11/05/2022
Why can't every item be bought to get citizenship?
It's no secret that many foreigners buy property in Turkey not only for investment, but also to obtain citizenship of the country.
A Turkish passport can be obtained by foreigners who have bought real estate worth over USD 400,000.
It is logical that real estate that costs less than 400,000 does not grant the right to citizenship unless the foreigner buys two apartments or several commercial premises.
However, if the price of an apartment or villa meets the requirements, a foreigner can expect an unpleasant surprise. If the cadastral value of the object is underestimated, the buyer will not be able to apply for citizenship.
The cadastral value of real estate consists of the value of the land and the costs incurred by the developer during construction. In Turkey, the cadastral value was underestimated for years, which helped owners to pay less taxes on the sale of real estate.
The good news is that according to the new law, the object must undergo a series of investigations before it can be sold in order to more accurately determine the cadastral value. This law is useful for investors who:
➖ Apply for Turkish citizenship
➖ arrange a mortgage for the purchase of real estate
In the case of a mortgage, the bank also takes into account the cadastral value, and not the one assigned by the seller, so it is not possible to obtain the required amount.
If you not only want to invest in real estate, but want to use all the privileges, contact us.
➖ We select a suitable property for you
➖ We will help you to buy it profitably, respecting Turkish laws
➖ Our lawyers will collect a package of mortgage and citizenship documents for you
Invest easily and safely!
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