Passports and citizenship requests in Turkey are furnished within a month from the date of application on an average basis. The benefit of becoming a Turkish citizen is that you can get an E-2 business visa to countries like the US apart from permanently residing there.
Precisely, there has been a change in the rules for applying for Turkish Citizenship in 2023. On June 13, 2023, the application rules changed with some helpful additions for people to opt for Turkish Citizenship. Some options can help you with the same that are as follows:
- The basics are Citizenship by birth and marriage.
- Registration of a company in the country and work permit – 5 years.
- Buying a property in the country with a minimum value of $75,000 after 5 years. Apart from this, the investment portion has been raised after the rules change in 2023. The previous investment amount in property stands at $250,000.
Apart from the basics, there are speculations that when you are obtaining a passport, you can also consider investing in property to gain Citizenship in Turkey.
How true is it? And if something like this genuinely exists, what is the minimum real estate purchase requirement for real estate?
Yes, the changed rules allow you to apply for Citizenship if the property investment value is $400,000. It is the minimum amount and can be anything more than this amount. As per the new law that prevails after the date mentioned above, you can become a citizen after making a property investment.
You should know about the Turkish Citizenship by Investment Program (TCBI) launch, which started in January 2017. It accelerated the growth of the real estate sector and has emerged as an excellent opportunity for foreign investors and interested people in the citizenship program since then.
The best part about securing citizenship in this country is that as an investor, you don’t have to give up on your current status of being a citizen. Also, there are no language barriers or exams that you need to take or even know the country’s history. Also, the investment program that helps you become the country’s citizens does not oblige you to live in Turkey.
Property Buying Conditions For Citizenship
The President led the increase in the amount for property investment in June 2023. If you have purchased a property with a market worth of $400,000, or more, you can apply for the process of becoming a citizen. The value of the market purchases that have been bought between January 12, 2017, to September 18, 2018, should be a minimum of market value worth $1 million. Hence, you can begin the process if you are interested in applying for Citizenship and buying a property during this period. But don’t forget to check the property rates to cater to the set availability.
You should know that you are allowed to invest in property in this country under your spouse’s name and also under the name of your children apart from your name. However, it shall be applicable if your children are below the age of 18 years. Also, there has to be a commitment that you are not doing it for the sake of becoming a citizen. You won’t be allowed to sell the property you have invested in for a minimum of three years. The passport shall be issued to you within 3 months.
There are some conditions for applying for the process of investing in real estate that you should know. They are as follows:
- The transaction should be secured with cash.
- The transaction will be complete if you are buying the property from a person who is a citizen of Turkey beforehand.
- You should have a title deed.
- There should be no debt-related issues.
- You can buy more than a single property to meet the minimum investment limit for the process.
The process is simple. But, you should ensure that you buy property in Turkey from an experienced and reliable service provider like primepropertyturkey.com.
Some of the major Turkish cities in which you can consider having your property are as follows:
The average price range in a city center and outside the city center lies between $760 to $2,600 and $540 to $1,300, respectively.
There can be additional charges on this minimum investment if you apply for the citizenship of more than a single person. The cost will increase by $574 for each member applying for the process. Also, there is a difference in the transaction fees of the new properties and those belonging to the resale category. The transfer fee stands at 2% of the total property cost. This is applicable for new properties. However, if the case is of reselling, the cost will increase by 4%. Notary fees are also included, along with professional fees. All these things will be added, and the final expense amount will emerge. There may be additional annual taxes, including the property and luxury tax. Hence, it would be best if you had an idea about the same.
Benefits Of A Turkish Citizenship
If you are trying to have an idea about the benefits that this citizenship will deliver to your doorstep, they are as follows:
- If you gain citizenship, you get an opportunity to access both the Asian and European markets as an investor.
- Moving forward with the process is easier as there is no bar with the minimum residency.
- After becoming a citizen, you get full medical assistance and pension programs available to citizens.
- You get access to free education and plans related to university fee reimbursement.
- If you have the country’s passport, you can travel to more than 110 countries without going through the visa process. To know more about Turkish Citizenship, visit https://immigrantinvest.com/
So, you can become a citizen of Turkey if you have invested in a property. However, there are some conditions that you should be well aware of. The process is not complicated if you have the right consultants helping you and you are doing everything lawfully.