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Istanbul ID: P002-020st
To discuss all aspects of buying property in Turkey, contact us as below
From September 2018, the minimum investment amount for the purpose of obtaining citizenship was set at US$ 250.000 – in April 2022, however, this minimum amount was increased to US$ 400.000.
All properties purchased in Turkey are subject to evaluation by an independent appraiser and it is this value (as determined by the appraiser) that will appear on the title deed (Tapu). This is to ensure that the price paid for the property is true and fair. In some cases, it may be that the appraiser declares a value lower than that paid by the Buyer – in this respect, those buying property for the purposes of citizenship may have to buy at a higher listed price in order to meet the minimum value requirements.
The value as determined by the appraiser is fixed in Turkish Lira (TRY) and the exchange rate (US$ / TRY) of the day applies.
All foreigners buying property in Turkey are eligible for residency (allowing unrestricted access into the country). So – why not just apply for residency? Well – the benefits of citizenship are as follows:
NOTE: Citizenship will apply to the primary applicant, his or her spouse and any children under the age of 18.
Property purchased for the purposes of citizenship must be purchased from a legally registered real estate company and all monies paid should be through a Turkish bank.
The application for citizenship should include the following supporting documents:
All applicants should process their applicant through an independent solicitor – expect estimated costs of around US$ 5000. In addition, there will be a property tax which is currently set at 4% of the declared appraisal value. In respect of timing, citizenship is normally granted 60-90 days from the initial application date.
What type of Property qualifies the Buyer to apply for Citizenship?
Those persons buying for the purposes of citizenship tend to buy single dwellings (e.g. a villa or large apartment) – there are others, however, that prefer to purchase multiple smaller units. Of course, when buying multiple units, the total value of these must equate to a minimum of US$ 400.000. Options include:
Currently, rental yields in Alanya are 6%-8% of the declared appraisal value.
Stay Property have, arguably, the largest property portfolio of any real estate company in Alanya and a number of our properties are ‘citizenship friendly’ – these include properties that are purchased ‘off-plan’ or at the early stages of construction.
Invest with Stay Property, the fasting growing real estate company in Alanya.