Purchasing property in Turkey is an increasingly popular choice for global citizens. Under the amended Turkish Land Registry Law (No. 2644, Article 35), foreigners are eligible to buy real estate in Turkey. Furthermore, the country offers a direct fast-track path to Turkish citizenship through property acquisition.
1. The Citizenship by Investment Scheme
Foreign investors can obtain Turkish Citizenship (along with their spouse and children under 18) by purchasing property valued at a minimum of $400,000 USD. Key requirements include:
- The property must be held and not sold for at least 3 years. This restriction is annotated on the title deed (Tapu) registration.
- A certified Real Estate Valuation Report must be obtained from an authorized agency to confirm the property's market value.
- The purchase price must be transferred via bank transaction from the buyer's account to the seller's account. This transaction must be documented with bank receipts (Dekont).
- The funds must be converted from foreign currency to Turkish Lira via the Central Bank of Turkey (DAB document) before the transfer.
2. Legal Due Diligence in Property Purchases
Before transferring any funds, it is crucial to perform comprehensive legal checks on the property:
- Encumbrances & Mortgages: Verify at the Land Registry Office that the property is free of liens, mortgages, foreclosure decisions, or other annotations that could hinder the sale.
- Building License (İskan): Check if the building has a occupancy permit, which proves that it was built in compliance with local regulations.
- Preliminary Contract: Ensure that any preliminary sales agreement signed at a Notary is legally binding and protects your deposit.
The Importance of Legal Representation
Real estate transactions in Turkey involve strict administrative and banking compliance procedures. A professional real estate attorney ensures that contracts are drafted securely, title registry checks are done thoroughly, and the citizenship application is filed accurately without delays. For inquiries, you can contact our firm.
Frequently Asked Questions (FAQ)
How to Apply for Turkish Citizenship by Investment?
- Property Purchase: Buy a property worth at least $400,000 USD.
- Certificate of Conformity: Apply to the Land Registry Ministry for validation.
- Investor Residency: Obtain a special residency permit under Article 31/j.
- Citizenship Petition: Submit the final dossier to the Census and Citizenship Office.