Can i buy more than one property for citizenship?
Yes, you can provided the total property value appraised equals $250,000
Can legal entities buy residential or commercial real estate?
Legal entities cannot invest in properties for citizenship. This is because property must be registered in the personal name of main applicant in order to apply for citizenship.
Turkish companies with foreign capital, on the other hand, should first file an application at the Provincial Directorate of Planning and Coordination (PDPC) at the local governor’s office where the real estate is located. Once granted a positive response from PDPC, they should then apply to the Land Registry Directorate.
Are there any country restrictions under citizenship by investment scheme?
Turkey has no restrictions on who can apply. Syrian nationals are restricted from buying real estate.
Can i apply for citizenship without visiting Turkey?
Yes you can authorize power of attorney to your lawyer to handle all work. However you need to visit atleast once for fingerprinting and signing documents to complete the passport process. The POA can be issued at consulates abroad. Due to Covid-19, Citizenship can also be registered at consulates abroad, all process in Turkey is completed by the lawyer.
Are there any quotas for Turkish citizenship for investment scheme?
No limitations or quotas imposed at present.
Do you need to open bank account for investment in Turkey?
It is recommended to open a bank account in your name to avoid delays in payments coming from abroad
Is Bitcoin accepted?
Yes, Bitcoin and cryptocurrencies are widely used in Turkey
What is the time frame for a passport?
Please allow 3-4 months
Property purchase – 1 month
Residence permit – 2 months
Citizenship – 1 month
Passport – 1 month
What is the legal background of the Turkey citizenship scheme?
The Citizenship regulations were published in official gazette on Sep 18, 2018 to grant exceptional citizenship to foreigners for investments.
How many years must i hold the property before selling?
If you apply for citizenship, you must hold your property for 3 years as per the existing rules.
Are there any restrictions on foreigners buying property?
Foreign nationals do not need to have a residence permit as a pre-condition to acquire real estate in Turkey.
A natural person of foreign origin may acquire real estate and limited rights anywhere in Turkey of up to 30 hectares. The Cabinet of Ministers may grant larger areas if deemed appropriate, Natural persons of foreign origin may not acquire and lease real estate within prohibited military zones or military security zones. Total acquisition by natural persons of foreign origin may not exceed ten percent of the total district area where private property is allowed
What are the conditions for legal entities or companies to invest in real estate?
In Turkey, only trading companies established according to the laws of their respective countries and having legal personality may acquire real estate and limited rights in rem as foreign legal persons. Legal persons other than such trading companies (foundations, associations etc.), on the other hand, may not acquire real estate and may not have rights in rem.
Acquisition of real estate by trading companies established in foreign countries according to the laws of their respective countries and having legal personality, on the other hand, may be granted in exceptional cases and is deemed possible only when stipulated under the provisions of international conventions or special laws.
Companies established in Turkey as a legal entity are considered under the category of foreign-owned companies in accordance with the following conditions:
- Foreign investors hold fifty percent or more of the shares, or
- Foreign investors are entitled to appoint and dismiss the majority of the board of directors
These companies may acquire property and limited rights in rem in order to engage in activities set forth in their articles of association. For this purpose, companies are required to apply first to the governor’s office where the property is located.
Can i vote becoming a Turkish citizen?
Yes, you will be given equal opportunities with turkish citizens including right to vote and holding government offices for investors through TCBI scheme
Where can i lookup property details at online registry?
Inquiries about properties may be made online at parselsorgu.tkgm.gov.tr, where specific details of the city, district, quarter/village, map section, and plot may be used to look up the property. Basic information on the real estate property, including its current status, is thus accessible online from anywhere in the world.
Is property transfers allowed by inheritance?
Transfer of property to foreign origin real persons by inheritance is possible. However, if the transferred property is located in a zone where a real person may not acquire a property; the property is required to be sold or liquidated otherwise after the transfer. Furthermore, in the event of transfer of property by inheritance to a person who is from a country not include in the list of Article 35, the property in question must be sold or liquidated otherwise after the transfer.
What documents are needed for property investment?
a. The property’s Title Deed or details of village/quarter, section, parcel, building, independent unit,
b. Identity card or passport (together with the translated copy thereof where required). Submission of the same is compulsory in order to identify the nationality of the foreigner, c. Property appraisal report issued by any of the organizations authorized by the Board of Capital Markets (SPK) for property assessment at http://www.spk.gov.tr/SiteApps/SirketIletisim/ List/gds) .
d. ”Real Estate Market Value Document” of the property from the related Municipality, e. Compulsory earthquake insurance policy for buildings (residences, workplaces… etc.),
f. One photograph of the seller and two photographs of the buyer (taken in the last 6 months, at a size of 6×4),
g. Certified interpreter if there is a party who fails to speak Turkish. Turkish translations of passports and foreign country identity cards with an alphabet other than the Roman alphabet may be requested by the Directorate of Land Registry if required; however, Turkish translation will not be requested for passports or national identity cards issued in the Roman alphabet.
h. If an action is to be carried out with a power of attorney issued abroad, the translation and the original or approved copy of the power of attorney.
How are properties appraised?
The sum of receipts evidencing payments must have a value equal to USD 250,000 according to the USD selling exchange rate of the Central Bank of Turkey on the date prior to the date of deposit. The amounts listed in the appraisal report and the official bill may not be less than the sum of values in the receipt.
How is foreign exchange handled?
If you pay in Turkish Lira, selling exchange rate of the Central Bank of Turkey on the date prior to the date of payment shall be considered to calculate USD equivalent of the receipt amount
Can foreign persons be the property sellers?
Properties sold or subject to a sale promise must be registered in the name of Turkish citizens. Furthermore, they should not be any properties transferred by a foreign real person after 12 January 2017. (Including self, spouse and children of the foreign person who acquires it)
How do property investors get residence permit?
Foreign investors are given short-term residence permit, foreigners who own real estate in Turkey or intend to establish a business or business connections in Turkey. It is issued for a maximum of two years as a principle. A residence permit is invalidated if it is not used within six months.
Long term residence cards are issued for foreigners who lived in Turkey for atleast 8 years.
What happens if i sell the property before 3 years?
You may lose your citizenship and residence card. Remember if the main applicant loses his citizenship/residence rights, all family members also lose the rights.
Can i purchase shares or equity in properties?
Yes, but the value must me minimum $250,000
Can i get citizenship if i buy property on loan?
net down payment of the loan amount shall be considered. The down payment should be minimum USD 250,000 also for legally mortgaged sales
Where can i get appraisal report?
A property appraisal report representing the market value (present market value/present value) is required. The appraisal report must be based on the value on the date of the report for buildings which are actually completed on the ground, and the value to occur upon completion of building for properties which have not been completed or the construction of which is ongoing and for which a construction servitude was established.
The appraisal report shall be obtained from the appraisal organizations posted on the web page of the Board of Capital Markets (SPK) (http://www.spk.gov.tr/SiteApps/SirketIle tisim/List/gds). It is valid for three months beginning from the date of issue. It shall be considered applicable until the transaction is completed from the date it is given.
Where are the most popular locations for foreigners buying property in Turkey?
The most popular locations are Istanbul, Ankara, Bursa and other coastal areas.
Who are the foreigners buying properties in Turkey?
The top list of foreign nationals buying real estate in Turkey are Iraq, Iran, Russians Afghanistan.