United States under the E-1 (American visa for entrepreneurs) and E-2 programs (for investors).
Please note!
Living in the United States on the basis of E-1 and E-2 does not lead to obtaining a green card or an American passport, but these visas do not have an extension limit and a specific investment thresholds.
Investment Options
-
$400 000
New and secondary residential properties
-
- An apartment or a private house.
- One or more property objects.
- Foreigners can get properties in popular cities (Istanbul, Antalya, Alanya, etc.), but there may be restrictions on the purchase in the border regions and on the Black Sea coast.
-
$400 000
Commercial property
-
- Any object of the segment (shop, warehouse, office, etc.).
Infrastructure, commercial projects.
- Property under construction.
-
$400 000
Land plot
-
- A land plot for residential or commercial development.
- The area should be no more than 30 hectares.
- The site should not occupy more than 10% of the total area of the district in which it is located.
Please note!
You are entitled to buy real estate for citizenship only from a Turkish individual or legal entity.
The purchase should be confirmed with the Ministry of Environment and Urban Development (Çevre ve Şehircilik Bakanlığı).
The funds should be transferred officially from the buyer's bank account to the seller's bank account.
The amount equivalent to $400,000 should be indicated on the certificate of ownership and confirmed by a report from an appraiser from an accredited company. Please pay attention to the exchange rate: the price of real estate in Turkey in the certificate of ownership is written in lira, but, you should exceed the threshold in dollars in order to participate in the program.
-
Requirements For Applicants
Who can participate in the program?
The Turkish Citizenship by Investment Program will not help to move your parents or siblings with nephews to the sea. But the closest ones will be included in the statement.
The spouse and minor children may issue passports together with the investor. There is an exception for disabled children who have already turned 18 years old. Children with disabilities are eligible for a Turkish passport with no age limit.
Other requirements for the applicants
- The main applicant should be over 18 years of age.
- The applicant should pass a due diligence check (for example, non-involvement in terrorist organizations, etc.).
- There should be no criminal record.
- The source of income should be official..
- The applicant was not deported from Turkey and did not violate the visa regime.
- The applicant should have good health and no diseases dangerous to society (hepatitis, tuberculosis, HIV, etc.).
-
Documents
All the documents and certificates should be submitted with translation into Turkish and stamped with an apostille. It is possible that in the process of considering the application, the authorities will ask for something additional if they have any doubts.
Personal documents
- Application in duplicate (the form is filled in by the applicant or his representative by power of attorney).
- Notarized translation of the passport.
- Birth certificates of all children.
- Birth certificates of adult applicants.
- Marriage certificate.
- Certificate of the composition of the family.
- Certificate stating that the applicant is still married.
- Police clearance certificate (for the investor and all relatives who will apply for citizenship).
Financial documents
- Certificate of income.
- Document on the fulfillment of financial investment obligations (uygunluk belgesi) from the General Directorate of Tapu and Cadastre.
- If the purchase is made with a mortgage, the agreement with the bank is also provided ( the amount contributed by the applicant should exceed $ 250 thousand in the amount of interest on the loan).
- Receipt of payment of the state duty for registration of a passport.
Documents for the real estate
- TAPU (certificate of real estate ownership).
- A valid residence permit in Turkey.
- Real estate purchase and sale agreement.
- Land plot development plan (if you plan development).
- Building permit.
Additional Expenses
-
State fees
-
In 2020, the cost of passport processing services is 915 lira (about $130).
For registration of a residence permit, you need to pay about $70 (the cost varies in different regions).
-
Taxes
-
The property registration tax is 4% of the cadastral value of real estate.
-
Administrative service
-
$150 is the cost of real estate appraisal obtained from licensed companies of the Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Council (SPK). The cost of the examination depends on the area and the size of the municipal fees.
$1,000 is the cost of translation of documents and certification, drawing up a power of attorney.
-
Rights and Obligations
The rights and obligations of investment passport holders are no different from those who received citizenship in another way, for example, by birth in the country. Except for the need to keep the property in ownership for three years.
- The right to vote and hold public office.
- The right to work and start a business.
- The right to receive education.
- The right to get health care (if you have insurance).
- The right to obtain citizenship in other countries (you will not have to give up your first passport).
- The obligation to keep the property (for at least 3 years).
- The right to transfer citizenship by inheritance.
- The obligation to pay taxes regularly, for example on real estate. However, obtaining citizenship does not automatically make you a tax resident of the country.
- The obligation to do military service in Turkey (if the newly minted citizen has not served in his country and is between 18 and 22 years old).
- The eligibility to obtain a local driver's license.
To better understand the rights and obligations of a homeowner, please read how to purchase a property in Turkey.
The procedure for obtaining citizenship
1
Choosing a direction for investment
1 week
Consultation with lawyers and preliminary check on whether the client meets the criteria of the Citizenship by Investment program.
2
Selecting a property object
1-2 weeks
Communication with the seller, selection of objects, inspection, booking a suitable offer.
3
Collecting the documents
1-2 months
Please collect, translate and certify the necessary certificates and personal documents (originals of birth certificates can be replaced with apostilled duplicates). You need to sign a sale and purchase agreement and close the deal, and then issue a residence permit and a certificate of ownership (TAPU). Before applying for citizenship, you should open an account with a Turkish bank and obtain a Turkish taxpayer number (analogous to the Russian TIN). All the processes are run simultaneously so as not to waste time.
4
Applying for citizenship
1 day
Your attorney or trustee submits a package of documents for citizenship to the Department of Citizenship and Migration of the city in which the property was purchased. The applicant's personal presence at the Department of Citizenship and Migration is not required.
5
Consideration of the application
2 months
Your attorney or trustee submits a package of documents for citizenship to the Department of Citizenship and Migration of the city in which the property was purchased. The applicant's personal presence at the Department of Citizenship and Migration is not required.
6
Obtaining your passport
1 day
Internal Turkish passport - kimlik kartı - is issued only in person. "Kimlik" is valid on the territory of the country, and a local international passport is issued for travel abroad. Now you may take advantage of your citizenship: to live all the year round in Turkey, to apply for business visas to the United States or Great Britain, to travel more freely and earn money by renting out a property.