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In order to increase Turkey’s investment attractiveness for foreigners, in September 2018, the country’s government changed the requirements for minimum investment. Earlier, to obtain Turkish citizenship, a foreigner was required to invest at least 1 million US dollars to the country; after making the changes, this amount of mandatory investment was lowered to 250,000 USD. In attracting foreign real estate investors, Turkey has to compete with Portugal and Spain.
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” In fact, this is not a very complicated matter, but we should remind that many people get disconcerted while they are in the process of getting such privileges. So the new facilitation provide a great opportunity for foreign investors to invest in Turkey, while they make it all easier and cheaper to buy a property in Turkey. Nowadays with technology, globalization and integrated economies, the entire world has become a global village.
In conclusion, the evaluation results of the application regarding the foreigners who fulfill the requirements shall be notified to the Ministry of Interior and the applicant. Trade registry gazette records and current trade registry certificate showing the partnership and capital shares of companies or companies employing at least fifty Turkish citizens in total. In the sale or preliminary sale contract transactions for real estate, it is possible to sale of real estate with mortgage or attachment. In case the real estate is purchased from the projects under construction, the value of the property upon completion shall be calculated and indicated in the real estate appraisal report. If a foreigner purchases more than one real estate at the same time or different time-scale and the sum of the values of such real estate are $250,000.- or more, each real estate shall also have an annotation of no-sale for at least three years.
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Generally, it takes 3-4 months to get a citizenship application accepted. There is no minimum investment amount required, and the processing time is three months, but can be expedited Turkish resident permit to three weeks for a small fee. However, it is a treaty visa, which means it is available to select nationalities only, but luckily the Turkish nationality is on that list.
The advantage of becoming a citizen in Turkey includes growing the individual assets as well as the economy of the country. Dual nationals are not required to use a Turkish passport to enter and leave Turkey; it is permitted to travel with a valid foreign passport and the Turkish National ID card. The Turkey CBI program is well worth considering for those who are looking to expand their global reach with citizenship in a Eurasian hub.
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Applicants are required to hold a valid residence permit at the time of their citizenship application, and may continue to live abroad as long as they wish. Coupled with a simplified application process and high ROI property investment projects, the Turkish citizenship program offers efficient routes to relocating to both the UK and USA under respective visa categories available for Turkish nationals. Our attorneys will help from real estate purchase until you get Turkish citizenship.
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We estimate that 90% of properties used for Turkish citizenship applications are new properties that are in development due to the issues with buying second hand property and having difficulty with citizenship. Based upon new legislation that was passed for 2021, developer buybacks are no longer permitted as part of the property investment process for citizenship. One reason why people are attracted to buying Turkish nationality is that it opens the door to visa-free travel across the world.
If such record is not registered during the purchase transactions, the owner of such real estate shall request to register an annotation of no-sale for at least three years at the relevant title registry. The real estate should not be registered on behalf of the company where the foreigner is the partner or manager. The real estate should not be registered to any other person, including the foreigner’s spouse or children. Also, the real estate should law firm istanbul not have been purchased before January 12, 2017 by the foreigner himself, foreigner’s spouse or children. The transfer of the sale price should be realized through banks and should be supported by bank approved receipts when the price is deducted from the buyer account and deposited in the seller’s account . Completed application files are submitted to the Ministry of Interior, which will consider and process the applications on their merits.
Istanbul is the largest city in the country with nearly 20% of Turkey’s total population residing here. You can purchase a renovated apartment in Istanbul’s city center for a low price of only US$1,000 USD per square meter. A steadily depreciating lira has made Turkey one of the world’s cheapest emerging markets to invest in real estate. Foreign investors have the option of waiving the VAT tax if they meet specific conditions, such as agreeing to not sell the property for at least a year.
Always make sure that your lawyer approves the purchase, whether new build or secondary market. You can also find fully renovated secondary market properties to not have to spend more. Personally, I believe there are pockets of fantastic value to be found in secondary market real estate in central Istanbul. Real estate Turkish staying permit a few streets down from prime areas can be had for about $1000 per m2, which is a steal. If you buy such units, and get them renovated, you can get gross yields of 5%-6%. As the world’s 16th largest economy, Turkey is a vibrant country with more than 60,000 international businesses and an average age of 31.5.
In particular, we should note that all citizens of 183 countries approved by the presidency can acquire real estate in Turkey. There is no published complete list of countries that can acquire real estate. However, upon your intention to acquire property, we may make inquiries from the relevant Land Registry Directorates.
AnEnglish-speaking attorneywill prepare your purchase and sale agreement tobuy or sell an off-plan or second-hand house or apartment in Turkey. Our lawyer will advise you of any potential pitfalls, recommend specific changes that would benefit you, discuss or negotiate these concerns and changes with the other party, and accompany you to the Title Deed Office to close the transaction. Nowadays, there is huge demand for Turkish citizenship via the route of the USD 250,000 property investment law. Our attorneys will help from real estate purchase until you get Turkey citizenship by investment. Turkish citizenship entitles you to permanently reside in the country and apply for an E2 business visa to the United States. To obtain a passport, investors most often buy real estate for $250,000 or more.
If you purchase a property for $250,000 exactly, you will need to have completed all of the necessary payments on the home before submitting your application. While you can buy a second-hand property to apply for citizenship, it’s normally extremely difficult to get the value of the property formally approved. This is mainly because second-hand sellers don’t wish to write the actual amount of the deed for tax purposes.
Application and Issuance of Residency Permit- Attorneys can apply and get a residency permit simultaneously with the Citizenship Investment Approval- taking around 6-7 days- right after investment and documentation procedures. We guarantee the delivery of final citizenship approval in 90 days, after investment/documents are completed. It can be complicated for a foreigner- with no experience and with a language barrier- to understand the governmental procedure leading to Turkish citizenship acquisition, but there is no need to worry. Our law firm turkey expert lawyers and consultants at Viya Citizenship will enlighten you for each step of your application, will update you in the process and will take care of everything- reflecting no-hassle to you, until the passport is delivered. Then, you also have the advantage of Turkey’s passport- securing you a future and traveling rights. Starting a new life and having a new passport in Turkey can be possible within 3 months which once granted, will provide you with visa-free travel to 111 countries and the option to apply for a USA E-2 Visa.
These countries include the Portugal Golden Visa, the Spain Golden Visa Program, and the US EB5 investor program. You must either acquire at least USD 250,000 worth of real estate, invest a minimum of $500,000 as a fixed capital contribution, or alternatively, deposit at least $500,000 into a Turkish bank account. In fact, you can receive your passport within three months via the fast-track application process , making the Turkey citizenship investment program one of the quickest and most efficient routes to Turkish citizenship. You must first be a legal resident of Turkey before you can lodge your application for citizenship. Usually, after you’ve made your investment and provided proof, you’re automatically granted a residence permit.
Add to that spouses and dependants and Turkey has naturalized nearly 20,000 people since the inception of the program just three years ago. The Turkish government realized that they grossly overvalued their passport and dropped the investment needed to $250,000 in mid-2019. However, please be aware that you would not be eligible to qualify for Turkish citizenship until you have fully paid off your mortgage. If you can acquire financing from overseas to pay for your property, you would then be deemed as eligible for Turkish citizenship, so long as the property has been paid for in full.
The top list of foreign nationals buying real estate in Turkey are Iraq, Iran, Russians Afghanistan. A property appraisal report representing the market value (present market value/present value) is required. The Citizenship regulations were published in official gazette on Sep 18, 2018 to grant exceptional citizenship to foreigners for investments. 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.
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