Turkish Citizenship by Buying a Home
Getting Turkish citizenship by buying a house has become easier and possible with the developing technology. Buying a house is one of the most basic needs of life. Both our lifestyle and our needs are one of the main reasons that determine the home buying process. But buying a house is also an investment tool. You can even get citizenship by buying a house. Well, can you make buying a house more profitable as an investment tool and make your investment more functional by getting Turkish citizenship? In this article, we will explain how you can get Turkish citizenship by buying a house and how you can make your investment more profitable.
To Buy a Home in Turkey
One of the most crucial topics is how to buy a home in Turkey. With nature’s beauty and economic advantages, Turkey is an attractive place for foreigners to live. Also, foreigners have more advantages by buying a house in Turkey. So, what should a person who wants to buy a home in Turkey do? If you want to get more information about buying a house in Turkey, you can look at our relevant article. However, we give brief information about this topic here.
How do a Foregin Purchace a Home in Turkey
First, as we mentoined above, this topic is the most wondered issuse. It is not neccesary to get residence permit in Turkey for buying a home. This issuse is explained related law ( Turkish Titledeed law article 35) as below;
In terms of international bilateral relations and when required by the interests of the country, foreigners, citizens of countries designated by the President of the Republic, may own immovable property and limited rights in Turkey, provided that the legal restrictions are complied with. The total surface area of immovable properties and limited rights in rem that foreigners may acquire in Turkey may not exceed ten percent of the surface area of the districts subject to private property throughout the country and thirty hectares per person.
Foreigners can get Turkish citizenship in this article framework.
The Advantages of Purcaching a Home in Turkey
Since buying a home in Turkey can give them a chance to get Turkish citizenship, foreigners prefer this way. In addition, fluctuations in exchange rates also create a very advantageous situation for foreigners who want to buy a house in Turkey. As of 2018, there was a record increase in housing sales to foreigners as the condition for gaining Turkish citizenship by purchasing a home decreased from 1 million dollars to 250 thousand dollars. Today, all foreigners who buy real estate worth 400 thousand dollars and promise not to sell this real estate for three years can easily buy a house and gain the right to obtain Turkish citizenship.
VAT Exemption
The VAT exemption that took effect on April 1, 2017, provides foreigners with a privilege to avoid VAT payments upon real estate purchases within Turkey. As outlined in Article 13, paragraph (i) of the VAT Law: “Real estate sales to non-resident foreign individuals and entities in Turkey are exempt from VAT on their first delivery.”
Property Fees
Foreign nationals hold the right to acquire property at any price they desire, with legal minimums serving as the base price. Additional costs such as the revolving fund expenses are incurred when acquiring Turkish citizenship through property investment. A 2% fee of the sales price, not falling below the Real Estate Declaration Value, a share of the revolving fund, and a map proving the property lies outside the military and security zones are also to be paid.
Obtaining Turkish Citizenship by Property Purchase
Foreign nationals may obtain Turkish citizenship upon purchasing immovable property with a value equal to or exceeding USD 400,000, or its equivalent in foreign currency or Turkish Lira. It is required that the property is not resold for a minimum period of three years, a commitment to be annotated on the title deed records. Additionally, the sale of the immovable property, for which condominium ownership or condominium easement has been established, and for which at least 400,000 US Dollars or equivalent foreign currency or equivalent Turkish Lira amount has been deposited in advance, must be recorded in the land registry with the commitment not to transfer or abandon it for three years.
Key Considerations When Purchasing Property in Turkey
Foreign nationals interested in purchasing property in Turkey should initially approach the General Directorate of Land Registry and Cadastre (Department of Foreign Relations) or the Land Registry Directorates, or the Embassies or Consulates of the Republic of Turkey to gain insights into the eligibility criteria for property purchase. Furthermore, the intended property must not be situated in a military security zone as properties in such zones cannot be sold to foreigners. Potential buyers are advised to ascertain whether the chosen property has any pre-existing encumbrances such as mortgages or liens, by reaching out to the General Directorate of Land Registry and Cadastre.
Advantages of Acquiring Turkish Citizenship through Property Purchase
Securing Turkish citizenship is a significant benefit of purchasing property in Turkey. Foreign nationals investing in property above the lower limit of 400,000 dollars stand to gain considerably, given the rise in exchange rates, profitable investment opportunities, and a three-year residence permit in Turkey. This permit also covers the investor’s family. The opportunity for the investor’s children to be born or educated in Turkey presents another advantage. Legal professionals specializing in citizenship applications can provide support throughout the process, from property sale to the naturalization procedure. For comprehensive information regarding acquiring Turkish citizenship through property investment and selling property to foreigners, Zaren Invest is at your disposal.
Acquiring Turkish Citizenship through Property Purchase with Zaren Invest
Zaren Invest, a proud member of the Zaren Group, offers you the prospect of acquiring Turkish citizenship through property purchase. With years of experience providing consultancy services to numerous clients for real estate investment in Turkey, Zaren Invest makes property purchase in Turkey a seamless process. For detailed insights into acquiring Turkish citizenship through property purchase, please feel free to contact Zaren Invest.
