Good news for investors, since September 2018 Turkey now runs one of the most affordable citizenship for investment schemes in the world. A simple and newly increased spend of just US $400,000 on freehold property in Turkey can now secure a Turkish passport. Approximate length it will take to receive your Turkish Passport is anything between 3-6 months subject to local offices work load.
Turkey's property for citizenship incentive
Turkey has run an investment for citizenship scheme since 2016 but, back then, the buy-in was considerably higher (a minimum US $1 million spend on property necessary). In efforts to bring the Turkish Lira back in check following the summer’s currency struggles, this figure was dramatically reduced to just USD $250,000, however, recently increased to $400,000, still a far more manageable sum. The incentives don't stop there, Turkish citizenship can also be gained following a US $500,000 investment in a Turkish company, or a US $500,000 deposit paid into state investment programme or state bank for more than 3 years.
TURKEY HOMES CITIZENSHIP FOR INVESTMENT PLAN
Turkey Homes have many years experience in helping investors secure real estate in Turkey. Since the new citizenship rules were announced, our Istanbul and coastal offices have received a surge of enquiries. To help make the application process easier, we have drawn up a simple 5 step investment plan to walk clients straight through the process from initial enquiry and search for property, to receiving citizenship after your application. If you are considering taking advantage of the new regulations, please speak to Turkey Homes today and let us help take the hassle out of the process.
When looking for areas to buy a property here are some suggestions from Turkey Homes on where to invest in a property in Turkey
5 step property for citizenship plan
Step 1. Spend US $400,000 on Turkish property. Turkey boasts a wide choice of locations suiting most tastes and preferences. The Turkey Homes team can help you locate and secure the right options. A USD $400,000 spend is necessary to join the citizenship programme. This can be spent on one or more Turkish properties. All purchases must have their Title Deeds (TAPU) in place normally limiting your options to apartments or villas that are already built or nearing completion. Please note, majority of the properties that are entitled for Turkish Citizenship via Investment Scheme is located in Istanbul, as opposed to coastal areas of the country.
Step 2. Employ a lawyer to oversee the citizenship application. A lawyer should be employed to best protect your interests and walk you through the citizenship application process. Your Turkey Homes agent can suggest a number of multi-lingual lawyers that can draw up all the necessary paperwork and walk you through the procedure from start to finish. The initial application normally takes up to 6 months.
Step 3. Legal checks are run and property surveys carried out. As part of the application process a government surveyor needs to check the property purchased. The surveyor will look at the price paid and the sum declared on the Title Deeds. Your Turkey Homes agent will oversee all necessary checks and make the arrangements.
Step 4. A charge is placed on the property for 3 years. The citizenship application rules state that the property purchased cannot be sold for at least 3 years. Once the application has been accepted, an official charge is placed on the property Title Deeds prohibiting its sale for 36 months. This can be lifted once the period is reached and citizenship granted.
Step 5. Citizenship is granted. Following the three years wait, citizenship is granted to the investor, spouse and children under the age of 18. All charges on the property are lifted and the unit can be sold on if necessary.
If you would like to know more about Turkey's citizenship for investment scheme, or to talk to one of our trained consultants, please contact Turkey Homes.