Investment Into Turkish Real Estate
Turkish Citizenship has never been more affordable with the recent amendments to citizenship law that now allows an investor to achieve Turkish Citizenship through investing only $250,000 in the Turkish Real Estate market. This is a big reduction on the prior investment level of $1,000,000 US and has made the Turkish citizenship program one of the most sought after internationally for investors. This move by the Turkish Government is estimated to double the amount of foreign investment into real estate, likely to hit around $10 billion US.
Part of the stipulation to investors seeking foreign investment is that the investment into the property must be maintained for a period of three years or more in order for the investor to maintain their Citizenship in Turkey. There is however no requirement to reside in Turkey to achieve or retain citizenship.
The process is fairly straightforward, and our recommendation would be that the investor travels to Turkey to view some different property options. With Istanbul being the largest city and offering the best rental yields, the advice from our real estate team would be to look to purchase in the Istanbul Real Estate Market. However, our professionals can help you, no matter where you would like to purchase your property.
Turkey Allows Dual Citizenship
Before you travel to Turkey, you can review different options of property investment and narrow down to your preferred choices. Once you arrive in Turkey, one of our experts will show you around the different property options so that you can decide on which one you would like to proceed with purchasing. Terranova Global will organize a private property valuation to ensure that the property meets the criteria of $250,000. Once purchased, a Title deed will be obtained, as this needs to be submitted in conjunction with the rest of the documents and application form.
As part of this application, an investor can include a Spouse as well as children under the age of 18. For the investor as Turkey allows Dual Citizenship, there is no need to revoke current nationality. There is also very little restriction on who can apply through this pathway of Real Estate investment in Turkey. Currently only Syrian nationals have been highlighted as not being eligible for this program. There are however other routes that Syrian nationals can apply including bank deposit.
No Need to Declare on International Earnings
The investor can also have peace of mind that The Turkish Government do not require declarations on international earnings which avoids tax payment on international earnings. In addition, for further peace of mind there is currently no inheritance tax in Turkey.
Applying for Turkish citizenship through this path takes a little longer than the bank deposit route. Mainly because there is a property purchase required and the Title Deed of the property must be issued before the application can be submitted. Currently, applications are taking approximately six months from the date of submission. This is due to the fact there is not one single Citizenship by Investment unit in the Turkish Government. Therefore, the application gets passed around different departments for the due diligence as well as well as the processing of the application. There will also be the need for the main applicant only to travel to Turkey a second time for identification by the Government and the processing of the biometrics. The rest of the family will be able to do this at their local Turkish embassy.
Terranova Global will be with you every step of the way through your application from providing a document list for our clients to collate to assisting with the property purchase. Being a Turkish company, we have a lot of experience in dealing with the Turkish Government and our legal department will be responsible for filing the application and then following it through the different departments until Citizenship is finalized. Once you have the passport in your hand you will have all the same rights as Turkish citizens including access to free healthcare and education.