What is Real Estate Appraisal for Direct Turkish Citizenship Application for the Foreigners?
In Turkey, you can gain the right for citizenship in various cases. One of these is Directly Gained Citizenship by Making Investment. By the decree issued on Official Gazette of September 19, 2018, the foreigners who procure real estate in Turkey with a value of at least 250,000 USD, and who invest at least 500,000 USD will be directly entitled to be Turkish Citizen. Ministry of Environment and Urbanization is requesting “Real Estate Appraisal Report” prepared by Real Estate Appraisal Companies included in the Real Estate Appraisal Companies list of Capital Markets Board of Turkey (SPK) for the confirmation that the minimum total value of procured real estate(s) is 250,000 USD. (Since September 12, 2003, our company is included in the “List of Real Estate Appraisal Companies” of SPK.)
How does the Turkish citizenship application process function by procuring real estate?
Request for Turkish citizenship is put into operation by procuring real estate(s) of with a value of at least 250,000 USD, and by applying to General Directorate of Land Registry and Cadastre. The application is sent to Ministry of Environment and Urbanization along with the Real Estate Appraisal Report verifying that the procured real estates have a value of at least 250,000 USD. Following the investigations made, the Ministry requests from the TKGM (General Directorate of Land Registry and Cadastre) the creation of an annotation as “cannot be sold for three years” on the land registers. After the Ministry sends the application to Directorate General of Civil Registration and Citizenship Affairs, it is reached to the final phase of the operation. You are then invited to NVİGM (Directorate General of Civil Registration and Citizenship Affairs) in order to get your ID Card and Passport of Republic of Turkey.
What is the responsibility of Ministry of Environment and Urbanization, and Real Estate Appraisal Company?
Real Estate Appraisal Companies included in the Real Estate Appraisal Companies list of Capital Markets Board of Turkey (SPK) verify whether the value of the real estate declared at land registry office is more than 250,000 USD or not. The Ministry requests from TKGM the creation of an annotation as “cannot be sold for three years”. The payment of the real estate(s) procured by you should be made to the proprietor through bank transfer.
Why Elit Gayrimenkul Değerleme A.Ş.?
Ministry of Environment and Urbanization wants to know the accuracy that the minimum value is 250,000 USD. For this reason, for the determination of total value of the real estate(s), “Real Estate Appraisal Report” prepared by the Real Estate Appraisal Companies included in the Real Estate Appraisal Companies list of Capital Markets Board of Turkey (SPK) is required.
Since September 12, 2003, our company is included in the “List of Real Estate Appraisal Companies” of SPK.
Can more than one real estate be procured in order to reach the limit of 250,000 USD?
More than one required may be procured in a manner that the total value will be at least 250,000 USD. But application should be made at the same time for all of them. The Ministry accepts the citizenship applications if the total of values declared to General Directorate of Land Registry and Cadastre (TKGM) is more than 250,000 USD.
How do the USD and TRY rates calculated?
TKGM calculates the value of real estate in USD over the effective selling rate and/or cross foreign exchange rate of Central Bank of Republic of Turkey on the date of transaction.
What are the legal limitations in the real estate acquisition of foreigners?
a) A foreign national real person may procure at most 30 hectares of real estate in the whole country, and may acquire limited real rights.
b) It is required to inquire from authorized commandership by the Directorate of Land Registry whether the real estate is remaining outside the military prohibited zones and security zones, and to obtain positive response for acquisition. This procedure had been rescinded in 71 provinces whose military prohibited and security zone measurement operations had been concluded.
c) Foreign national real persons may acquire real estate up to 10% of the surface area of the county being subject to private ownership, and limited real rights.
d) Legal limitations are not applied in the creation of real estate pledge in favor of commercial companies having legal entity which are established by real persons in foreign countries as per their own legislations.
e) The real estates which are acquired against the provisions of law, which are determined by the relevant Ministry and administrations as being used as against the purpose of acquisition, for which it is not applied to relevant Ministry within due period in procurements subject to project, or whose projects are not realized within due period are subject to the provisions of liquidation.
Guide of Real Estate Acquisition in Turkey by the Foreigners:
Regulation Regarding Making Amendment in the Regulation Relevant to Implementation of Turkish Citizenship Law