At Color Investments, we help our clients for citizenship need after real estate purchase. Our properties are at the ideal location for those looking to become Turkish citizens. This modern residential development offers an excellent opportunity to experience the full range of city life privileges in a tranquil and peaceful setting.
Introduction
In order to keep the financial resources of the countries alive and to contribute to the country’s economy, many countries today grant citizenship through the acquisition of real estate.
Therefore, the purchase of real estate and citizenship, which constitutes a sub-category of citizenship by investment, is a right given to people who own a home by the countries in which they invest when certain conditions are met. In order to recognize this right, our country has also included some regulations. So much so that it is one of the preferred methods in terms of facilitating the granting of citizenship to foreigners who buy a house in Turkey.
People who want to acquire Turkish Citizenship buy a house, provided that it is above a certain amount.
Thus, these people, who meet the citizenship requirements specified in the legal regulations with the acquisition of real estate, are granted citizenship after a certain period of time.
In this information bulletin, the conditions for obtaining Turkish Citizenship through real estate investment and how these conditions will be fulfilled will be explained.
Conditions of Turkish Citizenship by Real Estate Aquisition
If it is considered to apply for the acquisition of Turkish citizenship by purchasing real estate, the first step for foreigners will be to open a bank account in Turkey after obtaining a tax registration number from the tax offices in Turkey. As a matter of fact, these processes are important in terms of documenting the sales prices.
In this way, another important issue in the citizenship application is to find an immovable.
However, it is necessary to determine whether the value of this immovable to be purchased meets the amount stipulated in the law.
For this reason, a real estate valuation report in accordance with the Capital Markets Board valuation standards should be prepared by the Capital Markets Board licensed appraisal firms for the real estate that is considered to be purchased.
It should be noted that the prepared report is received within 3 months at the latest from the application date. As a matter of fact, valuation reports exceeding this period will not be taken as a basis for the application.
Subsequently, the value in US dollars of the price in the valuation report showing the market fair value of the real estate will be calculated over the effective selling rate or cross rates announced by the Central Bank of the Republic of Turkey on the date of determination.
The calculated price will be sent from the buyer bank account to the seller bank account. However, the foreigner who bought the immovable will accept and declare that he will not sell this immovable property for 3 years due to the acquisition of Turkish citizenship, and the title deed registration will be made after the completion of this whole procedure.
In order to acquire Turkish Citizenship by real estate investment, after taking a commitment not to sell the real estate for 3 years, the transaction documents are sent by the Land Registry Directorate to the Foreign Affairs Department of the General Directorate of Land Registry and Cadastre.
The Department of Foreign Affairs is the authority authorized to issue a Certificate of Conformity.
Afterwards, the application is sent with a cover letter to the General Directorate of Migration Management and the General Directorate of Population and Citizenship Affairs. The applicant will be informed via e-mail.
After receiving the Certificate of Conformity, a residence permit application must be made to the Provincial Directorate of Migration Management and then a citizenship application to the Provincial Directorate of Population and Citizenship Affairs.
Second Method within the Scope of Acquiring Turkish Citizenship by Purchasing Real Estate: Promise of Sale Contract
There are actually two methods within the scope of acquiring Turkish citizenship by purchasing real estate. One of them is to purchase the immovable before the title deed, and the other is to make a sales valley contract before the notary public, which is a method applied especially in the purchase of immovable from the project. However, it should be noted that this contract is notarized. As a matter of fact, legal regulations do not consider real estate sales promise contracts not made before a notary valid.
In the case where a citizenship application will be made with a notarized sales valley contract, a process different from the other method does not apply. Only a contract will be made before a notary public and an annotation will be placed in this contract stating that the contract will not be transferred or canceled for 3 years.
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