Real Estate And Turkish Citizenship
There has been a change in Turkey’s laws when it comes to offering citizenship to foreigners who wish to purchase property in the country.
The changes were proposed specifically to increase property sales in the country which spells good news for foreign investors. The move is a critical part of the economy since it will fuel the struggling financial sector admirably well. If you wish to become a citizen of the country as a foreign national in order to make real estate investments, you need to fulfill certain requirements first such as:
- Only those who purchase Turkey real estate worth $1 million are eligible for this. The changes being implemented also provide citizenship to foreign nationals who wish to invest $2 million and have at least $3 million in a separate bank account for at least 3 years. Either that or they should create at least 100 jobs in the country in order to be eligible.
- You will get a residence permit once you have a property in your name in the country. Once you renew it after 5 years, you can apply for a citizenship. In other words, you need to stay at least 185 days in the country to be deemed eligible for citizenship.
- There is no restriction regarding property values in Turkey real estate.
- You need to have a competent authority backing you when you apply for citizenship in Turkey. Even if you have all of your documents signed and delivered you may still have a hard time convincing the authorities to approve. You need to live as a resident in the country for at least 5 years to be a citizen and that is when you can get your residence permit.
- The easiest way to get a residence permit and to make it last as long as possible is to buy real estate in Turkey. This can be done via mail or individually to be presented to the Council of Ministers. Your citizenship will not affect your spouse’s and your children will be accepted as citizens when both you and your spouse are.
- In case you lose your residence permit you can re-apply easily.
- The best way to get a Turkish citizenship is to marry a Turkish citizen but your citizenship will be valid 3 years after the marriage. Plus, the couple should be living with each other during this time and should not pose a threat to national security.
ALAProperty has been aiding foreign investors and especially those from the Middle East make lucrative investments in real estate in Turkey whether they are citizens or not. We started operations back in 2010 and have head quarters in Istanbul. These investments have resulted in big returns with aid from strategic marketing practices for apartments in Istanbul as well as residential villas.
For more information contact us by dialing +90 212 235 64 14 or just fill out our query form with any detailed questions you may have. We will get right back to you.