To get Turkish citizenship by property investment is to buy into one of the world’s best golden visa passport schemes. Buying property in a foreign country to gain the rights to live, work and study is nothing new. But Turkey’s scheme comes out on top with a lower minimum purchase price, easy to apply system, fewer restrictions, and quick processing time.
Such is the success of the passport scheme; last year, more than 7000 property buyers purchased a home in Turkey and became proud Turkish citizens. Although applying may seem daunting, it isn’t, and our aim with this guide is to make you knowledgeable and answer any questions you may have. Of course, you can call us today and speak with an agent about property investment for citizenship, but let’s start this guide with common questions.
About Turkish Citizenship by Investment
Can Citizenship Applicants Hold Dual Nationality?
Turkey does not have any restrictions for dual nationality on its citizens. So you can keep your existing passport and gain a Turkish passport at the same time. However, some other countries do. Before purchasing a property to apply for Turkish citizenship, check with your home consulate as to whether your country has restrictions.
Do I have to Live in Turkey Permanently?
No, and this is one reason Turkey’s scheme outranks other countries. In some places, golden visa property buyers need to live there for a set number of days each year. But in Turkey, applicants come and go as they please. So, you could use your property purchase as a holiday home or rent it out for a passive income stream.
What are the Entry Criteria for Citizenship?
This is where it gets good. All you must do is purchase property in Turkey worth 400,000 USD or more, and pledge to keep it for at least three years. It is simple.
Who is Eligible to Apply for Citizenship?
The only people who cannot apply is nationalities who cannot legally buy property in Turkey. They are North Koreans, Cubans, Syrians, Armenians, and Nigerians. In addition, applicants must hold an existing passport and have a clean criminal record. The Turkish government will check at the time of applying.
Can I Buy any Property?
No, only some properties are eligible. The legal scheme was designed to encourage property investment in Turkey, so you must buy a government-approved home. For example, a resale home in Fethiye that is 30 years old will not be eligible. Therefore, many applicants choose development projects in Istanbul because that is where most approved properties are. The property’s condition is important as well because they must have title deeds and a habitation certificate.
What Does a Turkish Passport Give Me?
Some passports are better than others because holders jump on a plane without having to buy visas. This is where the Turkish passport steps up with visa-free travel to more than 100 countries worldwide. This has proven to be a significant advantage for many nationalities.
Can Family Members Apply for Citizenship?
Yes, when making the citizenship application, you can include your spouse and children. However, what is better is that when you have Turkish citizenship, any future children born automatically become Turkish citizens based on birthrights.
Is it Better to Invest in Property or Business?
To gain Turkish citizenship by business investment, you need to invest 500,000 USD. Then you need to manage the business, employ people, pay taxes, adhere to business regulations etc. So, as you see, Turkish citizenship through real estate investment is half the cost and a lot easier.
Can I Sell the Property after Three Years?
Yes, if you want to sell the property, you can. However, we advise keeping it longer to make a wise investment. Any property in Turkey sold before five years of ownership incurs capital gains tax. Many districts show much potential for capital appreciation on properties over a mid to long term period of five to ten years.
More Benefits of Turkish Citizenship
1: Working, Healthcare and Retirement
So, the benefits pile up, but there is more. Currently, foreigners on a residency permit must gain an additional license for the right to work. Once you receive Turkish citizenship, you receive the right to enter the workforce legally. As well as working, you and your family can opt into the government-run SGK system. This entitles you to healthcare and a Turkish pension when you retire.
2: One Time Citizenship Application
Turkey has a fantastic residency scheme, but the downside is that you must keep reapplying for permits. The first one lasts one year, and then after that, two years, but once you receive Turkish citizenship, it is permanent.
3: Turkish Society
From the food to history, to traditions and hospitality, delving into the fabrics of Turkish society is an exciting journey into Turks daily lives. Of course, it would take a lifetime to get to know the country, but tasting the regional dishes and travelling from east to west is a great way to do it. In addition, should you choose to live in Turkey, you will find welcoming Turkish hospitality on your doorstep.
4: Weather and Lifestyle
Ah, of course, one of the delights of owning property in Turkey is the gorgeous weather climate that encourages an outdoor lifestyle. Remember, Turkey is surrounded on three sides by the sea, and the long stretches of coastline are one of the best beach destinations in the world. Whether you want to travel and explore the delights of Turkey, or enjoy home comforts, expect roughly 300 days of sunshine a year to indulge in the great outdoors.
5: Ideal Property Investment
Lastly, choose your property wisely, and you have the mass potential for a healthy real estate addition to your international portfolio. In many areas of Istanbul, mass investment into infrastructure and housing are turning neighbourhoods into property hotspots. Alongside the potential capital growth, should you choose to rent your property out, you can legally do so.
How to Apply for Turkish Citizenship by Investment
1: Find Property for Sale
To start your search for a property, contact us and state that you are a foreigner interested in the Turkish citizenship scheme. We will send a list of eligible properties. Alternatively, browse our portfolio of apartments and villas for sale in Turkey. Each listing contains everything to know including price, location, home features and contact details to find out more via email or arrange a viewing. Don’t forget to tell us that you want to invest in the real estate citizenship scheme.
2: Buy the Property
When you employ us as your real estate agent, we help with the whole process of buying property. Investors will need a tax number, bank account and solicitor. We arrange payment plans, including the deposit and details of extra costs like a land registry, translator, notary fees, taxes, and valuation reports. We recommend that since you will pay for the property in Turkish lira, rather than use banking, use a foreign exchange currency to get better transfer fees and exchange rates. When signing for the property’s title deeds, declare that you are purchasing to invest in the real estate scheme. At this point, we will get a certificate of conformity for the property.
3: Acquire Residency status
Applicants for Turkish citizenship must have a national residence permit. We will help you complete and obtain a one-year permit. Supporting official documents that the government requires for the application are valid healthcare coverage and the means to support yourself financially. Once we apply, the required time to wait is roughly six weeks to receive, and then we start the citizenship application.
4: Acquire Turkish Citizenship
To apply, fill in the application form, and send it to Ankara offices along with biometric photos, copies of a power of attorney, passport, health insurance, residency permit, translated and notarised birth and marriage certificates for everyone included on the application. The ministry in Turkey will perform its various law checks and approve within 6 to 9 months. Congratulations on becoming a Turkish citizen and being a proud homeowner.
Moving to Turkey
So, we hope we have given lots of information about Turkish citizenship by property investment. If you have any questions left or want to start the process of finding an eligible property, call us today. Also, please read our article about moving to Turkey that discusses expat day to day matters, including the language barrier, settling in as a family, and the best places to reside in Turkey.
We are Spot Blue international real estate. Our services have helped thousands of people invest in property overseas. As an award-winning company established in 2003, we are ready to help anyone become a property owner in Turkey and get Turkish citizenship. Also, follow us on Facebook to stay up to date with property news from around the world.