Turkey’s property market is red hot. Its real estate market is growing faster than any country in Europe as citizens turn to property as an inflation hedge.
Amidst surging demand and attractive property prices, Turkey is also capturing the attention of global real estate investors around the world. And, with the country’s Golden Visa, you can acquire a Turkish passport in the process (without ever living in the country!).
Foreign investors can obtain a Turkish passport in less than two months via Turkey’s Citizenship by Investment program. There are a number of different investment options, one of the most popular being a real estate purchase of at least $400,000.
As soon as you make your investment, you can apply for Turkish citizenship and receive a Turkish passport in typically 3-4 months. Prior to this, you will be provided with a permanent residence card which allows you to reside in Turkey. Turkish citizenship is granted for life, whereas you must renew your passport every ten years.
Benefits of the Turkey Golden Visa
One of the main advantages of the Turkey Golden Visa for overseas buyers is that there are no minimum residency requirements. Essentially, you can secure a Turkish passport within less than six months without ever having visited Turkey.
The country allows dual citizenship for all nationalities, meaning you can stay and work in your native country if you wish. You will just have to check that the country you are applying from doesn’t restrict you from obtaining Turkish citizenship.
Professionals can handle the dealings of your investment and visa application, too. This is particularly relevant for investors looking at buy-to-let properties; your property in Turkey can be fully managed by our in-house management company, Benoit Management, making your investment entirely hassle-free and regular travel to Turkey unnesscary.
What are the investment options?
- Purchase real estate worth a minimum of $400,000. You can buy a villa, apartment, or land. There is also the option to buy multiple properties which equate to a value of $400,000, but they must be in the same neighbourhood.
- Make a capital investment of a minimum of $500,000. This can be deposited in a Turkish bank account, or invested into government bonds or fund shares. In this case, you must hold the investment for at least three years.
- Set up a company that will create 50 new job opportunities for Turkish citizens.
Paying taxes
You will have to pay tax on the income you generate in Turkey. For apartments and houses bordering a metropolitan municipality, the annual tax rate is 0.2 per cent. Those that own a property worth 1,500,000TL will have to pay a total of 3,000TL per year.
However, any money you make outside of Turkey will not be taxed. Moreover, if you don’t live in Turkey for more than six months, you are not required to pay taxes in the country.
Family members of applicants
When applying for the Turkish Citizenship by Investment program, you can also include family members in your application. Your spouse or partner, children under the age of 18, children up to 21 who are financially dependent, and dependent elderly parents are all eligible.
Access to global opportunities
The visa also grants you entry to over 110 countries such as Mexico, Japan, South Korea, Indonesia, Cyprus and Hong Kong.
Turkey’s Investment Visa also provides a clear pathway to the US E2 Investment Visa. Once you are a Turkish citizen, you can apply to live, invest and work in the US by making an investment of $100,000 to $200,000.
Therefore, no matter where you are originally investing from, a Turkish Visa would not only grant you access to Turkey, but also a range of other markets and residences around the world.
Contact us today to find your ideal property in Turkey.
