Government facilities to own real estate in Turkey by foreigners

Home page  /  Blogs  /  Real Estate Investment articles  /  Government facilities to own real estate in Turkey by foreigners

Government facilities to own real estate in Turkey by foreigners

The most prominent facilities that encourage foreigners to own real estate in Turkey

Government facilities to own real estate in Turkey by foreigners
16th July 2022
  • 636

The Turkish government has provided a number of facilities and has also amended many laws related to foreign ownership of real estate in Turkey, thus contributing to the increase in foreigners' tendency to own real estate in Turkey.

Today's article includes in detail all the facilities provided by the government related to foreign ownership of real estate in Turkey.

 

Facilities provided by the Turkish government when owning real estate:

The Turkish government has provided many facilities to encourage foreigners to own real estate in Turkey, activate the real estate market and the movement of real estate investment. Among these facilities are:

Real estate residence:

Real estate residency is granted to a foreigner who buys a residential property in Turkey with a minimum value of $75,000 and it brings to the resident many benefits associated with it:

The real estate residence permit allows its holder to reside in Turkey legally.

Real estate residency is granted to the property owner, his wife and children, as they are accompanying him.

It allows the resident to move freely between the Turkish states with ease.

The real estate residence permit allows entry and exit to and from Turkey without the need for a visa, and without the residence permit losing its validity.

 The duration of the real estate residence permit is one or two years, and it is permanently renewable.

Real estate residency is more important than tourist residency, work residency and various other possible residencies.

The holder of the real estate residence permit has the right to benefit from all the educational and health services available to Turkish citizens.

The resident has the right to work and invest in real estate within Turkey for the duration of the residency, and thus real estate residency is considered one of the goals of buying real estate in Turkey by foreigners, because it achieves many goals for them.

 

Turkish Nationality:

The Turkish government has amended the law on obtaining Turkish citizenship in exchange for buying a property in Turkey. The amendments related to citizenship are among the most important reasons that encouraged foreigners to own property in Turkey due to the importance of Turkish citizenship, which allows its holder to benefit from the full rights of Turkish citizens.

We mention the facilities provided by the Turkish government related to the issue of citizenship:

 The Turkish government has reduced the value of the property needed to apply for Turkish citizenship from $1 million to $400,000.

However, provided that the property owner does not sell his property before the lapse of three years from the date of its purchase.

As another type of government facility, the necessary value was not limited to a single property. Rather, a foreigner has the right to own a group of properties.

Provided that you achieve a total value of at least $400,000.

The decision includes the foreigner obtaining Turkish citizenship in exchange for buying a property under construction

In this case, it is placed under mortgage for a period of three years.

With the foreign property owner obtaining Turkish citizenship, he is entitled to enjoy all the rights and benefits of a Turkish citizen, and the most important of these rights are:

The right to own, sell and buy within Turkey is the same as any Turkish citizen.

The right to access government jobs is available to Turkish citizens only.

Get a pension.

The right to participate in and run for elections.

It also allows a foreigner to have dual nationalities, so he has the right to keep his mother nationality in addition to Turkish nationality.

In addition to benefiting from all the services available to Turkish citizens, including educational and health services

 

Turkish passport:

After the naturalization of the property owner, he will be able to obtain the Turkish passport directly, which is considered one of the most important and powerful passports in the world, which enables its holder to benefit from its many advantages, such as:

I can travel to 64 countries without the need for a visa.

Access to 26 Schengen zones.

It also allows its holder to benefit from scholarships and discounts on global educational courses available to Turks.

 

Repeal the law of ownership in the same way:

The abolition of the ownership law is similarly a supportive and encouraging step for foreigners to own real estate in Turkey. The Turkish government abolished the law, which included "preventing foreign nationalities whose countries do not allow Turks to own real estate in them, preventing the ownership of real estate in Turkey."

Thus, it opened the doors of ownership to new nationalities and large numbers of foreigners.

 

Tax Reduction:

The Turkish government has made equality between the foreigner wishing to own real estate in Turkey and the Turkish citizen through a number of reductions in the value of taxes incurred on real estate, and the reductions include the following taxes:

Reducing the value added tax of land.

Reduced value-added tax on land designated for construction or agricultural investment from 18% to 8%

Reducing the added values ​​of large residential apartments

The government has amended the value-added tax on residential apartments, which is directly linked, to become between 1% to 8% for apartments of up to 150 square meters.

In the case of large areas of more than 150 square meters, it may reach 18%.

Updating the value added tax for the renovation of residential apartments.

In this case, the value-added tax is calculated in relation to the area of ​​the property, and it is 1% in real estate less than or equal to 150 square meters.

Its value is included with the increase in the area, to reach 18% in the case of large areas of more than 150 square meters.

 

Exemption from taxes:

The Turkish government has exempted a foreigner wishing to own real estate in Turkey from a set of taxes, which are:

Title tax

The government has allocated some areas with exemption from the title deed tax, in order to encourage real estate ownership in them. The value of the title deed tax is 4% of the property value.

Exemption from VAT in some conditions:

A foreigner who does not reside in Turkey and does not have any place of residence in Turkey are exempted.

Or he has not resided in Turkey in the last six months of the year preceding the year of purchasing the property.

There is no registered address in Turkey.

Not having a valid residence permit in the year prior to the year in which the property was purchased.

 

Real Estate Valuation Law:

In the interest of the Turkish government in the interest of foreign investors, it has issued the Real Estate Appraisal Law, which is a necessary document for owning real estate in Turkey, aimed at protecting the foreign investor from real estate fraud or falling victim to his insufficient knowledge of real estate in Turkey. The location and services

In addition to determining the real price that the property deserves.

The real estate appraisal law is obtained from a specialized expert working for the Turkish government, or a specialized real estate company that has a license to give real estate appraisal. The real estate appraisal law allows the foreign investor to securely own real estate in Turkey.

Together, these factors, represented by government facilities, played a major role in increasing the demand for foreigners to own real estate in Turkey, wishing to take advantage of the most important global advantages.

 

Buying a property in installments in Turkey:

Among the facilities provided by the Turkish government to foreigners wishing to own real estate in Turkey, and who do not have sufficient capital, is the possibility of buying real estate in installments, and the buyer of a property in installments has the right to enjoy all the advantages and facilities available by the Turkish government to foreigners, if the property meets the required conditions.

There are many installment options available, including:

Installment through the bank:

In this case, the bank pays the full price of the property to the previous owner of the property, and the purchaser of the property transfers his transaction to the bank

Who agrees with him on a specific period to pay the price of the property, and specific monthly payments. In this case, the bank puts the property under mortgage until the buyer finishes paying the full amount agreed upon.

Installment through real estate companies:

Some real estate companies offer the possibility of buying real estate in installments through them. In this case, attention should be paid to the credibility of the company, and to the accuracy of the details written in the contract.

Installment through government guarantee projects:

Government guarantee projects are joint projects between the government and private construction companies, where the government handles sales and advertising and can buy apartments from guarantee projects in cash or in installments.

With regard to installments, it provides two types of contracts, one of which relates to a short installment period, and the second relates to long-term installment periods.

 

Conditions for foreign ownership of real estate in Turkey:

Obtaining security approval in case the property is close to military sites

The area of ​​the property shall not exceed 30 hectares.

The foreigner must not be one of the nationalities prohibited by the Turkish government from owning within its territory.

 

Types of real estate that a foreigner can own in Turkey:

The Turkish government did not specify for foreigners the type of real estate that they can own, without leaving their options open. It is known that Turkey has a great diversity of real estate, each of which has many advantages, we mention from the types of real estate:

Residential apartments:

There are many different apartment options in Turkey

Of different sizes, between small apartments of 1 + 1 style and up to 1 + 5 apartments, apartments in Turkey are characterized by their high importance in real estate investment.

 

Tourist villas and apartments:

Turkey is one of the richest countries in the world with villas and tourist apartments, due to its tourism importance, and the great turnout by tourists from different countries of the world.

Therefore, this type of real estate enjoys great gains from real estate investment, and it also enjoys a peak period in some seasons.

It must be mentioned that the prices of tourist properties are high compared to the other two properties.

 

Commercial real estate:

Commercial real estate includes shops that are distinguished by their great investment importance due to the development of commercial investment in Turkey.

In addition to office apartments, which are important real estate for companies and banks wishing to open new branches in Turkey

 

construction lands:

These are the lands licensed by the government to build on. Many foreign investors turn towards residential lands in order to build and invest in their own projects, such as schools, hospitals, hotels, and many projects that achieve successful investments.

 

Farmland:

Turkey is characterized by its great importance in agricultural investment, which achieves a distinguished position globally, as it is characterized by the diversity of crops, and the achievement of its sufficiency in agricultural production, in addition to exporting to various countries of the world.

 

The importance of real estate investment in Turkey:

Real estate investment in Turkey is safe and results are guaranteed. Investment in real estate in Turkey guarantees the preservation of capital and its increase in a short time.

The geographical location of Turkey, which guarantees the success of various types of investment

The booming Turkish economy that ensures stability in the Turkish real estate market.

Establishing huge and important projects that increase the importance of real estate in Turkey and raise its investment value.

The importance of Turkey's tourism, it is known that tourism contributes greatly to the success of investments in general, and real estate investment in particular.

 

The most important areas of real estate ownership in Turkey:

We will mention the most important areas to own real estate in Turkey for foreigners:

Istanbul

Istanbul is considered the economic and tourist capital of Turkey, and it is characterized by its great importance and the development of its economy as a result of the large turnout of tourists, and the establishment of mega projects in Istanbul, in addition to the spread of various types of investment. Together, these factors contribute to increasing the importance of real estate in Turkey linked to the preference for residence in Istanbul over various other regions, in addition to To the importance of Istanbul real estate in real estate investment.

Antalya

One of the tourist cities in Turkey, whose real estate is very popular.

As a result of its importance in real estate investment, it guarantees a profitable and continuous investment in addition to its high prices as a result of the increased demand for it.

Therefore, Antalya real estate is considered one of the successful options for foreigners wishing to own property in Turkey.

Trabzon

Trabzon is famous for the high demand by foreign investors for its properties, especially Arab investors, and most of its regions are rich in historical monuments and tourist attractions that make Trabzon a destination for tourists, in addition to the architectural diversity in Trabzon, and provides the option of luxury and modern apartments, so Trabzon puts foreigners in front of many One of the real estate options, each of which has many advantages.

 

Documents required to own real estate in Turkey:

The tax number of the foreign investor.

The tax number is extracted from any tax department in Turkey.

A copy of the passport, translated and certified by the notary public.

Four personal photos.

real estate appraisal document

 

The most common questions related to foreign ownership of real estate in Turkey:

Can a foreign investor use his mother tongue in writing a property purchase contract?

No, the contracts must be written in Turkish with a sworn translator in the various real estate departments, who is interested in translating all the details and explaining the various points to the foreign investor in his mother tongue.

If I cancel a purchase, what happens?

The sale and purchase contract stipulates the fine imposed on one of the parties in the event of an appeal to the contract

Can foreigners own real estate in Turkey in installments?

Yes, and there are many installment options available by government projects or through real estate companies, or you can pay in installments through the bank.

 

WHY MUST YOU CHOOSE BINAA REAL ESTATE COMPANY AS A COMPANION IN YOUR REAL ESTATE INVESTMENT JOURNEY IN TURKEY?!


- It is partnering with the most trusted and successful construction companies in the construction of buildings and residential complexes in Turkey.
- Take your hand to choose the right property.
- It assists its clients in the procedures for obtaining real estate residenceTurkish citizenship, and Turkish passport.
-Signing contracts and required papers and legally ratifying them.
- Our motto is seriousness and credibility in dealing to ensure our clients successful real estate investment in Turkey.

Keywords
Read also
The best tourism areas in Turkey for the winter of 2023

The best tourism areas in Turkey for the winter of 2023

19th November 2022
  • 55

A list of the most important Turkish tourist areas that are worth visiting in the winter

Advantages of buying a property under construction in Turkey

Advantages of buying a property under construction in Turkey

20th November 2022
  • 91

Buy a property under construction in Turkey and enjoy these features

Real estate investment in Antalya, Turkey

Real estate investment in Antalya, Turkey

01st December 2022
  • 84

Make a real estate investment in Antalya and enjoy these advantages

We use cookies to improve your experience on our website
Ok