Foreign nationals mostly prefer buying property in order to acquire citizenship in Turkey. It’s possible to acquire citizenship by buying property worth at least $250,000 according to the latest amendments made in the law. It will be instructive for foreign nationals who will purchase property to know the relevant procedure and restrictions in order to perform their transactions in the easiest way.
For further details on acquire of citizenship by buying property in Turkey for foreign nationals, please refer to our article entitled Requirements for the Acquisition of Turkish Citizenship. We have compiled the procedures applicable to foreign nationals who want for acquire citizenship or purchase property for investment purposes in Turkey in this article…
What is the procedure to follow while buying property?
Foreign nationals have certain rights in Turkey, provided they comply with the provisions in the law. Foreigners can buy properties such as workplaces and land. Let’s have a look at the steps applicable to foreign nationals while buying property in Turkey. First of all, a sales contract will be made and the transfer of ownership will only be possible with the deed and registration to be mutually signed at the land registry offices. For this reason, a preliminary application should be filed for initiation of property transfer transactions. A serial number should be obtained online at https://randevu.tkgm.gov.tr/en for the application. Following the preliminary application, the applicant should wait one day before the transfer that will take place between the buyer and the seller of the property. The following documents must be prepared and submitted in that one day.
• Title deed of the property
• Passport of the foreigners who will buy the property and its photocopy
• “Property Fair Value Document” to be obtained from the municipality where the property is located
• Compulsory earthquake insurance policy
• Headshots of the seller and the buyer
• If the transfer procedures are drawn up abroad, the original and Turkish translation of the power of attorney.
Restrictions on Purchase Property for Foreign Nationals
There are also some legal restrictions that protect the rights of foreigners who will buy property. The total area of property which foreigners can buy is limited to 30 hectares. It’s forbidden to buy any property in prohibited military zones and security zones but it’s possible to rent such property.
If the foreign national who will make the purchase is a real person, there is a limitation up to 10% of the entire area of the district where the property is located. Foreigners who will buy land or field must inform the Ministry of Environment and Urbanization within 2 years for each building they plan to build on the land. Government agencies may initiate liquidation process for any property which has not been reported.
The last thing to know about purchase of property in Turkey by foreign nationals is that all restrictions are applicable to real persons. These restrictions do not apply to legal entities incorporated in their own country in accordance with the law of that country.
Other Considerations Concerning Property Acquisition Transactions in Turkey
While purchase property in Turkey, for foreign nationals must initially make sure that there is no restriction, including mortgage, seizure, etc., on the property. First, this must be checked. Necessary information about the property can be obtained from the land registry office.
The most frequently asked question about purchase of property in Turkey for foreign nationals is the residence permit. Foreign nationals are not required to obtain residence permit to purchase property in Turkey. It’ll be beneficial for foreign nationals who want to purchase property in Turkey to carry out the purchase through professional companies with expertise on this subject. For this reason, we recommend that you make your purchase through a professional company. Purchase of property in Turkey by foreign nationals will be complete with payment of title deed fees, revenue assets fee and the service charge payable to the land registry office.
