Valuation for Foreign Investors and Citizenship
With the circular dated 15.02.2019 and numbered 2019/1 published by the General Directorate of Land Registry and Cadastre (TKGM) affiliated to the Ministry of Environment and Urbanization of the Republic of Turkey, ‘real estate valuation report’ has been imposed on foreign nationals not only in the application for citizenship but also in all sales transactions to which they are parties as buyers or sellers.
International valuation standards and other legislation and implementation principles shall apply to valuation reports to be prepared by real estate valuation organizations authorized by BRSA in accordance with this circular, which is valid as of March 4, 2019 and expands the field of activity of the valuation sector.
T.R. Citizenship: With the “Regulation on the Amendment of the Regulation on the Implementation of the Turkish Citizenship Law” published in the Official Gazette dated 9.09.2018 and numbered 30540, it will be sufficient for foreigners to purchase 250.000,-USD real estate in order to gain Turkish Citizenship. Whether the value of the real estate declared in the title deed exceeds USD 250,000 or not is approved by the Capital Markets Board (CMB) Real Estate Valuation Companies and Real Estate Valuation Companies included in the BRSA list.
Turkish Citizenship by Investment
You can acquire Turkish Citizenship by purchasing a property in Turkey that is worth a minimum of $250,000. The spouse and children who are less than 18 years old will also be granted Turkish Citizenship. It is also suitable to keep multiple citizenships due to the Turkish Citizenship Law.
How to Obtain Turkish Citizenship by Investment?
Acquire a Property Which Worths at Least
Deposit In a Turkısh Bank at Least
Acquire Government Bonds Worth at Least
Steps of Property Acquisition:
1) At the first step, obtain a Tax Registration Number
• Tax registration number can be obtained from any tax office in Turkey.
• Passport and photos must be submitted.
2) Open an account in a Turkish Bank
• Passport and tax registration number must be submitted.
• It is required to provide an official document (such as Public Utility Bill) todemonstrate your current address.
3) Purchase a Property which worths a minimum of $250,000. Alternatively, it is
also allowed to purchase multiple properties worth a minimum of $250,000 in sum.
• Bank transfer docuements and transaction receipt are required.
• Get Title Deed Registry and/or Notarized Sales Contract stated as “Not To Be Sold For 3 Years.
4) Obtain your Conformity Certificate
• Obtain a valuation report prepared by a valuation company authorised by the Capital Markets Board of Turkey.
• Submit the Bank Transfer Receipt.
• Apply to the Ministry of Environment and Urbanization.
5) Apply for the Turkish Residency and Turkish Citizenship
• Provide the required documents and apply to the Directorate General of Migration Management.
Requirements for Real Estate Investment
• Investors are required to purchase a property in Turkey which is worth a minimum of $250,000. Alternati vely, this can also be achieved by investing in multiple properties which reach the same amount of investment.
• Following the acquisition of the property, investors are required to keep the property for at least 3 years. This commitment must be registered as a statement on the title deed records and/or on the sales contract which is approved by the notary.
• The value of the property has to be determined by a valuation company which is authorised by the Capital Markets Board of Turkey. As Denge, we are authorised by the Capital Markets Board of Turkey, and the Banking Supervision Board. The value of the property must be determined at least $250,000 in the valuation report.
• The amount of the transaction must be paid to the seller via bank transfer. The buyers are obliged to present the bank receipts to prove that the transaction fee is transferred to the seller.
• The officially declared value of the property must be a minimum of $250.000 at the time of the Notarized Sales Contract and/or of its ownership transfer at the Land Registry Office.
• Any such property within this scope must not be registered under and foreign real person’s name including the applicant’s spouse or children.
• All documents related to the application will be sent to the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs, Directorate of Foreigners
Department, through the Ministry of Environment and Urbanization, Land Registry Office.
Steps for Turkish Citizenship Application by Real Estate Investment
Facts About The Programme
• Time Condition for all Investments is 3 years.
• You can be a Turkish citizen with the condition that you can take back all investments along with legal revenu es 3 years later.
• You can sell your property once the required time expires and Turkish Citizenship is granted.
• Applicant’s spouse and children who are less than 18 years old will also be granted Turkish Citizenship.
• You are not required to live in Turkey to participate in the Programme.
• You can keep multiple citizenships along with your Turkish Citizenship.
• Birth Certificate.
• Certificate of Residence.
• Certificate of Identity That Shows All Family Members as the Husband, Wife and
Children, Marriage Certificate, Divorce Certificate.
• Health Insurance.
• 12 Biometrics Photos.
• Original and Notarized Turkish Translation of These Documents.
• Power of Attorney.
• Application Forms.
Valuation Consultancy for Turkish Citizenship
In addition to the legal requirements, valuation reports are always for your benefit. Valuation reports will make you learn all the legal issues, legal restrictions and conditions about the property subject to the investment. The market value and the rental value of the property is estimated in an accurate way. You can also request this report in your native language. We can provide you with the reports in every language you need. We have served thousands of clients who needed this service as a company regulated by the Capital Markets Board of Turkey and the RICS. We are ready to help you with all our experience, if you need to obtain a valuation report, across 81 cities in Turkey.