Facilities of real estate investment in Turkey for foreigners
Although many countries allow foreigners to own properties on their soils.
But the main question that many foreign investors ask frequently is what facilities are provided for them on the level of real estate investment?
This same question led many foreigners to Turkey as it provided many important facilities for foreign real estate investments.
During the last 3 years, the Turkish government granted foreigners who want to buy property in Turkey the facilities and incentives that no country in the world had ever provided to foreigners.
So, What are the government incentives for investors wishing to buy property in Istanbul?
What are the facilities that the foreigners have benefited from when buying a property in Turkey?
And What legislation and decisions have been issued in favor of foreigners wishing to invest in real estate in Turkey?
During the past years, Turkey has strengthened its legislative system with a set of new laws that serve the interest of the foreigner who wants to own property in Turkey or obtain Turkish citizenship by owning a property, and in this regard, we find many facilities that motivated foreigners to invest in the Turkish real estate market in a remarkable and significant way.
In turn, the legislative facilities paved the way for foreigners to obtain Turkish citizenship in the easiest and fastest way.
Also, the law that was issued in the Turkish Official Gazette on September 19, 2018, made a big change on the level of foreigners legislations, in addition to amending it on December 7 of the same year, as the first allowed to obtain Turkish citizenship for only 250 thousand US dollars while the second allowed owning properties under construction instead of ready properties only, as the value of real estate ownership to obtain Turkish citizenship was estimated at one million US dollars previously.
And for depositing money in Turkish banks, it has become 500 thousand dollars, instead of 3 million US dollars
The same is true concerning the issue of establishing a company in Turkey with fixed capital, where it has become 500 thousand dollars instead of two million dollars.
The legal amendments also decreased the number of Turkish employees in a foreign company in Turkey to 50 people instead of 100 Turkish citizens in the past.
The previous conditions set by Turkey allow foreign investors to apply for Turkish citizenship with ease, accompanied by their relatives "wife and children under 18."
The impact of these amendments was very apparent, especially among investors from the Middle Eastern nationalities, "Iran, Pakistan, Afghanistan and the Gulf states", as demand for buying property in Istanbul, and in Turkey, in general, has doubled.
Obtaining Turkish citizenship by buying an under-construction property is possible now
Among the most prominent legal amendments included in the Turkish real estate legislation is the possibility of obtaining Turkish citizenship in exchange for buying a property in Turkey, that is under construction after the title deed was a necessary condition, i.e. the Turkish government allowed foreign investors to submit applications for obtaining Turkish citizenship by purchasing a property under Construction according to a long-term contract after the matter was previously limited to ready buildings only.
Yes, foreigners can submit a file for obtaining Turkish citizenship by purchasing a property within the projects that are still under construction, after completing the price of the property and fixing the purchase contract by a notary.
Facilities on the procedure of property ownership in Turkey
The Turkish state has adopted the principle of "not distinguishing between the Turkish investor and the foreigner", which is evident in the facilities that were provided for foreign investors, such as allocating lands in some sectors, granting tax reductions and not collecting fees on machines imported from outside Turkey and other equipment.
And the Turkish state also allowed the foreign property owner to grant family residence to his family, which is a feature that has won approval by many, whether through real estate residence or through work permission in the event of establishing a company in Turkey.
Also, the foreign investor in Turkey does not find any kind of bureaucratic obstacles, thanks to the good treatment in the various government departments that facilitate all procedures for ownership or setting up companies in the shortest possible time with directing the foreign investor to the best options.
The facilities granted to foreign investors who chose Turkey contributed to a large influx of real estate investment and buying a property in Turkey by foreign, and also to the establishment of companies in various fields, foremost of which are the media, trade, restaurants, agriculture and animal husbandry.