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.

 

Investment Options of Turkey Citizenship by Investment

People who are interested in Turkey citizenship by investment should look for a way to obtain one in Turkey. This country gives a number of options with requirements. There is even a way to obtain a citizenship by investment with a cryptocurrency, so everyone is able to find the option that would feel great enough for a particular person. It is important to know requirements and possible options of this program.

General Program Requirements and Investment Options

According to general program requirements of investments in Turkey citizenship, every person will need from 3 to 6 months to complete this process. Investors should be acknowledged about a couple of requirements:

  • Search for a real estate to buy;
  • Start a business in Turkey to make further investments in this country;
  • Open a deposit!

All people who would like to obtain a citizenship will need to open a bank account to pay taxes. There are a couple of popular investment options at the moment – buying real estate, investing in fixed capital, Turkish bank account deposis, investments in government bonds, real estate investment fund share, setting up a company on a territory of this country or real estate investment fund share, venture capital investment fund share. It is worth dedicating a moment and learning more about all of these options to know exactly which one is the most efficient one.

Acquisition Process of Real Estate

It is possible to obtain Turkey citizenship by investment in real estate. A person should buy a commercial or residential property on the territory of this country that is worth at least 250000 USD and not sell this building for at least 3 years. Only after obtaining a passport, is it possible to get rid of buildings on a real estate market. At the moment, it is the most popular investment plan. It is important to know about additional payments, such as the 4% fee for a transfer of property rights.

It is up to the investor to decide which city to choose for a real estate acquisition process. Most people who are interested in obtaining a local passport are looking forward to buying a residential complex in the capital of this country. Once the commercial or residential facility is purchased, the investor needs to apply to the government to get citizenship.  It is worth mentioning – it is possible to buy a number of properties to qualify for Turkish citizenship. Some buildings may have lower prices than required investment amounts. In that case, a person can buy a couple of small apartments with a combined cost of more than 250000 USD.

Investment in Fixed Capital

Those who do not want to buy property in Turkey, can apply for citizenship by making an investment in fixed capital of at least 500000 USD equivalent to Turkish Lira. It can be done by purchasing a company with a corresponding share price. The investor is also able to deposit the right amount in the local company, which will also act like a fixed capital investment. To acquire citizenship of Turkey, investors should visit this country to submit their fingerprints and sign official documents. Any other procedure can be done remotely via the internet in accordance with local laws. At this moment, there are no nationalities restrictions, which means citizens of any country in the world are able to invest in the fixed capital of Turkey.

Deposit in Turkish Bank Account

Some people would like to invest in Turkey by making a 3-year fixed deposit of 500000 USD in one of the local banks. First thing to do in this case – open bank account in Turkey that would allow to make such a transaction possible. It will be one of the easiest ways of obtaining citizenship. But there is one tricky thing – it is not possible to terminate an agreement that was previously signed with a bank before the expiration date of this document, because the opportunity to get Turkish citizenship will be lost.

Investment in Government Bonds

It is possible to get Turkish citizenship by investment in government bonds. A fairly easy method, as a person just needs to buy state bonds and hold them for a period of 3 years in order to apply for citizenship. The amount of money to invest in this case is the same, like in the case of all other options – at least 500000 USD.

Real Estate Investment Fund Share or venture capital investment fund share

Investors can put their money into a venture fund or real estate investment fund in order to qualify for citizenship of this country. It is not that hard, as it may look at first, as conditions are pretty much the same, like in all other scenarios – a person cannot terminate investments during a period of 3 years to get a Turkish passport without any problems with the law.

Set up a company and create 50 full time jobs

Big money investors are able to set up a company to gather at least 50 employees and get a legal way of obtaining citizenship. It is important to have a gross minimum wage and hire a minimum number of employees for at least half a year to have legal rights to apply for a passport. After getting it, the company can be closed and technically, there are no regulations in terms of the unemployment process after receiving a citizenship. So, it is possible to release all employers from work, once the passport is received.

The question that bothers a lot of investors is the ability to buy an existing company with at least 50 employees. It is possible, but in fact, it is still needed to wait for at least 6 months after becoming an employer. Which is why it is hard to recommend such a way of obtaining a company, as in most cases it will be much easier and cheaper than buying an existing one.

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.

 

Guide “How to Open a Bank Account in Turkey”

Our Guide on “How to Open a Bank Account in Turkey” will make applicant’s life easier, but legal rules maybe a little complicated – a couple of unique features of the banking system of this country. It is necessary to have information on Turkey law and rules of a specific financial institution. This information is important for any person, who would like to get a citizenship by investment without problems with a local law. First thing that should be highlighted – the operation of the banking system.

Banking System in Turkey

All financial transactions are possible for overseas citizens, who are acknowledged about different types of Bank Accounts. They include:

  •     A current account;
  •     Credit card account;
  •     Gold savings account;
  •     Participatory account!

Depending on what kind of account was opened, the ability to deposit and withdraw money can be limited due to the banking system policy in Turkey. To open an account in this country, applicant need a residence permit. All financial institutions of this region work under this condition. It is necessary to get all documents that would help to obtain a residence permit and then work around the banking system in Turkey.

Most relatable local and international banks in Turkey

Before making any kind of investments in this country with either fiat money or cryptocurrency, it is important to know about the most popular and respected banks in Turkey. They include such financial institutions, like:

  •     Ziraat Bank;
  •     Akbank;
  •     Garanti;
  •     Vakifbank;
  •     Halkbank;
  •     Yapi Kredi;
  •     Isbank!

These 7 banks have been on the market for decades and even centuries in some cases. There are good enough reasons to trust these banks – good history of business lending, long history of existence, a large number of contributors, good stocks of foreign currencies.

How to open a bank account in Turkey

For any foreigner, who is interested in investments, it is important to understand the basics about opening a bank account in Turkey. First of all, such a person needs to gather all the necessary documents, including:

  •     The passport;
  •     Individual tax number code;
  •     A recent utility bill from the home country or Turkey!

Depending on a specific institution, there can be some additional requirements for foreigners. It is recommended to check them via the official website of a bank by choosing a specific city or region of the country.

List of banking services are provided in Turkey

Before getting Turkey citizenship, it is important to get more information on everything related to local banking services. They all depend on what type of account a person has opened. For a current account, it is possible to transfer money, checkbook transactions, make direct debit payments, pay taxes or bills, exchange currencies, buy gold or silver, make trade orders. It is, unfortunately, cannot be used for online shopping.

In the case of a credit card account, a person can use it for online payments without any limitations. A minimum of 1000 TL is required to open a credit account in any Turkish bank.

For Turkey citizenship by investment, a person should open a participatory account. It helps to work with making money through interest operations and real estate payments. With the help of a participatory account, it should not be a problem to buy property in Turkey. For gold savings, there is a separate account dedicated to such services. It is possible to use it in order to save money from deflation of a local currency. The gold can be bought at any moment with a minimum limit of 0.01 grams per transaction.

How to transfer funds & Fees

The question that bothers many people, who would like to invest in Turkey is how to transfer funds and what fees should be paid in the process. First of all, there are no limits in terms of the amount of money that can be brought into this country. But it is important to say there is a limit of money that can be taken out of the country – 5000 USD.

To transfer money from a hometown bank account to the one presented by Turkey bank, it is recommended to contact customer service of a specific financial institution to get more details on any possible fees during online money transferring. Some investors withdraw their money in their home country via ATMs, before they open bank account in Turkey to exchange them for lira personally without any third-party solutions. It is important to note that such a way can be a little expensive, as not all ATMs are offering free of charge withdrawal.

Recent updates on Immigration by Investment program for Fixed Capital Investment Option

To support Lira, a government decided to update Turkish citizenship by investment program. All foreign investors will need to hold their money in the local currency, instead of dollars or euros. Also, all money received as a part of property sales to foreigners will also be converted to Lira via local banks. In 2022, investors should own real estate with a minimum price of at least 250,000 USD in order to get citizenship.

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.

Citizenship by Investment can be acquired with Cryptocurrency

Money should be used by a person not only to buy goods, but also as a tool to improve living conditions. It is important to know everything about investments and how they can help in acquiring citizenship. This is a fairly popular topic in the modern world, especially for crypto enthusiasts, who can get the most out of such an offer.

What is citizenship by investment

Over the past decades, such a thing as citizenship by investment has changed a lot. Initially it was only available to very rich people, but nowadays, even regular internet users, who have cryptocurrency, are able to find a couple of valuable solutions to invest their digital coins. It is possible, thanks to a number of online services and a couple of interesting offers from a number of countries around the world.

Do all countries accept cryptocurrency

Users should be ready that not all countries around the world are positive about cryptocurrencies. In most cases, the government makes people go through a number of tests to prove that money earned through crypto are legal and were not used for money laundering or other scam schemes. It is important to know the law and be prepared for different requirements from a specific government.

Does Applicant have to give up current citizenship 

It all depends on a specific country the investor decides to move to. As an example, Vanuatu citizenship gives people a chance to have two citizenships simultaneously. Same goes for a couple of other countries as well, so it is recommended to look for this information on official government websites of a specific country. 

How to provide Legal Proof of Income with Cryptocurrency?

People who are using cryptocurrency to save the value of their money, should have no problems with providing a legal proof of income. A statement can be generated with a statement from the crypto account on an exchange website or in the crypto wallet. It should include an account holder name and number of digital coins in comparison to fiat money. It can be a PDF file or a screenshot with information on the account.

A person who will review a legal proof of income with cryptocurrency, can ask for a link to a website that shows the value of the cryptocurrency in USD. Cryptographic proof of ownership is also required in some cases. This process may be different, depending on a specific country’s laws and regulations.

Can Applicant Use Crypto to Pay Donations

Not all countries accept crypto for donations. In countries like El Salvador, there are no problems with cryptocurrency donations, as they are fully supported as a payment method on a government level. In other cases, digital assets holders will need to make donations using exchange services and signing contracts with officials. Most often, applicants will have to use third-party assistants to make such donations possible. 

Investors should understand that virtual assets transactions are not typical. They can take up to a couple of weeks for the operation to be complete. High-velocity transactions should involve fiat, at least for now. 

Which Countries Offer Citizenship by Crypto Investment

There are a number of countries that offer citizenship by crypto investment. They include:

  • El Salvador;
  • Dominica;
  • Grenada;
  • Saint Kitts and Nevis;
  • Antigua and Barbuda;
  • Vanuata;
  • Saint Lucia

These countries invite digital coins investors to acquire citizenship by investment in popular cryptocurrencies. Such operations are completely legal, which is confirmed by the Bill on Virtual Assets. Many Caribbean countries offer citizenship by investment programs.

Will Applicant pay tax on their cryptocurrency

Every investor should understand that most countries that allow the usage of digital assets as a legal tender, have a tax-free policy for all foreign people who would like to get a citizenship. But it is important to admit that by donating money for Vanuatu citizenship, the applicant will have to pay a fee. On the other hand, Antigua and Barbuda have a tax-free structure for all crypto owners, so it is possible to become a citizen of this country without paying additional fees. It is recommended to learn more information on each country separately, using their official government websites.

LONDON BASED SOLUTION ADVISERS – Citizenship by Investment 

Full Support with our Solution 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 available.

– Due diligence checks and additional property checks 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.

Montenegro Extends ‘Golden Passport’ Program

Government of Montenegro on 30th December 2021 extended its citizenship by investment program until December 2022. It was announced that the program now has stricter conditions for gaining economic citizenship. New applicants will pay €100,000 to the state budget of Montenegro and another €100,000 for regional development.

According to Gov Data, 108 foreign citizens have obtained Montenegrin citizenship by buying apartments in hotels or by donating money to underdeveloped areas in the country.

Detailed Investment Options offered the citizenship to investors who invested at least 250,000 euros in undeveloped regions in the north of the country or 450,000 euros in more developed regions in the centre and south with additional contribution of  €100,000 to be paid to the government of Montenegro.

LONDON BASED SOLUTION ADVISERS – Montenegro Citizenship

Full Support with our Solution 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 available.

– Due diligence checks and additional property checks 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.

What are the best places to buy Real Estate in Turkey for Russian Investors?

According to our experience, Russian Investors prefer houses and apartments in Antalya and Alanya, on the Mediterranean coast. For example, Russian buyers are less interested in Istanbul and Bursa, whereas many other foreign buyers buy real estate in Turkey.

A typical Russian investor is 35- 50 years old. Usually, they come from big cities in Russia. These Russian customers see buying a home in Turkey as a summer villa for a long vacation with their children and other relatives. Turkey is a beautiful country with a perfect warm climate, delicious food and fresh fruits and vegetables all year round.

Many Russians buy apartments in Turkey’s vacation area for investment purposes. The new Turkish Citizenship Regulations are also one of the reasons Russians are investing in Turkish real estate. In 2018, Ankara simplified the rules for obtaining citizenship. To get a Turkish passport, you had to invest $1 million in real estate in advance. Now $ 250,000 is enough.

Turkish passports provide visa-free access to Japan and Singapore, and Russian citizens interested in the Asian market may be interested in Turkish citizenship. At the moment, interest in European real estate is declining and interest in Turkey is rising. According to Russia’s Forbes, Russia’s interest in Spanish assets is diminishing. In 2018 Spain submitted more than one-third (35.1%) of all applications and in 2019 only 18.4% of applications.

Turkey Citizenship Investment Options

Become a permanent resident of Turkey by choosing one of the following three qualifying investment options. The requirement for maintaining the investment is a minimum of 3 years from the date the residence permit is granted.

1. Property Acquisition From $250,000

  • Acquire residential or commercial property with a deed restriction not to sell for 3 years from the date of purchase, Investors have the right to acquire several properties, as long as the total amount complies with the requirements.
  • The property can be let for rental income, or sold after 3 years from acquiring citizenship, without affecting the applicant’s citizenship.

2. Capital Transfer From $500,000

  • Fixed-asset investment confirmed by the Ministry of Industry and Technology OR
  • Deposit $500.000 cash in a Turkish bank for a minimum of 3 years OR
  • Buy government bonds with the potential to receive interest as income, Investments to be kept for 3 years.

3. Creation of 50 Jobs or Business Investment

  • Set up a business and create jobs for at least 50 Turkish employees.

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.

Photo by Dima Pima on Unsplash