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Domestic and foreign-based real estate investors in Turkey
Despite potential risks such as a depressed housing market, dealing with foreign laws, fluctuating exchange rates, etc., cross-border investment is expected to accelerate as domestic investors seek high returns abroad and foreign investors take advantage of currencies. The steadily rising influx of capital into UK, Turkey and Pakistan limited supply of product have altered the way the game is played.
Real Estate in Turkey for Foreigners
Turkey welcomes foreign investors due to its advantageous programs. An investor may become eligible for Turkish citizenship upon purchase of real estate worth at least $250,000, in any area of Turkey. This program is called “The Turkish Investor Program”, which is a privileged citizenship program.
The program enables an investor to receive a Turkish Passport with same rights as a Turkish citizen, including the right to live, work, and enjoy easy access to the Schengen zone countries. Furthermore, through this program, for which demand is increasing every day, investors may also have the right to work and set up their own business. They can also have access to education and healthcare services in Turkey. In short, when applying for Turkish citizenship, an investor may easily have a Turkish passport and become a Turkish citizen with full rights.
How Does the Citizenship Application Process Work in Turkey?
When you buy property/properties, with a combined value of at least $250,000, you can apply to the Tapu Office (General Directorate of Land Registry and Cadaster), and request to obtain Turkish Citizenship.
Your application is. sent to the Ministry of Environment and Urbanization, whose Appraisers check and verify the value of the property. The Ministry then places a statement on the Tapu (title deed) stating that you may not sell it for 3 years.
They then send your application to the General Directorate of Population and Citizenship Affairs. You are later invited to give your signature and receive your ID card and Turkish passport. Do not forget all nationalities who are able to buy property in Turkey, may apply for Turkish citizenship by investment.
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