Foreigners who are looking to buy Property Estate in Turkiye must know
In Turkiye the acquisition of property ownership titles may only be approved after registration at the directorates for land registry.
Preliminary real estate contracts made by notaries or entered into by natural individuals, in writing, don’t confer transfer of property as such. They serve only as an obligation to transfer ownership of the property; it is not the case that the property concerned is not transferred with the help of these documents.
For burdens like mortgages, liens and similar restrictions that might be in place with regard to the said property that would prevent the sale thereof should be inspected prior to the beginning of procedures in the directorate of the land registry.
Inquiries about properties may be made online at parselsorgu.tkgm.gov.tr, where specific details of the city, district, quarter/village, map section, and plot may be used to look up the property. The most basic information regarding the property’s real estate and its current condition and status, can be found online from any location in the world. The personal information of the owner isn’t accessible, however.
Foreign nationals do not have to possess a residence permit as a pre-condition to acquire real estate in Turkiye. Foreigners who acquire properties in Turkiye receive permanent residence permits for a short period of time under Law No. 6458 on Foreigners and International Protection.
Any legal or natural person planning to acquire real estate in Turkiye must submit a request for an appointment with the General Directorate of Land Registry and Cadastre along and the person who owns the property. In addition, they may make a call to their Alo 181 Call Center, that is available 24/7, or visit randevu.tkgm.gov.tr to make an appointment, without needing to visit directorates’ offices personally.
Turkish companies that have foreign capital, on the other hand need to file an application to the Provincial Directorate of Planning and Coordination (PDPC) located at the local governor’s office where the real estate is located. If they receive a positive answer from PDPC the company should apply for approval to the Land Registry Directorate. Companies can apply in person, by post or email.
In Turkiye the term “foreigner” has been defined according to three categories related to the purchase of real estate:
Foreign natural persons
Legal entities from outside the country
Turkish companies with foreign capital
The article 35 in Law No. 2644 and the Land Registry sets out provisions on the acquisition of real property by foreign natural and legal entities. Article 36 lays out the rules regarding foreign-owned companies.
The countries whose citizens are allowed to buy real properties in Turkiye are set by the Cabinet of Ministers, who may decide to set special conditions for purchases if they are deemed necessary.
If they are granted permission natural persons of foreign origin may purchase any real estate within areas where private property is permitted (residential, commercial and agricultural land etc. ).
If the real estate acquired does not contain any construction that was previously constructed that is owned by the owner of foreign-owned property is required to submit an application to the relevant public authority within two years to create a plan.
A natural person of foreign origin can acquire real property and limited rights in property rem in Turkey that is up to 30 hectares. It is possible that the Cabinet of Ministers may grant more areas if they believe it appropriate.
Natural people of foreign origin can not acquire and lease real estate in military zones or security zones. They can however obtain and lease real estate within security zones designated for special purposes with approval of the governor’s office.
The total amount of acquisitions by natural persons from a foreign country cannot surpass ten per cent of the total district area , if private property is permitted. Foreigners’ request to acquire shall not be permitted in case the ten percent limit is exceeded.
In Turkey only trading firms that are incorporated in accordance with the laws of their respective nations and possessing legal personhood can obtain property and limited rights in rem for legal entities of foreign origin. Legal persons other than such trading corporations (foundations associations, foundations etc. ), on the other hand, may not acquire real estate and may not be entitled to rem.
Acquisition of real estate by trading corporations founded in foreign countries in accordance with the law of those countries and possessing legal status, on the other hand, may be granted in limited circumstances and is deemed possible only in accordance with the provisions of international conventions , or in special laws. One of the codes specifically that contain provisions in this subject can be found Law No. 6491 concerning Turkish Oil, Law No. 2634 concerning Tourism Incentive, and Law No. 4737 on Industrial Zones.
Note: In the case of mortgages, an exception is provided that there is no restriction as to the mortgages to be created over the property in favor of foreign natural and legal individuals.
Companies that have been established in Turkey as legal entities are categorized under the heading of foreign-owned companies in accordance with the following conditions:
Foreign investors hold fifty percent or more of the shares, or
Foreign investors have the right to select and deport any of its board directors.
The company may purchase the property of others and have limited rights in rem in order perform the tasks specified in their articles of association.
In order to do this, companies are required to first submit an application to the governor’s office in which the property is located.
On the other hand in the event that the property to be acquired is situated in a prohibited military zone or a zone of military security or a military security zone, the acquisition shall be subject to the permission from the General Staff; and if the property is located within secure private zones, the acquisition will be subject to the permission by the governor’s office for the region in question.
If the application is approved for settlement of the request to purchase real estate, the Governor’s Office shall inform the company/enterprise and the Land Registry Office in writing to ensure that the registration can be completed.
The procedures listed below do not require approval from the governor’s office. Therefore, applications to the Land Registry Office may be directly made , without needing permission.
The creation of a mortgage
Real estate acquisition within the context of paying off a mortgage the beneficiary of a mortgage
Transfer of ownership of real property and restricted rights in rem that arise out of mergers between companies and demergers
Acquisitions in organized industrial zones Industrial zones, industrial zones, technology development zones, and free zones
Acquired assets arising from transaction that is considered to be a loan in the context of relevant banking legislation or in the interest of collection of receivables
In Turkey the rights of foreigners of inheritance is safeguarded. In the event of death of a non-native, the real estate owned by them is transferred over to the inheritors. If the inheritor is eligible to take possession of the property (if they qualify for nationality, and if total limitation conditions per individual and across the country permit) the person who inherits may take possession of the property. In other cases, the person has to transfer the property immediately. Otherwise, then the Ministry of Treasury and Finance must sell the real estate and pay the purchase price to the heir.
Natural persons of foreign origin are permitted to be granted Turkish citizenship through exceptional procedures upon purchase of real estate valued at USD 250,000 and more.
For this purpose the foreigners are:
Will purchase real estate worth at less than USD 250,000.
Shall state, in the acquisition application, that they have purchased the real property to fulfill this requirement, the title deed should mention this intention, and the foreigner should declare that they shall not be selling the property for three years in the section on the form where declarations are made.
After the procedures for registering land are complete and the foreign national can make an application to the appropriate administrations to be granted the right of citizenship or residence through the submission of the certificate of eligibility that will be issued for the owner.
Register of the land of the estate or information about the village/quarter, map section, the plot or building and independent section
Photo ID or passport issued by the nation of that the tourist is resident (notarized or certified translations must be provided for passports and ID cards issued with other alphabets than the Latin alphabet)
If the process involves representation, the document that is required to represent (order regarding guardianship, letter of authorization, power of attorney etc.)
Document on the market value of real estate issued by the relevant municipality
A mandatory earthquake insurance policy has to be taken for the structures
A photograph of the seller as well as two photos of the purchaser (taken within the last six months, size 6×4 cm)
An official interpreter who is certified if a person doesn’t speak Turkish
If the procedure is going to be carried out by a third-party authorized by a power of attorney obtained abroad this power must contain the authorization for the procedure to be carried out. Besides, the power of attorney must satisfy the following conditions:
Issued by Turkish consulates, at the discretion of their respective regarding real property
Issued by competent authorities entitled to issue power of attorneys internationally
In the language of the country in which it was issued.
Included photo (with a clear seal and signature over the photo)
Incorporates the apostil, if issued in a state that is a signatory to the Hague Convention
Must be accompanied by a certificate of the signature of the official signing the power of attorney by the relevant authority and the signature and seal of such authority should be verified by the Turkish Consulate if the power of attorney has been issued in a country which is not a member of the Hague Convention
The application should also provide notarized and certified Turkish version of the powers of attorney that meets the required criteria.
Astonishing Gain of Citizenship
With (b) prepended by the initial paragraph Article 12 of the Law No. 5901 promulgated on the 28th of July 2016, and
Those who obtain a residence permit under (j) in the 1st paragraph Article 31 in the Law No. 6458, through investing within the limits and amounts determined by the President
Foreigners holding the Turquoise Card
The possibility of acquiring Turkish citizenship upon the presidential resolution of the Republic of Turkiye.
The scope and the amount determined by the new rules published by the Official Gazette on 18 September 2018. The definitions below are as follows. Foreigners who meet the following criteria may be eligible to apply for Turkish citizenship subject to the approval by president of Republic of Turkiye:
A minimal fixed investment in capital of at least USD500,000, or equivalent foreign currency, as certified through the Ministry of Industry and Technology
Acquiring a home worth at least USD 400,000 or the equivalent foreign currency and an exclusive title deed limitation on its sale for at least three consecutive years, as attested with the Ministry of Environment, Urbanization and Climate Change
In addition, the creation of jobs will benefit at least 50 persons, as substantiated through the Ministry of Labor and Social Security
A minimum deposit of USD 500,000 or an equivalent amount of foreign currency at banks that operate in Turkiye with the condition that it is not withdrawn for at least three years, as confirmed by the Banking Regulation and Supervision Agency
Buy government bonds with at least USD 500,000 or the equivalent in foreign currency under the condition that they cannot be offered for sale for at least three years, as attested from Treasury and Finance Ministry. Ministry of Treasury and Finance
The purchase of real estate investment funds shares or venture capital investment fund shares for a minimum amount $500,000 in equivalent foreign currency, subject to the condition that they are not sold for at most three years, as attested by the Capital Markets Board of Turkiye
Making a minimum deposit that is USD500,000 or equivalent foreign currency in funds determined by the Insurance and Private Pension Regulation and Supervision Agency with the condition that it is inside the system of pensions for at least three years, as certified through the Insurance and Private Pension Regulation and Supervision Agency.
For more information on Turkey citizen by investment contact us:
Prime Property Turkey
Merkez, DAP Vadi, S-Blok, Ofis No:108-109, 34406 Kâğıthane/İstanbul, Turkey
+90 531 553 54 84