Applicants must purchase a property in Turkey worth at least S400,000.
This can be fulfilled either by purchasing a single property or multiple properties under the provisions of the Ordinance.
-Applicants must keep the acquired property for at least 3 years.
This obligation must be recorded as an endorsement on the title deed and/or on the notarized purchase agreement.
-The value of the property is determined by an official appraisal prepared by the authorities announced by the Banking Regulatory Authority. The value of the property in the appraisal must be at least 400,000.
-Such real estate may not be registered in the name of a foreign real person, including the applicant’s spouse or children; real estate transferred by the applicant’s spouse or children after 01.12.2017 does not fall within the scope of the regulation
The application shall be submitted through the Ministry of Environment and Urbanization, Land Registry Office, to the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs, and Department of Foreigners. IN REAL ESTATE INVESTMENT APPLICATION:
Step 1: GETTING A TAX REGISTRATION NUMBER:
- Tax registration numbers can be applied online or at any tax office in Turkey.
- Original passport and current address required
STEP 2: OPENING A TURKISH BANK ACCOUNT
- Documentation of transactions during the purchase phase is required
- original pass and tax number are required
- An official document (e.g., a public utility bill) showing your address is required
STEP 3: FINDING THE PROPERTY:
- Total value of $400,000 or equivalent in Turkish Lira (single or multiple units).
- Construction contract or title deed ready
- Habitability permit issued
- Suitable for an official valuation
STEP 4: BUYING THE PROPERTY
Transfer Procedure: To avoid exchange rate fluctuation and protect the interests of the buyer, a circular was issued by the Ministry of Foreign Affairs on 21/01/2022. The new regulation states that buyers must purchase a “Foreign Exchange Purchase Certificate” and the procedure is as follows:
US dollars, euros, and British pounds will be accepted as currencies in a foreign exchange purchase.
The real estate purchaser in Turkey. First, this foreign currency is sold to a central bank through your bank in Turkey, stating the reason before the title deed… Then the sale transaction is made for the foreign currency sent by the bank in exchange for the foreign exchange purchase certificate The amount in Turkish Lira recorded in the foreign exchange purchase certificate is reported to the Land Registry Office for the title deed as the official sale price in Turkish Lira
STEP 5: OBTAINING THE CERTIFICATE OF CONFORMITY:
- Application, and submission of an official valuation report.
- Submission of the transfer bill
- Application to the Ministry of Environment and Urbanization
STEP 6: APPLICATION FOR TURKISH RESIDENCY:
- Collect the necessary documents
- Application to the General Directorate for Migration Management
STEP 7: APPLICATION FOR TURKISH CITIZENSHIP
Compile the necessary documents Apply to the General Directorate for Migration Administration. Read more about Properties Title Deed in Turkey