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Residence permit in Turkey. Current news

Residence permit in Turkey. Current news

27 April 2022

It is planned to increase the minimum amount of investment in real estate purchased for obtaining Turkish citizenship from $250,000 to $400,000. This decision was made at a meeting of the Cabinet of Ministers on 12.04.2022.

When will the decision take effect?  
After the amendment of the Law on Turkish Citizenship and the publication of the amendment in the Official Gazette.

Is it possible to get citizenship in time at the current price? 

Exact official data on how long it will take for the amendments to enter into force and whether it is enough to pay for real estate before that date or you need to get a TAPU (certificate of ownership) has not yet been published.

Thus, there are still chances of obtaining Turkish citizenship for an investment of $ 250,000, if a decision is made in the near future.  

We remind you that investments in real estate in Turkey have other advantages: 

  1. Income in foreign currency from renting out real estate, including guaranteed return.
  2. High value growth potential.
  3. Obtaining a Turkish residence permit for the purchase of real estate for any amount.

Is it possible for a foreigner to buy a house in Turkey with a mortgage or in installments?

Short answer: mortgage — no, in installments— yes.

Why is it impossible to get a mortgage?

According to the new rules, effective from January 24, 2022, foreigners buying real estate in Turkey are required to exchange currency for Turkish lira. Next, they must provide a certificate of exchange to the Cadastral Office, and the amount in the certificate must correspond to the full value of the property in the TAPU (certificate of ownership). It means that the new rules contradict mortgage lending, because in the case of a mortgage, the buyer pays only the amount of the initial payment. Banks are still waiting for amendments to the law to resume issuing loans to foreigners.

But there is also good news

Most developers provide installments of up to 3 years with an initial payment of 50%. Installments are interest-free, but if you pay immediately, you can get a discount of 10-15%.

The list of services of ARAVANA Multifamily Office also includes customer support on all issues related to foreign real estate, such as: search and organization of financing for the purchase of real estate, real estate management, financial and tax planning in the field of ownership, purchase, sale and inheritance of real estate.

27 April 2022
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