Darren Edwards summarized the process and criteria of obtaining Turkish citizenship with a property investment of $250,000.
1. Invest in real estate worth a minimum of $250,000 in one or more properties. The scheme is only applicable to properties purchased since the 18th of September 2018.
2. The investment should be for a ready title deed meaning that the sub-division has been finalized, and the property is complete or almost complete.
3. Apply for citizenship by investment using a lawyer. Luxury Property Turkey can provide experienced in-house lawyers to undertake the entire process for you.
4. The Turkish government will send a surveyor to value the properties purchased, checking the real value against the money actually paid and what’s stated on the title deed. Again, we can coordinate this process.
5. The next step following the application being accepted is that the deeds office will place a charge over your title deeds preventing any sale of the property for three years. After this period the charge is removed and the property is free to re- sell.
6. The application process takes between 3 to 6 months.
7. Turkish citizenship can be granted to you, your spouse and your children under the age of 18.
A Leader in Obtaining Turkish Citizenship via Investment for Foreign Nationals
Luxury Property Turkey, assisted by independent lawyers and accountants, have now successfully guided several clients from Europe and the Middle East since the program was established. We were among the very first to follow through the steps gaining the necessary expertise to best serve our clients.
Investment Tips for Potential Applicants of Turkish Citizenship
In terms of sourcing the right property investment, there are many options to consider, however, we would recommend options that match the following criteria:
A re-sale property that has been held by the current owner for at least 5 years. In this way, the seller has no capital gain liability and will declare a full price.
Alternatively, a very strong developer who will commit to the same, bearing in mind that a clean and full declaration of the purchase price is a must.
A property with the ability to obtain rental income during the mandatory three year period of ownership is highly recommended.
Geographical Considerations for Investments in Turkey
Consider Bodrum where seasonal income can by far outstrip year long rental contracts in over supplied areas like the new suburbs of Istanbul. By investing in Bodrum, where well off Turks are flooding what is now referred to as ‘the furthest suburb of Istanbul”, you can expect to produce a 10% annual yield on around 14 weeks of rental, leaving lots of time for personal usage. If you opt for Istanbul choose a well established central location, as the golden rule with real estate is always location, location, location.
For a detailed description of the benefits and advantages of Turkish citizenship, read about this in full detail in Darren Edwards’ recent blog.