Buying property in Türkiye, which has gained popularity among foreign real estate investors in recent years, offers a great investment opportunity both in the short and long term. Moreover, there is also a citizenship opportunity for foreign investors who buy real estate in Türkiye. Here are 10 questions that foreign investors who are interested in buying property in Türkiye are curious about…
Türkiye is one of the most popular countries for foreign investors to invest in real estate. Various cities of Türkiye, such as İstanbul, Bursa, Antalya, and Samsun, are drawing the interest of foreign investors. There are several advantages of owning a house in Türkiye for foreign investors. A foreign investor who buys real estate in Türkiye is granted a short-term residence permit, which is renewed every year. Those who purchase one or more properties worth at least 250.000 USD can become Turkish citizens. This process is completed in 2 or 3 months.
Real estate investment in Türkiye has numerous advantages. Firstly, investors who buy real estate in any city have the right to short-term residence, and those who buy real estate worth 250.000 USD have the right to become Turkish citizens. Furthermore, the diversity of the real estate market in Türkiye provides various advantages to foreign investors. It is possible to purchase residences ranging from the middle segment to luxury in certain cities. Moreover, it is quite easy to buy different types of houses such as apartments, detached houses, cottages, or villas.
Additionally, Türkiye’s multicultural structure is also an essential factor in terms of adaptation for foreign investors. It is also easier to adapt to social life, especially in big cities, where there is a variety of social venues such as restaurants, shopping malls, cinemas, theaters, cuisines from different cultures, etc. Moreover, Türkiye’s location is another significant factor for foreign investors. Its proximity to Europe and convenience of transportation are also two reasons for its popularity. The extensive transportation network such as the metro, metrobus, and buses in big cities is also an essential factor. So, what is the process awaiting foreign investors who decide to buy real estate in Türkiye? Here are 8 questions foreign investors are curious about…
1. What documents do I need when buying real estate?
Buying real estate in Turkey is a relatively easy process. Foreign investors who want to buy real estate are required to provide the following documents:
- Title deed or information on the property, passport/country ID showing nationality (with translation if necessary)
- Property valuation report (from the municipality)
- Real estate appraisal value document (not required in some municipalities)
- Compulsory earthquake insurance policy for buildings (residential, commercial, etc.)
- Identification information declaration form and photo (taken within the last 6 months, 6×4 size)
- Foreign identification number determination (if a response cannot be obtained from the immigration office, the process can be continued with a tax number)
- Bank-approved receipt
- Sworn translator (authorized by the Regional Judicial Justice Commission or the Justice Commission of the First Instance Court of Justice) for those who do not speak Turkish. If there is representation, the relevant document (if a power of attorney issued abroad is used for the transaction, the conditions required by the general circular numbered 2015/5 (1767) must be met.)
2. What is a tax number and how can it get?
Tax number is a number requested for legal and official transactions or when opening a bank account. Tax number can be easily obtained from the tax office or online. To obtain a tax number from the tax office, information such as passport copy and residence address in Turkey are requested.
3. How is the value of the immovable property required for citizenship assessed in the land registry?
The sum of the sale price(s) declared in the official deed and/or the sum of the value(s) determined in the sales promise, the sum of the value(s) in the valuation report, and the sum of the transfers/payments, that is, the three types of values taken as the basis for valuation must meet the required value.
4. Where can I get a Valuation (Appraiser) Report?
The report is retrieved from Web Tapu. The General Directorate of Land Registry and Cadastre provides a new online service called Web Tapu, which accelerates and simplifies the title deed process. The service allows you to access property registration information and apply for a title deed without visiting the land registry office. The new system is anticipated to significantly reduce the time and effort required for property transactions and increase the accuracy and transparency of the process.
5. How do I use Web Tapu?
Foreigners can also use the Web Tapu system. The system aims to simplify the property ownership process. The Web Tapu application, which is part of the Web Tapu system, regulates the rules and procedures regarding the valuation reports to be issued for transactions involving foreigners. It enables a user-friendly interface for them to manage property transactions online, including transferring property, updating property information, and making payments.
6. Does the valuation report have a validity period?
The valuation report is valid for three months following the date of issue. The valuation report is valid until the transaction applied for is completed. If the commitment request is submitted 3 months after the date of sale, the report does not need to be renewed on the grounds that the report received at the time of sale has expired.
7. What do you need to do to obtain a “certificate of conformity”?
- After obtaining the commitment not to sell the immovable for 3 years, the transaction documents are sent by the Land Registry Directorate to the competent authority that will issue a certificate of conformity.
- When the “Certificate of Conformity” is issued, it is sent to the General Directorate of Migration Management and the General Directorate of Population and Citizenship Affairs with a cover letter and inform the related person via e-mail.
- After obtaining the “Certificate of Conformity”, a citizenship residence application is submitted to the Provincial Directorate of Migration Management and then a citizenship application is submitted to the Provincial Directorate of Population and Citizenship Affairs.
8. Is it possible to apply for Turkish citizenship exceptionally for previously purchased immovable properties?
For immovables purchased between 12.01.2017-18.09.2018, the value of the immovable(s) must be at least 1.000.000 USD; for immovable(s) to be purchased on or after 19.09.2018, the value of the immovable(s) must be at least 250.000 USD; for immovable(s) for which a sales promise agreement has been/will be issued after 07.12.2018, the value of the immovable(s) must be 250.000 USD.
9. Is it possible to apply for Turkish citizenship exceptionally with immovable properties purchased in shares?
The share value is at least 1,000,000 USD for properties purchased between 12.01.2017-18.09.2018 and at least 250,000 USD for properties purchased on or after 19.09.2018.
10. Is it possible to purchase more than one property to obtain Turkish citizenship?
There is no limit to the number of immovable properties that can be acquired through sale or subject to a sales promise. It is essential to have the sums of values sought by the dates specified in the Regulation.
