Part 3-45 Questions about Exceptional Turkish Citizenship through Investment
In the previous article, we continued to answering the secound 15 questions about the exceptional Turkish citizenship through investment, and today we will answer the last 15 questions, And by that, we have answered 45 questions.
- When buying a property with the aim of obtaining Turkish citizenship, how do I avoid if the value of this property is unreal? Or not suitable for Turkish citizenship?
We also know that the real estate evaluation equal to $ 250.000 for the property or group of purchased real estate is a basic condition of the real estate being suitable for Turkish citizenship, but how can you make sure that the property you intend to buy has an evaluation equal to its price?
In fact, the Turkish government has appointed several independent and documented real estate appraisal companies with the aim of evaluating the properties that are bought, but as we know Istanbul is a very large city, and sometimes we find modern buildings in the same neighbourhood, old buildings, and therefore if the evaluation of the price per square meter is based on the region, then a correct and appropriate evaluation will not be obtained.
In fact, despite the fact that the evaluation companies take into account several factors other than the price per square meter in the neighbourhood in which the property is to be evaluated, it is certain that buying used or resold real estate gets an evaluation that is less than its real price in the title deed, for example, if you buy a resale property of $ 250.000 according to the title deed, the valuation of this property will start from $ 60.000 (and this happened with a real investor) up to $ 200.000 at best. Therefore, to solve this problem, we always advise our customers to buy a new project in order to obtain Turkish citizenship, because the real estate appraisal in the new projects is completely identical to the property value written in the title deed, and the real estate appraisal procedure for it is a routine work only because it is a condition of submission.
Thus, new real estate is safer in order to obtain Turkish citizenship. As for the resale market or agricultural lands, they have a low accuracy rate and therefore are often not suitable for Turkish citizenship, except that the real estate appraisal of resale properties takes longer while buying a new property that qualifies its owner to obtain citizenship. Turkish in only 90 days.
- What return on investment will I get after 3 years when I can resell my properties?
Real estate investment anywhere in the world, like Istanbul, consists of two factors that make up the investment return, which is the rental return and the property value upon resale later. We will answer this question on the investment return and in the next question about the property value when selling later.
In general, in Istanbul, the rental yield for residential and commercial projects in the center of Istanbul, such as Sisli, Beyoglu, and Maslak, reaches at best 8% annually of the total property value. And by heading to central Istanbul, especially in the areas that are marketed as having the best rental income, such as the Basin Express, we will find that the best real fixed return will not exceed 5% after the end of the guaranteed rental yield years, whether in hotel apartments of 9% for two years or in shops 8% For 3 years.
If we go to the west of Istanbul to the areas of Esenyurt and Beylikduzu and in Bahdesehir, the closer we get to the main roads and public transport stations, the rental return will be better, and in any case, it will not exceed 6% annually.
This general talk includes all types of real estate, but for specific opportunities, the return can be high by more than 8%, and sometimes it may be less than 2%.
Conclusion Istanbul center real estate is more expensive but better in terms of rental return.
- How much will the value of the properties that I bought with the aim of obtaining Turkish citizenship after 3 years?
This mainly depends on the location of the purchased property, and if it is in the center of Istanbul in the areas close to the Bosphorus, then this means that the property increases with time its price increases by the largest share compared to areas far from the center, there are also several other factors that help in the growth of the property price, most notably the purchase of real estate under construction in areas close to the center of Istanbul, the property price head can grow by 35% within 3 years for foreign currencies such as the dollar and it can grow more than 55% for the local currency in Turkey, which is the Turkish lira.
What is unique about Istanbul center real estate is that the valuation is on the basis of the dollar and thus its growth on the basis of the dollar means a real benefit for the foreign investor who owns the capital in the foreign process, while the real estate far from the center of Istanbul grows its prices in relation to the Turkish lira and thus the local investor can feel the benefit of the investment while the foreign investor will be a loss at the end of this investment, regardless of the rental return during these years.
For example, if the real estate price in relation to the Turkish lira grew 20% within a period of 3 years for property far from the center of Istanbul, and for the same period, the dollar inflation against the Turkish lira by 35%, and thus this property constitutes a losing investment for the foreign investor.
There are several other factors that play an important role in the issue of investment success. In order not to prolong the explanation, you can contact our consulting team and get a free consultation for the best investment project that fits your budget and your requests.
- Is it necessary to transfer funds from abroad exclusively for the purpose of obtaining Turkish citizenship?
The basic condition required to apply for Turkish citizenship is the existence of a bank transfer receipt that includes the specifications of the property that will be purchased with the aim of obtaining Turkish citizenship, and no details have been mentioned regarding whether the transfer is from the inside or outside, and therefore in both cases, there is no problem.
- What is the tax number? How do you get it?
The tax number in Turkey (Vergi Numarsı): It is your own number that is sometimes asked for you in legal and official transactions or to open a bank account in Turkey, and this number can be obtained regardless of your official residence in Turkey with ease, through:
- Bring a copy of the passport and know your residence address in Turkey.
- Go to the nearest tax administration (Vergi Müdürlüğü) in your area and request this number from the appropriate employee.
- The employee enters your data into the computer and then gives you a card with your tax number on it.
- Can the property be purchased in instalments in order to obtain Turkish citizenship?
If the first payment is worth $ 250.000 or more, then this property purchased in instalments is suitable for Turkish citizenship, for example, a property worth half a million dollars was purchased through a down payment of half the amount and the rest in instalments over a year, in this case, the property is suitable for Turkish citizenship.
But if you buy a property worth $ 250.000 in instalments, then this property is not suitable for Turkish citizenship.
- Is it possible to buy real estate under construction in Turkey to obtain Turkish citizenship?
Since the real estate appraisal is a prerequisite for applying for Turkish citizenship and therefore we need a title deed for the property to conduct the evaluation and there is no problem if the title deed is a final title deed for a ready project or a floor easement for a project under construction, but in the absence of any type of title deed, this property is not suitable for Turkish citizenship.
- Some advertisements indicate that it is possible to obtain Turkish citizenship for $ 150.000 and sometimes $ 175.000. Is this true?
The basic condition for obtaining Turkish citizenship through real estate investment, according to what the Turkish government stated, is the existence of a real estate evaluation from an independent resident licensed by the state proving that the value of this property is equal to $ 250.000, and in the absence of this evaluation, this means that the property is not suitable for Turkish citizenship.
There are ads that promise an investment return of 10% for a period of 3 years and thus you can recover $ 75.000 out of $ 250.000 after 3 years, and this is if it is correct and documented in a contract that protects the rights of the buyer. In fact, the property that will be acquired has a value that is not equal to even $ 150.000 because the maximum investment return in Istanbul will not exceed 8% in the best case. Thus false promises are paid by the customer with superficial information about the real estate market.
- Can I buy real estate myself without using a real estate brokerage company, and what are the benefits and harms of that?
In principle, this is possible, but it is not beneficial to the buyer, and here is the detail:
Any businessman, trader, or professional owner realizes the meaning of commission marketing, which means selling the product and service by the broker to the buyer at the same price as the seller, and the broker takes a commission directly from the seller.
And the Turkish real estate market is the same process, as the buyer can buy his property at the same price, but at the same price as the brokerage company, but in return, he will lose the services of the free brokerage company before, during, and after the sale.
For more information about our services, please contact us.
- Is it possible to buy agricultural land in order to obtain Turkish citizenship?
In principle, agricultural lands are classified as real estate with a different ownership document from homes and shops. Nevertheless, the Turkish government has not put restrictions on real estate suitable for Turkish citizenship as homes, villas, shops, or lands.
But there is a very important matter, which is the evaluation of agricultural lands, it is common practice in the local market when selling agricultural land that is registered in the title deed at a value much less than its real value in order to avoid high taxes, and therefore the real estate evaluation of a land whose real value is one million dollars may not exceed 200 thousand dollars.
Also in Turkey, there are two laws for foreign ownership of agricultural lands, and the local market is a market rife with competition, as most of the Turkish lands are agricultural, and therefore competition in this market is not easy at all.
As for lands purchased with the aim of establishing real estate on them, they also have conditions and licenses that must be obtained. For more information about owning agricultural lands, contact us to direct your questions to the legal department in our company.
- What are the guarantees provided by real estate brokerage companies regarding obtaining Turkish citizenship by purchasing real estate worth $ 250.000?
As we mentioned earlier, the real estate brokerage company is the link between the seller and the buyer, and therefore the buyer must not pay any financial value to the brokerage company, but immediately to the developer who owns the project who wants to buy it.
Guarantees are the purchase contract provided by the developer in addition to the brokerage company studying the contract submitted to alert the buyer if the contract is fair and suitable for Turkish citizenship or not.
The Turkish government has not established a legal reference for the issue of securing Turkish citizenship, leaving this task entrusted to real estate brokerage companies.
- If one of the children has special needs and is more than 18 years old, can he obtain Turkish citizenship with the parents?
In the case that this son is unable to take care of himself and needs special care, then he obtains Turkish citizenship with the parents, regardless of his age.
- How long is the law on obtaining Turkish citizenship in exchange for buying real estate worth $ 250.000?
The law on granting Turkish citizenship to foreigners in exchange for buying real estate worth $ 250.000 began on September 18, 2018, and continues until the date of writing this article.
There is no specific period for which this law will come into effect or when the required limit rises, which is $ 250.000. It is worth noting that the first limit was one million about 6 months before the announcement of reducing this amount to a quarter.
- In the case that the investor is in a foreign country other than his home country, what are the necessary procedures in order to obtain Turkish citizenship through real estate investment?
In general, the papers required from the home country itself must be secured in the country of expatriation, and because the issue is sensitive and accurate, it is better to contact the legal department in our company to help you in detail according to your original nationality and the country in which you live because there are small differences in this matter.
- What are Right Home's services in terms of the legal and advisory aspect?
The legal aspect:
We have a legal team that has previously succeeded in helping more than 50 families obtain Turkish citizenship and is ready to assist you, too, in obtaining it without any delay within a period of 90 days.
Also, our legal team can assist you in determining the eligibility of the selected properties to obtain Turkish citizenship or not.
We know that Covid-19 has negatively affected travel in the whole world, and therefore there are many clients who bought their properties in instalments that they are unable to pay without coming to Turkey and in this matter, our legal team will always be at your side in order to provide the necessary assistance.
If you want to buy online, appoint a lawyer in our company to buy the property you want exclusively (the power of attorney includes the purchase and does not include the sale in order to guarantee the rights of the buyer) and thus you can obtain Turkish citizenship and create a successful real estate investment while you are in your country with your family.
Any legal case in Turkey related to real estate, we can help you with it, you only have to contact us and write questions, so we will respond to you soon.
The advisory side:
In brief, we provide in the advisory side all the services that the buyer needs before selling (such as information about Istanbul's regions, details about projects, their prices, and their features) and during the sale (free real estate tours with a professional team, negotiation in order to get the best prices and payment method) and after-sales (Obtaining the title deed and Turkish citizenship, even small details such as opening electricity, water, and internet meters, we will be with you in it completely free of charge).