In recent years, there has been a significant increase in the number of foreigners investing in real estate in Turkey. One of the main reasons for this increase is the possibility of acquiring citizenship through property acquisition. As is known, many countries around the world have citizenship programs for investors based on certain investment amounts. The real estate investment citizenship program, which has long existed in Turkey, has gained considerable popularity in recent years following a reduction in the investment threshold.
The implementation of the citizenship program is subject to periodic changes and new regulations. Therefore, it is crucial to ensure that the investment process and subsequent citizenship application are carried out correctly and comprehensively. Acquiring an eligible property is a vital aspect of obtaining Turkish citizenship through the program. This article will provide information on which properties are suitable for obtaining citizenship and the application process thereafter.
First and foremost, finding an eligible property is essential to benefit from the citizenship program. Working with a knowledgeable and reputable real estate agency can be beneficial in this regard. Once the city where the property will be purchased is decided, the available property options in that city should be evaluated. After determining the property to be purchased according to the investment purpose, the seller should be asked to apply for an appraisal examination by a official expert to determine the value of the property.
According to the citizenship program, the value of the property to be invested in must be at least USD 400,000. The prices of properties subject to official expert examination can be determined in this way. Many construction companies conduct expert examinations in advance for properties eligible for the citizenship program to determine their prices. A property valuation report prepared in advance is valid for 3 months.
If there is no doubt about the value of the property and the value exceeds USD 400,000, it is necessary to clarify who the property is registered to. Properties acquired from foreigners or companies with foreign partners cannot be used for the citizenship program. It is essential to ensure that the property does not have any debts, mortgages, restrictions, or encumbrances in favor of third parties.
After confirming that the official records of the property are clean, the process of purchasing the property can begin. If the seller is a construction company, they will request the signing of a real estate purchase and sale agreement. Construction companies are eager to sign the contract as soon as possible to secure themselves and bind the customer to them. It is recommended to thoroughly review the sales contracts for real estate. You can find more detailed information about real estate sales contracts here.
Under the citizenship program, the investor must sell their foreign currency up to the sale price to the Central Bank of the Republic of Turkey through a bank in Turkey and receive the equivalent amount in Turkish Lira. The bank conducting the transaction will prepare a document regarding the transaction. This document will be used within the scope of the citizenship program.
After the property is transferred to the investor’s name in the land registry records, the investor must register a guarantee stating that they will not sell the property for 3 years. Properties purchased under the citizenship program cannot be sold for a period of 3 years. If the guarantee recorded in the land registry records is lifted before the expiration of 3 years, even if the investor has acquired citizenship, their citizenship will be revoked.
Following this process, the Ministry will conduct an examination to determine whether the property purchased by the investor is eligible for the citizenship program. After verifying the eligibility of the property for the citizenship program, an Eligibility Certificate will be issued. After obtaining this certificate, the investor can apply for a residence permit. Upon approval of the residence permit, the citizenship application can be submitted.
