• 2024-05-23 06:01:26

REAL ESTATE AND CITIZENSHIP ACQUISITION

REAL ESTATE AND CITIZENSHIP ACQUISITION

What Foreigners Need to Know About Acquiring Real Estate in Turkey

• The acquisition of real estate titles in Turkey is only approved through registration at land registry offices.

• Preliminary real estate agreements arranged by notaries or in writing with individuals do not alone constitute the transfer of real estate. These preliminary agreements only serve as a commitment to transfer ownership, and the property does not change hands through such documents.

• The property may have encumbrances such as mortgages, liens, and other restrictions that could prevent its sale, which must be checked at the relevant land registry office before initiating any procedures.

• Inquiries about properties can be made online at parselsorgu.tkgm.gov.tr, where province, district, neighborhood/village, map section, and parcel information can be used to search. This allows access to fundamental information about the property, including its current status, from anywhere in the world. However, the personal details of the owner are not accessible.

• Foreign nationals do not need to have a residence permit as a prerequisite for acquiring real estate in Turkey. Additionally, foreigners who purchase real estate in Turkey are granted a renewable short-term residence permit under Law No. 6458 on Foreigners and International Protection.

• Individuals or legal entities aiming to acquire real estate in Turkey must apply to the General Directorate of Land Registry and Cadastre together with the property owner. They can also schedule appointments without visiting the offices in person by calling the 24-hour service hotline at Alo 181 or by visiting randevu.tkgm.gov.tr.

• On the other hand, foreign capital companies in Turkey must first apply to the Provincial Directorate of Planning and Coordination (İPKM) in the governorate where the property is located. After receiving a positive response from İPKM, they must then apply to the Land Registry Office. These companies can apply in person, by mail, or via email.

 

According to the new regulations published in the Official Gazette on September 18, 2018, the scope and amounts determined are listed below. Foreigners who meet any of the following conditions can obtain Turkish citizenship by the decision of the President of the Republic of Turkey:

• It has been determined by the Ministry of Industry and Technology that a fixed capital investment of at least 500,000 USD or its equivalent in foreign currency has been made.

 • It has been determined by the Ministry of Environment, Urbanization and Climate Change that real estate worth at least 400,000 USD or its equivalent in foreign currency has been acquired with a condition annotated in the title deed records that it will not be sold for at least three years.

 • It has been determined by the Ministry of Labor and Social Security that employment for at least 50 people has been created.

 • It has been determined by the Banking Regulation and Supervision Agency that a deposit of at least 500,000 USD or its equivalent in foreign currency has been placed in banks operating in Turkey, with the condition of holding it for at least three years.

 • It has been determined by the Ministry of Treasury and Finance that government bonds worth at least 500,000 USD or its equivalent in foreign currency have been purchased, with the condition of holding them for at least three years.

 • It has been determined by the Capital Markets Board that real estate investment fund shares or venture capital investment fund shares worth at least 500,000 USD or its equivalent in foreign currency have been purchased, with the condition of holding them for at least three years.

 • It has been determined by the Insurance and Private Pension Regulation and Supervision Agency that an individual pension system contribution of at least 500,000 USD or its equivalent in foreign currency has been made to funds specified by the Insurance and Private Pension Regulation and Supervision Agency, with the condition of staying in the system for at least three years.

Invest.gov.tr