It will be enough for foreigners to purchase real estate worth $250,000
Buying property in
Foreigners in Turkey could buy real estate such as apartment, land ,business office, plantation according to the with the condition to comply with the limitations specified in the law.
According to the relevant law, the handover of real estate is possible with the official deed and registration to be signed in the office of property affairs
Guidelines for property
Handover operations must be done in the Land Registry and Cadastre Department
Which process must be followed for buying a property
For handover process of property must be applied pre-application to Land Registry and Cadastre Department You need to get the sequence number for preliminary application
The necessary documents
✓ Certificate of Immovable Property and telemarketing field
✓ Original passport and photocopy of passport of the foreign buyer 1 photo of seller, 2 photo of buyer
✓ CIf the handover process of real estate is conducted by proxy prepared inforeign country, original and certified sample notary version have to be provided
✓ Obligatory earthquake insurance policy for buildings such as housing and workplace etc
✓ Certificate of value of the property to be obtained from the municipality in which the property is located
“The Regulation on the Amendments to the Regulation on the Implementation of the Turkish Citizenship Law” (the “Amending Regulation“) has been published in the Official Gazette dated 19 September 2018 and numbered 30540 and entered into force as of its publication date. Along with the publication of the Amending Regulation, the financial and investment criteria to acquire the Turkish citizenship have been reduced.
According to the Amending Regulation, foreigners who meet the criteria stated herein-below shall be able to apply for Turkish Citizenship:
- Making a fixed capital investment in the amount of minimum USD 500,000.00 or the equivalent amount as Turkish Lira or other foreign currency and determination of such investment by the Ministry of Industry and Economy,
- Purchase of a property on the value of minimum USD 250,000.00 or the equivalent amount as Turkish Lira or other foreign currency and to annotate the Title Deed Registry that the property will not be sold in the following three (3) years and determination of such purchase and annotation by the Ministry of Environment and Urbanism,
- Employment of at least fifty (50) employees and determination of such employment by the Ministry of Family, Labour and Social Services,
- Depositing minimum USD 500,000.00 or the equivalent amount as Turkish Lira or other foreign currency in banks operating in Turkey and to hold it in the banks for the following three (3) years and determination of such deposit by the Banking Regulation and Supervision Agency (BRSA),
- Purchase of a public debt instruments in the value of minimum USD 500,000.00 and holding that instruments for following three (3) years and determination of such purchase by the Ministry of Treasury and Finance,
- Purchase of shares of real estate investment trust or venture capital fund and holding such instruments for three years starting from the date of purchase and determination of such purchase by the Capital Market Board.
The Amending Regulation indicates that the foreigners may switch between the aforementioned investment options in order to fulfil the time requirement.
Pursuant to Amending Regulation, it is stipulated that Central Bank of Turkey’s effective selling rate and/ or cross exchange rate as of the determination date shall be taken as a basis on the determination of the monetary value stated herein above.
In order to access the full text of the Amending Regulation, please click here