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Immigration to Turkey through citizenship by real estate investment programme

  • 06.03.2024
  • 28970
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Immigrating to Turkey offers new opportunities for living, conducting business, studying, and working. The procedure for obtaining citizenship is relatively straightforward, and relocation and adaptation pose little difficulty.

Turkish authorities actively encourage foreigners to purchase real estate. One measure aimed at stimulating sales is the opportunity to obtain citizenship through property ownership. Amendments to the legislation allowing citizenship by investment have benefited both the state and foreigners. Turkey has seen an influx of capital and high profits for developers, while foreigners have gained the opportunity to quickly acquire citizenship and the associated benefits.

Content

1. Immigration to Turkey in 2024

2. Turkish citizenship by real estate investment programme

3. Immigration to Turkey for permanent residency: citizenship acquisition procedure

4. Purchasing real estate from the developer for citizenship

Immigration to Turkey in 2024

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Immigration involves entering the territory of a foreign country for temporary or permanent residence. To live in Turkey, one must obtain either a residence permit or citizenship.

Residence permits in Turkey come in two forms: short-term (which requires periodic renewal) and indefinite. Obtaining residency is easier than citizenship, but the rights of a resident are more limited compared to those of a citizen. Upon obtaining a residence permit, one becomes eligible to apply for citizenship. However, this requires residing in the country for a minimum of 5 years. Nonetheless, there exists a pathway to expedite citizenship acquisition through real estate investment, with the property’s value mandated to be at least $200,000. This can be a residential unit, commercial property, or plot of land. There are certain restrictions on buying housing in border regions and along the Black Sea coast. Regarding land, the plot’s size must not exceed 30 hectares or constitute more than 10% of the district’s total area.

Conditions for obtaining citizenship through property purchase:

  • The flat or house must cost at least $400,000. The price of the property must be stated in the title deed.
  • The price must be confirmed by an expert appraisal.
  • The seller of the property must be a Turkish individual or legal entity, not a foreigner.

Important information to know when buying property for immigration to Turkey:

  • Turkish title deeds often state a reduced value. As a result, about 80% of real estate in the country fails to meet the requirements of the citizenship acquisition programme.
  • While sellers have the liberty to set any price, failure to substantiate it with a property appraisal report will render the buyer ineligible for citizenship.
  • It is crucial to consider currency exchange rates, especially if the price is listed in Turkish lira. Ensuring that the exchange rate aligns with the required amount is essential. For instance, if the property costs $399,000 instead of the required $400,000, it would invalidate the grounds for immigration.
  • Payments are typically facilitated through bank transfers from the buyer’s account to the seller’s account.

Turkish citizenship by real estate investment programme

The citizenship by investment programme in Turkey has been in effect since 2017. Initially, to obtain a passport, it was necessary to invest in real estate worth $1 million. However, there were few applicants willing to pursue citizenship through this avenue. Subsequently, the investment threshold was reduced to $400,000. This adjustment led to a significant increase in the number of applicants, with 6,700 investors becoming Turkish citizens and injecting approximately $2 billion into the economy within 2 years. The programme has gained substantial popularity in Middle Eastern countries (Iran, Iraq, Afghanistan, and Egypt) and CIS countries.

  • While a Turkish passport may not grant visa-free access to the Schengen Area, the UK, the USA, or Canada, Turkish authorities have successfully generated high demand and substantial capital inflows. Compared to other countries offering citizenship by investment, Turkey requires a relatively modest investment amount, making it particularly attractive.

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Immigration to Turkey for permanent residency: citizenship acquisition procedure

Acquiring citizenship through investment eliminates the need to pass a Turkish language exam. The process involves:

  • Selecting and purchasing real estate;
  • Paperwork preparation;
  • Registering property ownership documents;
  • Obtaining a residence permit;
  • Submitting a citizenship application;
  • Receiving the passport.

he advantages of obtaining citizenship through property purchase include:

  • Time savings: Citizenship can be obtained within 3–6 months.
  • For property purchases totalling $400,000, citizenship can be extended to immediate family members: spouse, minor children, and incapacitated children over 18 years old. Family members’ documents are submitted together.
  • Economic benefits and investment returns: The purchased property can be rented out, and after 3 years, it can be sold while retaining citizenship.
  • The opportunity to maintain one’s original citizenship.

Purchasing real estate from the developer for citizenship

Purchasing property abroad is a significant decision. Whether you plan to reside in the acquired property, rent it out, or sell it after 3 years, it is crucial to choose a high-quality unit that represents a sound investment. Yekta Homes specialises in constructing prestigious residential complexes that adhere to contemporary standards. When you choose us, you are not just purchasing property directly from the developer; you are opting for comfort, safety, and a superior quality of life. Explore details about our properties and view video reviews . on our portal. Reach out to us through any convenient means, and we will assist you in finding the perfect property in Turkey!

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Ali Pazandeh
Salgssjef, Grafisk designer