Being a Turkish Citizen Through Real Estate InvestmentHow to Get Citizenship in Turkey
After buying a property in Turkey with a worth of at least $250,000 and finishing a certain process, you will be ready to make an application to the General Directorate of Population Registry and Citizenship.
Documents and Details
Following acquiring the land register, you must make an application to the General Directorate of Land Registry and Cadastre together with the title deed and certification for suitability pointing that every transaction is done properly to the rules. Later this institution places a commentary on the title deed a registration document declaring that you are not able to sell your real estate for a minimum of three years.
Prior to applying for being a citizen, the application for a residence permit must be made. The application for being a Turkish citizen is made by collecting required certificates like the documents of the bank transfer, property appraisal report, title deed verification certificate and residence permit. Then you should send those to the General Directorate of Population Registry and Citizenship.
The Assessment of the Application
Subsequent to the request is made, the responsible officials assess the request in the next phase. It must be reviewed if there is a problem according to the legislation such as a threat to state security. This investigation is administered by the Turkish government’s commissioned institutions. At the verification stage of the citizenship request, the Territorial Security Directorate would invite you to proceed to the required interview to collect your fingerprints. If there is no problem, your application will be approved by the president of Turkey.
Do not forget that all foreigners who have the money for buying a property in Turkey can apply for Turkish citizenship by investment.
Taxes and Extra Charges
Primarily, there are two significant types of taxes that you must think of while buying a property in Turkey. The first tax is called Value-Added Tax (VAT). The area, condition, place, etc. of the property you prefer is estimated according to the distinct factors in the Value-Added Tax. It may be %1, %8, or %18 depending on particular standards. Also, there is an opportunity for people from foreign countries who are purchasing a property in Turkey, such as an exemption from Value-Added Tax.
A different type of tax you must take into account is the expense of the title deed transaction. The cost of this is designated by the Land Registry and Cadastre Office. It is calculated as %4 of the property acquisition cost. %2 of this is given by the purchaser and %2 by the seller.
Additionally, title deed transaction charges may be paid by the construction firm of the real estate project. However, if you will make an investment in a project within the scope of urban redevelopment, you may make use of an exemption plan for the tax which comprises the payment of title deed transaction too.