Which type of real estate to buy to get Turkey citizenship by property investment

Samir is a shareholder in a telecommunications company in Algeria. He receives income earned on his assets and is used to living in different countries: Spain, Thailand, and Turkey. Samir loves to relax in Bodrum in Turkey. He enjoys the clean and cool Aegean Sea, picturesque nature, friendly locals, and well-behaved tourists, most of whom visit the resorts in Turkey from Europe.

The Turkey citizenship program. Samir had already known about this program for two years. However, he only decided to participate in it in 2021 because of the unstable geopolitical situation. A Turkey passport will allow him to live there and travel to 111 countries, get a Schengen visa for 5 years, and open accounts in European banks.

He also read that Turkey’s property market was booming, with house prices throughout the country growing 96% in 2021 on average. Therefore, he decided to invest in real estate there to get a passport. He restricted his search for a villa to his favourite city, Bodrum.

On October 31, 2021, Samir contacted Immigrant Invest on the recommendation of a close friend. One of our Certified Anti-Money Laundering Officers conducted a preliminary Due Diligence on him. The preliminary check showed that Samir should have no problems obtaining Turkey citizenship by real estate investment. Samir then signed an agreement with Immigrant Invest to participate in the Turkey citizenship by investment program.

Elena Kozyreva,

Managing Director for Real Estate projects

After signing the contract, Samir asked us if he could find and buy property in Turkey on his own. We explained that the Turkish real estate market was very specific. Moreover, there were a number of unscrupulous realtors working in the market.

In contrast, our real estate database properties have been thoroughly checked. All the builders and developers related to these properties are reliable. However, Samir did not contact us for two weeks after this meeting. During this time, he travelled to Turkey and concluded a preliminary sales and purchase agreement with a local realtor by himself at his own risk.

Samir chose a villa in Bodrum worth $1,500,000 and paid a 10% deposit on it. When Samir returned home, he immediately called Immigrant Invest, said he had found the property he wanted to buy, and signed a preliminary agreement to purchase it.

However, when our lawyers checked the legal validity of the sales agreement, it turned out that the villa was not eligible for participation in the citizenship program. One of its previous owners had used it to participate in the citizenship program. The Turkish realtor had not mentioned this to Samir.

Foreigners can buy any property in the country:

1. An existing property.

2. A new build.

3. Residential or commercial property.

4. A share in a project under construction.

5. A land plot.

However, you cannot buy a property that an investor has already used to participate in the program.

Elena Kozyreva,

Managing Director for Real Estate projects

When buying property in Turkey for participation in the citizenship program, it is essential to be aware of the nuances of the program. For example, the property’s value in the sales contract must match the valuation of the property by the licensed agent. It is important that another investor has not used the property for participation in the citizenship program.

All payments must go through a bank. The legal validity and eligibility for participation in the citizenship program of all properties in our database have been checked by us. We, therefore, recommend investors select a property from our database and advise them against looking for something on their own.

Buying real estate in Turkey usually takes place in five stages:

1. The investor chooses a property.

2. They conclude a preliminary contract with the seller and make an advance payment.

3. They get a Turkish TIN.

4. They conclude the main sale and purchase contract and pay the remaining property price.

5. They register ownership of the property in the General Directorate of Land Registry and Cadastre (TAPU).

Selection of property. For Algerians, there are certain restrictions on purchasing real estate: they cannot buy housing near military installations or on the Black Sea coast. Samir looked through the catalogue of our properties in Turkey and chose a villa in Bodrum on the Aegean coast.

TIN registration, opening a bank account, and buying a property. As soon as Samir chose the property he wanted, Immigrant Invest’s lawyers sent a proposal to purchase the property to the seller and concluded a preliminary sales contract on his behalf. Samir then paid 10% of the cost of the real estate.

At the same time, he received an individual tax number (TIN) in Turkey, which is required to register a property and open a local bank account.

After opening a bank account, Samir and the real estate seller signed the main sales contract. He then paid the remaining cost of the villa.

Property registration. After transferring the money, Samir received a certified copy of the Act of real estate registration in the General Directorate of Land Register and Cadastre (TAPU). Property buyers also receive a Certificate of Eligibility from the Ministry of Environment and Urbanisation and a Real Estate Appraisal Report. These documents confirm that the property complies with the conditions stipulated in the citizenship program.

Vladlena Baranova,

Head of Legal & AML Compliance Department, CAMS, IMCM

Property appraisals for the citizenship program are carried out by companies licensed by the Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board (SPK). The appraisal cost depends on the area and the municipal fees, costing $150 on average.

$1,248,150: Samir’s costs to participate in the Turkey citizenship program by property investment

• $1,200,000 — property cost

• $48,000 — tax, 4%

• $150 — real estate appraisal

Examples of properties in Turkey

Turkey, Izmir

$1,000,000+

Two-floor villa with a swimming pool near the sea

140 m²

3

3

Turkey, Istanbul

$280,000 — $2,020,000

Furnished apartments in a prestigious area of Istanbul

55 m² — 200 m²

1—3

1—3

Turkey, Istanbul

$124,000 — $510,000

Apartments and commercial premises in a premium residential complex

40 m² — 162 m²

2—3

1—2

As soon as he paid for the property, Immigrant Invest’s lawyers began to prepare Samir’s documents required for participation in the citizenship by investment program.

Preparation of documents and submission of application for a residence permit. To apply for Turkey citizenship, the investor must first obtain a residence permit in Turkey. It is issued immediately after they purchase a property eligible for participation in the program.

Documents required for a Turkey residence permit application:

1. Application for a residence permit.

2. Copies of ID card and passport.

3. A bank statement confirming sufficient funds to live in Turkey during the residence permit’s validity period.

4. Receipts of payment of the fee for the issuance of a residence permit card.

5. A valid medical insurance policy.

6. The contract for the sale of real estate.

7. The certificate of ownership of real estate (TAPU).

Immigrant Invest’s lawyers translated the documents into Turkish, apostilled them, and submitted the application and required package of documents to the Turkish Citizenship Program Department on behalf of Samir. The residence permit card was issued two weeks later.

Application for citizenship by investment. After being issued a residence permit card, Samir was able to apply for citizenship by investment. For this, Immigrant Invest’s lawyers prepared the following package of documents:

1. The application form filled out in two copies.

2. An investor’s profile.

3. Copies of ID cards and all family members’ passports are included in the application.

4. Birth certificates for all family members.

5. A marriage certificate.

6. A valid medical insurance policy.

7. A certificate of no criminal record.

8. A copy of the Turkey residence permit.

9. A bank statement confirming payment for the selected real estate.

10. Act of real estate registration from the General Directorate of Land Registry and Cadastre.

11. Certificate of Eligibility from the Ministry of Environment and Urbanisation.

12. Real Estate Appraisal Report from the company licensed by the Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board (SPK).

13. A power of attorney granted by the investor to one of Immigrant Invest’s lawyers.

14. The receipt of payment of the state duty for the issuance of a passport.

An investor does not need to travel to Turkey to apply for citizenship. They can issue a power of attorney to a licensed agent. Immigrant Invest’s lawyers submitted Samir’s documents to the Provincial Directorate of Migration Management in Bodrum. The state fee for consideration of the application was 15 Turkish lira, or about $1.

The investor’s application and documents were considered over three months at the General Directorate of Population and Citizenship Affairs and the Ministry of Interior in Turkey. The application was approved on May 20, 2022.

Issuance of passports. Samir was issued a Turkey passport on May 24, 2022: he decided to pick it up himself and, at the same time, take a holiday in his favourite city, Bodrum.

6 months: Samir’s participation in the Turkey citizenship program by property investment

1

October 30, 2021

Samir contacted Immigrant Invest

2

+ 1 day

Preliminary Due Diligence

3

November 1, 2021

Contract signed for the provision of Turkey citizenship services

4

+ 14 days

Samir negotiated with the seller to buy a villa and lost $150,000

5

+ 1 day

He selected property from Immigrant Invest’s database

6

+ 1 month

Documents related to the sale prepared

7

+ 45 days

Samir opened a bank account

8

+ 1 day

Transfer of investment

9

+ 2 weeks

Getting a residence permit card in Turkey

10

+ 1 day

Applying for citizenship

11

+ 3 months

A citizenship application considered by the government

12

May 24, 2022

Samir was issued a Turkey passport

1

October 30, 2021

Samir contacted Immigrant Invest

2

+ 1 day

Preliminary Due Diligence

3

November 1, 2021

Contract signed for the provision of Turkey citizenship services

4

+ 14 days

Samir negotiated with the seller to buy a villa and lost $150,000

5

+ 1 day

He selected property from Immigrant Invest’s database

6

+ 1 month

Documents related to the sale prepared

7

+ 45 days

Samir opened a bank account

8

+ 1 day

Transfer of investment

9

+ 2 weeks

Getting a residence permit card in Turkey

10

+ 1 day

Applying for citizenship

11

+ 3 months

A citizenship application considered by the government

12

May 24, 2022

Samir was issued a Turkey passport

Samir was granted Turkey citizenship by property investment and can now travel to Turkey at any time he chooses, even when the borders are closed to tourists.

With a Turkey passport, Samir can also travel freely to 111 countries, such as Japan, Hong Kong, and Singapore. He can also apply for a 10-year tourist visa to the United States.

If in the future Samir wants to move to the United States, he will be able to register a company there and get an E‑2 business visa for 5 years.

A Turkey second citizenship also gives the investor access to the services of foreign banks and the option of keeping their savings in an international bank in hard currency.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.