Real Estate Investment By Egyptians is Best Medium To Get Ownership in Turkey
In 2018, the Turkish parliament approved a new law that allows foreigners to receive citizenship by purchasing a property worth $250.000. The relatively low cost of living in Turkey with the availability of the necessities of a good life, and advanced living systems, provides the perfect environmental opportunity to live in or make a profit through leaving for rent.
Article 35 of the Citizenship Law, specifies that “Provided legal restrictions are complied with, foreign origin who want to become citizens of the country as defined by the President were required for international bilateral relations and interests of the country may acquire property and limited real rights in Turkey." Citizens of a country in the list of specified countries are not required to obtain a separate residence permit to acquire property.
Citizens of the Arab Republic of Egypt are among the eligible citizens that can gain Turkish citizenship through investments. While Egyptians can not buy agricultural land in Turkey, they can purchase any other property in the Turkish real estate market, including business offices, apartments, and villas.
How to Earn Turkish Citizenship through Property Investment?
1) Identify the property you want to purchase according to the budget and desired criteria, and contact the seller. The value of the property must be a minimum USD 250,000 before taxes.
2) A “property assessment report” shall be obtained by applying to one of the organizations authorized by the Board of Capital Markets (SPK) for property assessment.
3) Application must be made to the directorate of the land registry with the required documents.
4) The directorate of title deed checks whether the receipt, appraisal report, and the declared values satisfy the criteria required in the directive.
5) If the required conditions have been matched, the title deed fee required to be paid for action, and the revolving fund payment shall be made by the new owner.
6) A statement indicating that the property may not be sold for 3 years shall be registered and the title deed of the property shall be handed over to the owner.
7) Following the completion of the transaction, the directorate of the land registry sends the transaction documents via the system to the General Directorate/Regional Directorate to issue the “certificate of conformity” for citizenship application.
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Why Invest in a Turkish Property?
Real estate investment in Turkey provides a profitable return on investment. Based on the attractive power of tourism of the country alone, which is most evident in tourist periods and seasons, through the demand for rental homes during those seasons distributed throughout the year. The investment studied in real estate, which is highly sought after during the tourism season, can provide an encouraging profit, and a good return on investment.
Demand on the real estate market in Istanbul has reached its highest levels in the last few months. Official data stated by the Turkish Statistical institute Turkstat showed that an increase of 134.4 % has been noticed in October 2018 compared to the same period of last year. This high demand has boosted especially after the new regulation regarding obtaining Turkish citizenship through real estate investment that was started in September 2018. In fact, according to Turk Sat, a total of 30.431 housing units were purchased by foreigners between October and January. Here is a detailed overview of how to get your citizenship and purchase your dream house at the same time!
The relatively low cost of living in Turkey with the availability of the necessities of a good life, and advanced living systems, provides a good opportunity for residence in Turkey. Medicine in Turkey is cheaper than all European countries, which has given the health sector in Turkey unparalleled prosperity and demand in recent years.
How Can Egyptians Gain Turkish Citizenship Through Business Investments?
Sadly, in a 2012 amendment that the Turkish Parliament approved, some rules were preventing few nationalities from owning property directly, including the Egyptians with business in agriculture.
Establishing a commercial company and registering the property as owned by the company licensed under the Turkish law, has allowed many investors to earn their new citizenship. When an Egyptian national establishes a company in Turkey, the business receives a legal title that allows the investor to own a real estate in Turkey on behalf of their company. The property’s price and location must comply with the size of the company’s property. This method is rather the most profitable way to earn Turkish citizenship for an Egyptian investor.
To gain Turkish citizenship, the Egyptian national must establish a company in Turkey that;
Has a minimum investment of $500.000 USD.
Employs at least 50 Turkish citizens
Deposit $500.000 USD in Turkish banks.
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Is the Turkey Real Estate Market a Desired Location by Egyptians?
When property sales to foreigners are analyzed based on nationalities, it is seen that Iranians take the first place for January 2016. Iranians, who have bought 308 houses comprise 21 % of the sales. For January, Saudi Arabians follow Iranians with 136 houses, Kuwaitis with 134 houses, and Russians with 106. While 684 houses have been sold to the citizens of 4 mentioned countries, this number is almost equal to the half of the number of house sales to foreigners. On the other hand, Afghanistan has the highest rate with 420% in house sales in the same period. Egypt follows Afghanistan with 136,4% and Norway with 52,9%.
