Turkey is attracting foreign investors with its geopolitical position, natural and cultural richness, transportation facilities, trade industry, nightlife, and congress tourism, along with its ever-growing economy. Particularly real estate industry in the country is known for being the most profitable and stable sector, earning top dollar to the national and international investors. Mega projects and sectoral dynamics keep creating opportunities and adding value to the properties, whether they are residential, commercial, or industrial.
The real estate industry contributes to Turkey’s economic growth enormously. Particularly housing construction and the ensuing 250 sub-sectors are the fundamental building blocks of its economy, both in terms of expansion and employment. 1,348,729 houses were sold in 2019 alone, approximately 40,000 of which were sales made to foreigners. The main reason for the recent increase in the figures is the new regulation about citizenship by investment program introduced in 2018. Accordingly, foreign investors who purchase a property worth a minimum of $400,000 without paying value-added tax can obtain Turkish citizenship,
provided that they will not sell it within the first three years. Their spouse and children under 18 are also eligible to acquire a Turkish passport that brings many benefits. These include dual citizenship, visa-free travels to numerous countries, working opportunities, healthcare and insurance services, and no minimum residency requirement. But apart from the said legal advantages, we should emphasize on the financial gains of owning a property in Turkey. For investors who are seeking for new assets to add to their portfolio, Turkey remains a good option given the property abundance in the market and increasing demand for housing. The
return of investment rate reaches up to 12% in Istanbul, where the most sought-after houses are present. Other cities such as Antalya or Bodrum are also great investment zones, hosting millions of tourists every year.
Here are what you need to do to obtain Turkish citizenship:
1. You need to find your investment property.
Apart from identifying your ideal estate, this step includes getting a Turkish tax registration number and opening a bank account in Turkey. Not only will Trem Global provide you with numerous housing options but also guide you through all the paperwork you have to handle after given a power of attorney.
2. You need to acquire a certificate of eligibility.
Is the property you have decided to buy meet the requirements determined by the Turkish laws? Again, Trem Global will obtain this certificate on your behalf.
3. You need to obtain a residence permit.
Only after you are an official resident of the Republic of Turkey, the citizenship process begins. The residence permit is to be issued on the day you apply for it. Trem Global will conduct the necessary procedures.
4. You need to submit your citizenship application.
Given a power of attorney, Trem Global will make the application for you and closely follow all the steps of the acquirement process.
We are here to help you from the beginning until the very end of your citizenship journey. Contact us today, and our team of experts will provide you with comprehensive consultancy services.