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February 2, 2022

Step by Step Process of Real Estate Purchase in Turkey Citizenship by investment

Any foreign investor is able to obtain Turkey citizenship by investment. In some scenarios, it is even possible to use cryptocurrency to get a passport. But it is possible to say that the safest and easiest way is to buy real estate in this country. To do that, the applicant just needs to know details about the purchasing process and all possible underwater rocks. This is a reason to read a step-by-step guide, as it will help in avoiding all problems.

First Step: Do your research 

The first thing to do is to dedicate some time to research. For such investments there are too many residents to buy, so it is not shocking to see so many estate agents all over the country who would like to provide help for any interested person. But the fact is, it is not necessary to get help from professionals if the investor purchased any property in the past and is able to find an appropriate option on a local real estate market.

Investors should not forget that this property should not be sold within 3 years after getting a passport of Turkey. It is possible to buy a residential facility in literally any Turkish region, including Antalya, Bodrum, Istanbul, Yalova, Kalkan, Fethiye. Comparing different options can take some time.

The Second Step: Compare options available on market 

Considering how big of a country Turkey is, residential facilities in different cities are unique in terms of usage scenarios. To compare options, investors are able to either use official online advertising platforms with details over each residence or contact a real estate agent who is familiar with a specific region and can provide advice. It is recommended not to rush and get to know the agent properly. This will allow the investor, who wants to obtain turkey citizenship to get a complete picture of the real estate market in Turkey.

The Third Step: Visit Turkey before you buy and go on a preview trip with Appointed Consultant

If a person would like to receive Turkey citizenship by investment, it is recommended to visit this country in order to get familiar with the city, apartments and residential facilities of the particular region. It is important to know that a chosen real estate will fit the lifestyle of the owner. Preview trip with an appointed consultant will help with diving into details of what to expect from a particular option. At least 4 days are required to compare different objects of property and decide which of them looks like the most interesting one. Now it is time to think about the price.

Fourth Step: negotiate the price and terms of purchase 

To buy property in Turkey and receive a passport, it is important to invest at least 250000 USD in real estate. But it is not necessary to spend more than that. In some cases, it is possible to receive a good discount, if the client will not hesitate to ask for it. Consultant will help to get not only a good price, but also help with understanding terms of purchase of a particular residence. It is important to reserve the property to not lose an opportunity to buy a real estate object.

Fifth Step: Reserve the property 

To freeze its price and be able to invest in Turkey without spending too much in the process, it is recommended to reserve the property. Such an operation usually costs around 1100 USD with no returns policy. Applicants should make a reservation deposit, which is why it is needed to open bank account in Turkey before looking for real estate. Thanks to a reservation, the agreed purchase price will be kept until the completion of the buying procedure.

The Sixth Step: preparing all the documents required to complete the real estate purchase process in Turkey 

To complete the real estate purchase and receive Turkey citizenship by investment, it is important to prepare all the required documents. The most efficient way of doing so is to appoint a solicitor by getting a power of attorney to complete a deal. Such a professional will be able to get all documents ready for an applier. It is necessary to stay in Turkey until the title deed will be obtained.

The Seventh Step: Exchange the agreements and obtain the Title deed of the property 

Thanks to a solicitor, it is possible to exchange agreements in accordance with local law and sign a contract. It takes up to 4 weeks to complete such a process. A help from a professional solicitor is advised, as this specialist will be able to guarantee that the real estate was properly registered on the investor’s name. It all leads to the title deed of property – TAPU. It is paperwork that includes a name of property owner, sales price, map section, measurements, boundary limit, description, etc.

Last Step: Move In 

After all paperwork, it is possible to finally move in and hold this property for at least 3 years after buying it. It is up to the buyer to decide how such a residence will be used in the future. All the hard work is done and it is possible to rest.

Fees & Taxes

It is important to note that in accordance with Turkish regulations law, the buyer will need to pay at least 2% fee for transfer of property rights. The total payment is 4%, but it is divided between buyer and seller, excluding VAT. Also, those buyers who will not reside in the country can get a discount and escape a need to pay 18% of taxes.

LONDON BASED SOLUTIONS ADVISERS – Turkey Citizenship by Investment 

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

  • Property virtual tours, 3-D tours, and in-person tours are available.
  • Due diligence checks and additional property checks are completed by our experts.
  • Residency & Citizenship document preparation and submission.
  • Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.