How Turkey citizenship by investment in real estate helped Akbar save his assets

Akbar wanted to invest in real estate abroad profitably to protect his savings in an unstable economic environment. The Turkish market attracted him: the cost of the residential property there is growing by 20‑25% annually.

At the same time, Akbar heard about the Turkey citizenship program for investors and decided to get second passports by investment in real estate for himself, his wife Farhat, and daughter Rehana. In this way, he could invest profitably and prepare a safe haven for himself and his family in case it was needed. The Turkey citizenship by investment program allows the investor to sell the property after three years, recover their initial investment, and retain their second citizenship.

It was important for Akbar that a Turkish passport would allow him to easily and freely open bank accounts abroad, and he would then have the opportunity to keep his savings in a freely convertible currency.

Using the example of Akbar’s story, we describe in detail how to get Turkey citizenship by investment in property:

• we make you aware of the problems that can arise if the price of the real estate in the purchase and sale agreement does not correspond to its market price;

• we describe the steps you need to take to get Turkey citizenship by investment.

To apply for Turkey citizenship, you need to buy real estate costing $250,000. Akbar had a budget of up to $300,000. We offered him a choice of several properties. However, he noticed that comparable properties selected by Immigrant Invest were being offered to him at a higher price than the company he had approached earlier.

Akbar,

Owner of a network of veterinary clinics

I saw apartments in a residential complex in Alanya, similar to those I had looked at earlier, for $250,000. The apartments were almost 300 square metres, contained four bedrooms, and were half an hour’s walk to the sea.

However, Immigrant Invest was offering them at a price that was $50,000 higher. It surprised me, and I asked Immigrant Invest’s lawyers why this was so.

Akbar provided Immigrant Invest’s lawyers with copies of documents for buying a property that he was offered by the previous company he had contacted. We checked the developer and the property for the legality and transparency of the purchase-sale transaction. It turned out that the property was overpriced and significantly different from the property offered by Immigrant Invest.

The previous company’s apartments were in a building built in 2019. An Immigrant Invest’s real estate representative visited the property and photographed it. The photographs shown to Akbar by the seller were two years old and did not represent the actual state of the apartments.

A licensed appraiser’s report must be submitted with the real estate purchase and sale agreement and the citizenship application. The amount indicated in the appraiser’s report confirms whether the investor has met the financial conditions stipulated in the citizenship program. The cost written in the purchase-sale contract is not a confirmation that the investor has met the minimum investment requirement.

If Akbar had purchased the apartment proposed by the previous company he contracted for $250,000, he would still have had to buy real estate costing $50,000 to be eligible to apply for Turkey citizenship by investment.

Akbar decided to cooperate with Immigrant Invest.

Akbar,

Owner of a network of veterinary clinics

Immigrant Invest offered me a choice of several properties within my budget that were suitable for me. The value stated in the purchase-sale contract for each property matched the price in the appraiser’s report.

Akbar and his wife chose a four-bedroom duplex in a residential complex under construction in Alanya for $269,000. The apartment is two kilometres from the sea, with a swimming pool in the building.

Examples of properties in Turkey

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

Turkey, Istanbul

$812,000 — $1,777,000

Modern and stylish apartments in European part of Istanbul

78 m² — 179 m²

1—3

1—2

Akbar applied to Immigrant Invest in June 2021.

Before signing an agreement with Akbar, our lawyers carried out a preliminary Due Diligence check to make sure that there was no negative information circulating on international databases regarding Akbar or his business.

Vladlena Baranova,

Head of Legal & AML Compliance Department, CAMS, IMCM

The preliminary Due Diligence check identifies the risk of denying citizenship or a residence permit. Akbar receives income from shares in the form of dividends, has no criminal record, and none of his visa applications in the past have been denied.

He successfully passed our preliminary Due Diligence and was eligible to participate in the Turkish citizenship program. So we agreed that we would act as his agent in applying for residency and citizenship.

1. Registering a TIN, opening a bank account, and buying a residential property. Immigrant Invest’s lawyers sent an offer to purchase a residential property to a real estate seller in Turkey and, on behalf of Akbar, concluded a preliminary sale-purchase agreement.

Property appraisals for the Turkey citizenship program are carried out by companies licensed by the Banking Regulation and Supervisory Agency (BDDK) and the Capital Markets Board (CMB). The cost of the appraisal depends on the area and the municipal fees. On average, it costs $150.

We also helped Akbar receive an individual tax identification number (TIN) in Turkey. It is required to register a property and open a bank account.

After Akbar received his TIN and opened a bank account, the developer and Akbar signed a sale-purchase agreement for the residential property selected by Akbar. Then Akbar transferred the money for the property to the seller. At the end of the first stage, Akbar received a certified copy of the act of registration of real estate in the land cadastre (TAPU).

$280,126: Akbar and his family’s cost for participation in the Turkey citizenship by investment program

• 269,000 — property purchase

• $10,760 — property tax 4%

• $150 — property valuation

• $210 — fee for production of residence permit cards

• $6 — fee for submitting citizenship by investment application

Individual cost calculation for Turkish citizenship

Get the cost calculation

2. Preparation of documents and submission of application for a residence permit by investment. To apply for Turkey citizenship, you need to have a valid residence permit. At the same time, you do not need to live in the country. The residence permit is issued immediately after the applicant purchases real estate.

The required package of documents for a short-term residence permit:

• application for a residence permit;

• copies of foreign passports and ID cards;

• bank statement confirming sufficient funds to live in Turkey during the period of validity of the residence permit;

• receipts for the payment of the fee for the production of a residence permit card;

• valid medical insurance policy;

• contract for the purchase-sale of real estate;

• certificate of ownership of real estate (TAPU).

Immigrant Invest’s lawyers translated the required documents into Turkish, apostilled them, and submitted them with the application to the Department of the Turkish Citizenship Program on behalf of Akbar. Two weeks later, Akbar received his residence permit card.

3. Application for Turkey citizenship by investment. When Akbar received his residence permit, he could apply for citizenship. Immigrant Invest’s lawyers then prepared the second package of documents required for the citizenship application.

We have listed below the main documents that are required for a Turkey citizenship by investment application:

• the investor’s application in two copies;

• investor’s profile;

• a copy of the passports and ID cards of all family members included in the application;

• birth certificates for all family members;

• marriage certificate;

• valid medical insurance policy;

• certificate of no criminal record;

• a copy of the Turkey residence permit;

• bank statement confirming payment for the residential property;

• confirmation of the fulfilment of the financial investment obligations stipulated in the citizenship by investment program by the General Directorate of Land Register and Cadastre: the Certificate of Conformity (TAPU);

• investor’s power of attorney for Immigrant Invest’s lawyer;

• receipt of payment of the state duty for the issuance of a passport.

Akbar was not required to travel to Turkey to submit the application. Based on the power of attorney, Immigrant Invest’s lawyers transferred Akbar’s documents to the Population Directorate (Nüfus Müdürlüğü) for the registration of the civil status and citizenship acts at the place where the property was purchased. The state fee for consideration of the application is 15 Turkish lira.

The investor’s application and documents are considered for three to four months at the Population Directorate and the Ministry of Interior in Turkey. Akbar’s application was approved on November 30, 2021.

4. Obtaining passports. In December 2021, Akbar, his wife, and their daughter received their passports at the Turkish Consulate General in Karachi. They did not have to leave Pakistan.

6 months: Akbar’s participation in the Turkish citizenship program

1

June 2, 2021

Akbar contacted Immigrant Invest

2

+ 1 day

Preliminary Due Diligence

3

+ 5 days

Real estate selection

4

June 8, 2021

Signed an agreement for the provision of services to support his Turkish citizenship application

5

+ 1 month

Documents prepared

6

+ 45 days

Opening a bank account

7

+ 1 day

Transfer of investment

8

+ 2 weeks

Obtaining a Turkey residence permit card

9

+ 1 day

Application for citizenship

10

+ 3 months

Consideration of citizenship application by the Turkish government

11

December 6, 2021

Akbar and his family received their Turkish passports

1

June 2, 2021

Akbar contacted Immigrant Invest

2

+ 1 day

Preliminary Due Diligence

3

+ 5 days

Real estate selection

4

June 8, 2021

Signed an agreement for the provision of services to support his Turkish citizenship application

5

+ 1 month

Documents prepared

6

+ 45 days

Opening a bank account

7

+ 1 day

Transfer of investment

8

+ 2 weeks

Obtaining a Turkey residence permit card

9

+ 1 day

Application for citizenship

10

+ 3 months

Consideration of citizenship application by the Turkish government

11

December 6, 2021

Akbar and his family received their Turkish passports

The Turkish passport helped Akbar achieve his main goal: to get the passport, he had bought real estate in Turkey, opened a bank account abroad, and received second citizenship. Now he and his family can travel to Turkey anytime, even when tourists with valid visas cannot enter the country, for example, during a pandemic.

Akbar,

Owner of a network of veterinary clinics

My wife loves Asia. She always dreamt of visiting Singapore. With a Turkish passport, the whole family could go there for the New Year. We just bought our tickets and flew there without complications or waiting for a visa!

Akbar loves to travel with his family and immediately applied for a Schengen visa. Turkish citizens receive a C‑2 visa immediately for five years. With this visa, you can stay in the Schengen area for up to 90 days in any 180 days.

A Turkish citizen can visit 111 countries without visas, including Japan, Singapore, Hong Kong, and Jamaica. In addition, Turkish citizens can be issued a tourist visa to the United States immediately for 10 years.

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