Acquiring a residence by purchasing property

Acquiring a residence by purchasing property

Another way of obtaining Turkish residency, which is welcomed by a majority of foreigners, is to buy the property and invest in this country. Familiarity with the laws and conditions of the purchase of property and invest in 2018, the minimum amount of wealth that leads to obtaining a residence. The benefits of buying property and invest in Turkey for the foreigners, taking into account the considerations in the contracts and documents required for the sale of property in Turkey, are issues that have always been questioned by many property buyers and caused them to ignore those problems.  Therefore, it is essential that you complete the following before any action

“Since September 2018, the Turkish government has facilitated the purchase of property and investment to attract foreign capital, which reduced the amount of financing and property purchase from $ 1 million to $ 250 thousand, and thus every foreign investor by investing in This amount can be made in the shortest time to receive permanent residence and ultimately Turkish citizenship, although this law includes amendments that need to be considered”

 The buyer can buy several properties with this amount, and this is a point that many foreign investors have taken into consideration in Turkey.

 All property following the law should be evaluated on behalf of the official representative of the judiciary and determine its actual price

 In dealings with the seller, you must be a Turkish person or a Turkish company

 All payments must be submitted in the form of a bank document

 The buyer does not have the right to sell the house for three years.

But in terms of below $ 250,000, the situation is slightly different, and the purchase of property at the very beginning does not result in obtaining permanent residency. When the property is purchased, they receive a one-year or two-year residence (due to the amount of wealth and turnover) that can be renewed. Finally, if they have been in this property for five years, the document is in their name, after passing this process, the documents necessary for permanent residence will be sent to Ankara, and after the examination of the requirements for the permanent residence of the applicant will be issued.

Benefits of buying the property and invest in Turkey

In most countries of the world, there are specific rules for granting permanent residence to foreigners. At the beginning of the entry, according to the immigration law of this country, they can receive a temporary home and, after having completed a time process, and taking into account the conditions of that country for permanent residence. Turkey is no exception to this rule, with the difference that the turkey drag on the attraction of foreign investors has paved the way for permanent residence, and the foreigners can first obtain a temporary residence by purchasing a property in this country, which also offers benefits to them.  Will follow:

 -Promotion of temporary residence to permanent residence in Turkey after five years of residence on the same property

 -Expenditure less than that of the European countries, similar to Turkey

 – Ability to enroll children in Turkish schools

 – No need for frequent entry and exit from Turkey to extend the residence

 – Annual renewal of stay until the document is named a person

Best Turkish cities to buy property

The best cities in for buy property in Turkey are İzmir, Istanbul, and Ankara, where the prices of houses in these cities vary according to the type of facilities and location of the property.  Izmir and Istanbul are considered a tourist destination in Turkey where the demand for property in these cities is increasing. Therefore, the Turkish government has always implemented measures to attract foreign investors in these cities.

 İzmir is the third-largest city in Turkey, located on the shores of the Aegean Sea.

This beautiful seaside city has magnificent views of the Aegean Sea. In addition to its industrial and commercial location and its privileged port, it also has a magnificent tourist attraction that has made it one of the tourist hubs in Turkey.  In general, life in İzmir is calm, cheap, and without concern.

Climate conditions are affected by the Mediterranean climate.  In terms of the current cost of living, life in İzmir is less than that of Istanbul. Istanbul is the most populous city in Turkey.  Istanbul is the economic and historical center of the country.  Many people live in this busy and peaceful city. A part of Istanbul is located in Asia and partly on the continent of Europe, and it is, therefore, a central city.  The city is geographically situated between the Marmara Sea and the Black Sea.

Ankara is the capital of Turkish politics and plays a vital role in Turkey in terms of industrial and commercial matters; therefore, many people are traveling daily. Among Ankara’s passengers, fewer people are looking for recreation; most people move to the city for business and commercial purposes, as ministries, defense and military companies, aerospace agencies, factories, and government and private agencies all gather in this city. Staff and students from other towns are also doing some of their office work should go to Ankara. Therefore, to buy a property in this city, you should pay attention to these cases.

Considerations for buying a property in Turkey

 * In different cities of Turkey, a foreign person cannot buy more than 30-hectare acres of real estate.

 * It should be noted that real estate is not within the security zone, paying attention to this issue is very important because it may not be available for foreigners.

 * In Turkey, especially large cities such as Izmir, areas are categorized based on the location of the population, level of education, age, etc., and depending on the importance of each of the above, people can find their property in their favorite area.  They do.

 Unlike most European countries, assignment (transfer of document) is carried out by one of the land registry offices (tapu edaresı) and cadastre.  This is a legal requirement for both parties (the seller and the buyer) to be present, but a lawyer can also attend and do the process

 * The Property Certificate (Certificate of Proprietorship) is called in Turkish Tapu.

The cost of buying a property in Turkey

 Transfer tax:

Three percent of the value declared to the Land Registry and Cadastre Administration should be paid as a tax on the day of signing.  The cost of official services (Döner Sermaye harcı), which is payable in addition to the transfer tax.

Other costs related to the transfer of documents

There is also a small additional fee for obtaining documents and taxes.  The cost of translation of the passport in the form of official documents, the value of the official translator, the preparation of materials for receiving the tax number, record of opening a bank account, photographs, tax application and other fees for obtaining the document (Tapu) and the cost of the agency real estate and expenses are also costs.

 For more information on buying and selling properties, getting acquainted with reputable Turkish construction companies, and visiting projects with experts, please contact us.