Turkey is no doubt one of the best countries in Europe to buy real estate. Due to the many benefits for foreigners, more ex-pats are looking to own several properties in the country. Apart from the obvious benefits of property ownership in Turkey, the country has a very profitable real estate market. For ex-pats looking to buy properties in the country, they must understand the ins and outs of the Turkish real estate marketplace.
Turkish citizenship by buying Property in Turkey
The government recently initiated the Turkish Citizenship by Investment program. This means that if you can purchase properties with a total value of $450,000 or more, you will become a Turkish citizen. This application is usually processed for about 120 days. As a Turkish citizen, you have the freedom to travel to such countries as Singapore, Japan, and Hong Kong.
Expat investment in the real estate market of Turkey
In Turkey, there are various investment opportunities. Many foreign investors prefer to invest in the country to get dual citizenship which takes about 120 days to be fully processed. Foreign buyers can purchase real estate while in their countries. The Turkish real estate market does not restrict foreigners with numerous rules. It comes with simple regulations which enable foreigners to buy either one or multiple real estate properties. For an expat to become a Turkish citizen, they will need to invest in the Turkish real estate market. They will also need to hold the asset for about 3 years or more. As soon as the three-year period is over, they can choose to sell off the property.
Tips for foreign property investors in Turkey
Foreigners looking to invest in the Turkish real estate market can choose to buy property and land in the country. They can buy real estate assets using their names. However, the property has to be located in a town or an urban area. They are barred from buying properties in rural regions or villages. They are also not allowed to purchase any properties located within a military zone. Wherever a foreigner is buying a property, that location has to have a municipality as the property should be located within the boundary of that area.
Benefits of buying Turkish real estate
Many benefits come with buying properties in Turkey, which involve Turkish citizenship and many more. The market is also very profitable for investors looking for quick revenue. The property tax in the country is relatively affordable and it also allows you to live the amazing lifestyle that you have always dreamed of.
An Ex-pat’s Route to Becoming a Turkish Citizen
As an Expat, you can easily become a Turkish citizen by buying real estate property. You can choose not to become a citizen and buy an ordinary property or house. However, as soon as your total real estate investment gets to $450,000, you are eligible to become a citizen of the country. This is the process of becoming a citizen of the country:
Investment type
You should choose the right investment that you want in the country. In this case, it is real estate investment.
Eligibility certificate
Based on the investment that you have done, get your eligibility certificate.
Get your bank account in Turkey
As soon as you have your certificate, you need a bank account to deposit your money.
Residence permit in Turkey
When you get investment approval from the required authority in Turkey, then you are ready to make an application for a Residence Permit in Turkey.
Invest
invest by disbursing the money and collecting all the essential documents.
Make your Turkish citizenship application
On the confirmation of your investment, you can then make an application for Turkish citizenship.
