In light of the increase in the number of real estate investors in Turkey, the number of obtaining Turkish citizenship through real estate ownership in Turkey has increased in recent years, as the real estate sector in Turkey has witnessed unprecedented strong vital support from the Turkish government and the many facilities it provided within the real estate sector, which encouraged the turnout of real estate investors to invest their money in Turkey.
Real estate ownership in Turkey
It has become very easy to own real estate in Turkey for foreigners, tourists and foreign residents, and it is also easy to transfer property ownership from the old owner to a new Arab or foreign owner, This is compared to the restrictions and complications adopted by the policies of the European Union countries today, Where the procedures for registering the property in the name of the foreign buyer in Turkey is a simple official procedure that takes place in the Department of Lands and Land Registry (Tapu ve Kadastro Dairesi) in the city in which the purchase is made.
Conditions for owning real estate in Turkey
- Obtaining a security approval from the Turkish Armed Forces (at least for one month, Knowing that this condition only applies to adjacent properties and close to the military areas).
- The area of the property to be purchased should not exceed 30 hectares at the level of Turkey, A foreigner can own a larger area, up to twice that, provided that he submits his project within two years, after which he purchased this land.
Arab countries entitled to own real estate in Turkey
It is now possible for all Arab countries to own real estate in Turkey, according to the conditions. The repeal of the reciprocity law was approved, and everyone has the right to own property according to certain criteria, and the law entered into force on May 15, 2012.
Taxes and registration fees for real estate ownership in Turkey
- When you buy a property or an apartment, you need to pay the registration fees and taxes for transferring ownership of the property in Turkey, which are as follows:
- Translation and attestation of the buyer’s passport to the Turkish language: 50 USD.
- Fees for obtaining a property title deed (Tapu) in the name of the new owner: 60 USD.
- The tax for owning a property in the Turkish Republic is at the rate of: 3.9% of the total property value.
- Fees for calling a sworn translator “English-Turkish” and registered with the Syndicate of Translators in Turkey: $100 USD.
- Fees for submitting an application for transferring ownership of the property (to be paid to the map office at the Land Department and Land Registry): 200 USD.
- Annual municipal fees, which are at the rate of: 0.03% of the property value, Payable at the city’s municipal palace every year in the month of May, This is in exchange for services related to the civil organization of the municipality.
Other steps take place after completing the property registration process in Turkey
- Registering the water meter in the name of the new owner: The water meter is fully registered, costs 200 USD and is a one-time payment. The name of the owner of the meter is also transferred from the old owner to the new owner, as it costs 60 US dollars to be paid only once.
- Registering the electricity meter in the name of the new owner: When owning real estate in Turkey, the electricity meter of the property is registered in the name of the new owner. The registration of the new electricity meter costs 150 USD, While it costs to transfer the name of the owner of the meter from the old owner to the new owner: $40 one-time payment.
- Annual mandatory insurance against earthquakes and natural disasters: Where the insurance costs USD 2 / square meter on the property.
- Monthly fees for residential complex services, including monthly water, electricity and gas bills, It can also be linked to a bank account in a Turkish bank branch. Provided that the amount is transferred to the account of the Population Union Committee in the housing complex, Automatically and monthly during your absence from the apartment in Turkey
Real estate regulation in Turkey
The real estate to be built and of its various types follows its organization (the percentage of construction in exchange for the land area) for each municipality to which the intended land belongs, and it varies from one region to another and to the conditions surrounding the plot of land. There is no planning that follows a specific law through which the construction percentage can be calculated
The percentage of construction per plot of land also changes according to the periodic study of the municipality to which the intended land belongs whenever there is a need according to the urgent changes in that area. The municipality to which the land belongs must be reviewed to find out its building plan.
The mechanism of selling real estate in Turkey
When you want to sell the property in Turkey that you own, the seller must pay the value of 15 to 35% of the value of the profit resulting from the purchase and sale value within a period not exceeding five years of ownership and with the exception of the value of 8000 Turkish liras of the value of the total profit (that is, if the value of the profit does not exceed This number, the seller does not have to pay any tax)
As in the event that the buyer of the property and the seller of the property agree, and it is customary in Turkey, the buyer pays 10% of the value of the agreed property as insurance to complete the sale of the property or apartment.
Obtaining Turkish citizenship by owning real estate in Turkey
It has become easy to obtain Turkish citizenship through owning real estate in Turkey. After the amendment of the Turkish Citizenship Law for Investors in 2018, It has become easy to obtain Turkish citizenship in return for a real estate investment of only 250 thousand dollars instead of one million dollars, After the approval of the amended law, real estate investment rates in Turkey increased significantly in 2018 and 2019 significantly after amending the real estate law.
But there are conditions approved by the amendment of the Turkish citizenship law through real estate ownership in Turkey, which are: Purchase of real estate worth at least $250,000, and pledge not to sell it for three years, Under the property ownership, the owner has the right to apply for Turkish citizenship.
It is noteworthy that the Turkish passport occupies an advanced world position, It is ranked 39th in the world. It scored 114 points on the Visa-Free Travel Index, It allows its holder to enter more than 72 countries without obtaining a prior entry visa. The Turkish passport holder can also enter more than 42 countries with an entry visa issued upon arrival. More than seven countries grant Turkish passport holders an electronic entry visa via the Internet.
The recently approved legal amendments contributed to accelerating the pace of foreign investors, especially Arabs, to own property in Turkey for the purpose of obtaining Turkish citizenship. Indeed, investors began to obtain Turkish citizenship after completing transactions at a record speed. The waiting period after completing the official papers does not exceed a maximum of forty-five days.