Turkey citizenship by investment program is the shortest route to obtain a second passport. But you need to make notes about a couple of things. First, you might not get your invested amount back. Secondly, these are just like citizenship by donation programs that give you a passport to the country in exchange for money.
Fortunately, Turkey has a booming real estate market. If you are an intelligent investor, chances are you will double the money in quick time. Additionally, with this program, you will with free travel options, reduced healthcare costs, and enjoy all the privileges like local residents.
Is Turkey citizenship by investment program best for you?
Although Turkey experiences its share of political unrest, it’s considered quite a safe place to call home. Moreover, if you are a high-earning investor, chances are you will reap rich rewards from this program. Buying a second passport always makes sense. It guarantees you a place to work, live, retire, and seek refuge if necessary.
Turkey offers some unprecedented benefits for second citizenship holders that you will not find anywhere else. Applications have seen an upsurge after the recent COVID-19 pandemic.
Find A Property After Applying to the Turkey citizenship by investment program
Turkey is a vast country with lucrative options for real estate investment. As a foreign citizen, you can buy residential properties in Turkey even before enlisting for the program. You can also start a construction project which needs to be approved by the ministry of construction. Prices of properties are compared to other hotbed tourist destinations. There are stamp duty, land charges, legal fees, and miscellaneous paperwork that needs to be completed.
Points to Remember Before Purchasing Property in Turkey
Foreign investors who have applied for Turkey citizenship by investment program and looking for real estate opportunities should keep these points in mind:
- Try to visit the country in person for property hunting
- Hire a reputed real estate agent and discuss your options
- It's best to hire a local Turkish lawyer when looking to make commercial investments
- You can’t buy more than 30 acres of land in Turkey
- You should have an insurance policy before buying a Turkish property
- You need to pay registration charges, real estate tax duty, and notarization fees before purchasing property
Essential Tips For Turkish Property Purchase
There are a few points that you can follow before buying properties in Turkey. Let’s take a look at a few:
Always Seek Advice
It’s best to seek advice from a local lawyer before making any property investment. The legal firms are aware of property dealings in Turkey and would make a smooth deal.
Choose Your Neighborhood
Not all locations in Turkey presents a rosy picture. If you have enough capital, you can choose Istanbul and it’s surrounding areas. Take some help from a real estate investment consultant about the local market price before making any commitment.
Scrutinize All Documents
You Should go through all the documents before making the final call. Get some professional help if the paperwork seems overwhelming.
Inspect The Property Physically
Although you might have agents posted in Turkey, yet it’s best to pay a personal visit to inspect the property. You will get a first-hand view of the plot, structure, and talk to the owner.
The buying process used to take around 12 weeks. Still, the new amendment in Turkey citizenship by investment program has drastically reduced the waiting time. Once the deeds are ready for issue, lawyers from both parties will draw a contract to complete the transaction. Recent property law amendments will help foreign buyers get TPAU or title deeds faster.
