Foreigners who purchase a real estate property with a minimum value of $250.000 or equivalent foreign currency or equivalent amount of Turkish Lira’s [prior to the amendment such amount was $1,000,000] and attached an annotation of no-sale for at least three (3) years at the relevant title registry; or foreigners who purchase a real estate property which has a property ownership or a construction servitude on it, with a preliminary sale contract executed before a notary public and at least $250,000 or amount of foreign currency or Turkish Lira’s is paid in advance and such notarized preliminary sale contract shall be recorded at the relevant title registry with the undertaking not to transfer or assign the agreement for a period of three (3) years that is determined by the Ministry of Environment and Urbanization;
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As mentioned briefly above, prior to the amendments made by the Presidential Decree No. 418 through the publication in the Official Gazette dated December 7, 2018, foreign investors could purchase only immovable property after the establishment of condominium ownership and construction is completed. However, with the new amendments introduced, it is now possible to apply for Turkish citizenship by purchasing real estates from the projects still under construction provided that:
- Condominium ownership or condominium servitude shall be established for the said immovable.
- Minimum $250,000 or amount of foreign currency or Turkish Lira’s shall be paid in advance.
- A preliminary sale contract shall be executed before a notary public; and
- Such notarized preliminary sale contract shall be recorded at the relevant title registry with the undertaking not to transfer or assign the agreement for a period of three (3) years.
Foreign nationals do not need to have a residence permit as a precondition to acquire real estate in Turkey. In addition, foreigners who acquire property in Turkey are granted renewable short-term residence permits under Law No. 6458 on Foreigners and International Protection.
There is no limitation on the number of immovable properties that can be purchased through a sale or executing a preliminary sale contract before notary.
If a foreigner purchases more than one (1) real estate at the same time or different timescale and the sum of the values of such real estate are $250,000. – or more, each real estate shall also have an annotation of no-sale for at least three (3) years.
A real estate appraisal report that shows the value of such real estate shall be drafted by a real estate appraiser with a valid license approved by Capital Market Board and Banking Regulation and Supervision Agency to determine the value of the subject real estate. The date of issuance of such assessment report shall be three (3) months (at most) prior to the application date. Such an appraisal report shall be valid until the end of the transaction.
In case the real estate is purchased from the projects under construction, the value of the property upon completion shall be calculated and indicated in the real estate appraisal report.
- Submitting a bank receipt is mandatory for the purchase transaction subject to Circular No. 2018/12 (1792) dated October 15, 2018. Therefore, bank receipts are not required for sales made before such Circular date.
- The transfer or payment of the sale or preliminary sale contract made after October 15, 2018 shall be made through the bank. Within this regard, bank approved receipt (transfer, electronic fund transfers or bank receipt regarding blocked check) confirming that the amount has been deposited into the account of the purchasers or other relevant person by the vendors or relevant person shall be submitted. For the transfers from abroad, the receipt of the bank account in which the sale amount is transferred shall also be submitted.
- The date of bank receipt can be after the date of selling. However, in case of a sale through executing a preliminary sales contract, the date of bank receipt shall be before the contract is issued before a notary public or shall be on the day of the executing date of the contract at latest. The payment receipt made after the date of preliminary sale contract shall not be taken into consideration since it is not as a “cash payment”
Required Documents for Obtaining Certificate of Conformity
- Valid passport and its notarized Turkish translation
- Four (4) passport type pictures
- Official title deed regarding to selling transaction or notarized preliminary sale contract
- Real estate appraiser report
- Bank approved receipt (transfer, electronic fund transfers or bank receipt regarding blocked check) confirming that the amount has been deposited into the account of the purchasers or other relevant person by the vendors or relevant person.
- Attaching Annotation of no-sale for three (3) years on the immovable property/properties) at relevant title registry
Applications are evaluated by the Ministry of Environment and Urban Planning General Directorate of Land Registry and Cad-astral Directorate of Foreign Affairs Department. The applications that fulfill the conditions, shall be concluded within seven (7) working days.