Recently, Turkish authorities have passed new property legislation, adding facilities for foreigners who want to own real estate in the country, and making the way to acquire Turkish citizenship through the move, according to experts.
Mohamed Ali Sezgin, the legal department’s legal adviser, pointed to the recently acquired citizenship permits, which were published in the Official Gazette on September 19, in addition to the recent amendment and amendment Which was published in the official gazette on December 7, and opened the door to the ownership of the property through the purchase of properties under construction after it was limited to completed properties only.
In this connection, the amendments contained in the new Nationality Law included the reduction of the amount of investment required to apply for Turkish citizenship.
There are several ways to obtain citizenship – according to Szegen – including: buying one or more properties with a total value of more than $ 250,000 (instead of $ 1 million previously), depositing $ 500,000 in Turkish banks (instead of $ 3 million previously) A company in Turkey with a fixed capital of $ 500,000 (instead of $ 2 million previously) or a company and a job opportunity for 50 Turkish citizens (instead of 100 former Turkish nationals).
If these conditions are met, the foreign investor will acquire citizenship with his wife and children under the age of 18, he added.
On the impact of new legal amendments and their potential to increase the demand for citizenship, Sezgin said: “When the requirement to obtain citizenship for the purchase of property in the amount of one million dollars in force there were applications for Turkish citizenship, but the numbers are limited, Real estate investment to $ 250 thousand, increased demand, especially from the Middle East. “
“In the past, it was required to obtain a mortgage to apply for citizenship, which meant that applications for citizenship were limited to those who bought prefabricated apartments,” Sezgin said. With the new amendment, it is now possible to apply for citizenship by buying the unfinished property under a long term contract. “
He added: “It is now possible to apply for citizenship through real estate projects in the process of completion, where the requirement to obtain the taboo has been dropped, with the requirement to pay the full price of the property, and the installation of the contract by the writer justice.
Fatih Akboulout, the company’s chief financial officer, also spoke about the facilities and incentives offered to investors in Turkey.
“In Turkey, there is a range of incentives and facilities for investors according to the area in which they are invested, including the allocation of land in some sectors, tax cuts, exemptions from certain taxes such as non-collection of taxes on machinery imported from outside Turkey, Of equipment “.
As for other advantages, Akboulout explained that the state does not differentiate between Turkish and foreign investors.
He referred to the facilities offered to the foreign investor regarding accommodation and bringing his family to the country.
He said: “Foreign investor gets a work permit, and through this permission can extract a residence for him and his family; which facilitates the process of entry and exit of the country.”
He also pointed to the granting of citizenship to investors on terms facilitated by the state through legal amendments recently, in addition to another advantage provided by Turkey to investors, proximity to Europe and many of the most popular markets in the world.
He also referred to the many fields of investment in Turkey and the possibility of investment starting from small amounts starting at $ 10,000, or large amounts can reach $ 10 million.
“The offer has been great over the last two years in the real estate sector, and with the new law, the market has moved,” said Medad Elman, a Turkish expert and director of a consulting firm.
“With the reduction of the ceiling of real estate investment (from $ 1 million to $ 250,000), the number of advanced applications has increased through the purchase of real estate for the purpose of obtaining Turkish citizenship,” he said.
He pointed out other areas of investment for foreigners in Turkey, including the sectors of media, restaurants, cafes, agriculture, livestock production and foreign trade.
“Any foreigner can set up a company on its own, and chambers of commerce accelerate the process,” he said.
As for the conditions, he explained: “If the manager Turkey is not a problem, but if the investor himself is a manager he needs permission work, which can easily get.”
“There have been bureaucratic obstacles in recent times, but these obstacles, especially in the last four months with the presidential system, have been accelerated, which has spurred us to get back and wait for a large segment of investors,” he said.
He revealed in this regard the service provided by his company to foreign investors under the name of “one table.”
He explained that in the past, foreigners who came to Turkey and wish to invest in them are forced to ask and ask a group of Turkish government institutions, and this is difficult, but with Tu