Turkish citizenship by investment in real estate remotely on the basis of a power of attorney
If you want to obtain a second citizenship, the fastest and most reliable way is to use the Turkish real estate investment program. Our experts are ready to help you go through the procedure for obtaining Turkish citizenship remotely, based on the power of attorney provided to us.
Why is Turkey’s real estate investment program one of the best?
If you are thinking about a second passport and acquiring a second citizenship, means you are in pursuit of additional protection of your assets and investments from all sorts of risks in homeland.
Among other things, this is a valid way to expand capabilities in terms of freedom of movement across countries, as well as to obtain a more comfortable place of residence, taking into account personal priorities.
Turkey is one the attractive countries for obtaining citizenship, as it offers its foreigners a citizenship by investments program that makes you eligible for citizenship. According to the global index, a Turkish passport takes 55th place among 191 countries of the world.
In order to increase Turkey’s investment attractiveness for foreigners, in September 2018, the country’s government changed the requirements for minimum investment. Earlier, to obtain Turkish citizenship, a foreigner was required to invest at least 1 million US dollars to the country; after making the changes, this amount of mandatory investment was lowered to 250,000 USD.
The minimum amount of investment of 250 000 USD can be applied by the investor for acquiring Turkish citizenship through investment in real estate. The government provides a completely wide variety of minimum thresholds for other investment types the Turkish citizenship program for investments.
For example, when investing in a term deposit account in the bank under the program of Turkish citizenship for foreigners, the minimum investment amount must be at least 500,000 USD. The same threshold applies to investments in business, fixed assets of the state and in debt financial instruments (stocks, bonds).
In addition to the established minimum amount of investments, Turkey requires foreign applicants under the citizenship program for investments to commit not to sell real estate for three years, and in the case of other forms of investment also not to withdraw funds within three years. In case of violation of these rules by the applicant, the Turkish citizenship granted will be automatically canceled.
Comparing the conditions of the Turkish citizenship investment program with similar programs of other states, especially some EU member states, the following advantages of the Turkish program should be specifically highlighted:
- Your expenses for the Turkish citizenship program for investments will be much less than for any European programs providing economic citizenship to foreigners.
- In Turkey, you do not need to make any non-refundable deposits or donate thousands of dollars to the state. All the capital you invested in Turkey under the investment program for obtaining citizenship, you can return over time (you are allowed to sell real estate or withdraw funds from the deposit) at the end of the three-year period of the ban. In doing so, you will fully maintain your status as a citizen of Turkey.
- Prices for Turkish real estate are much more attractive than for European ones. At the same time, the real value of real estate in the Turkish market is significantly underestimated.
- A foreign applicant obtains citizenship for investment, bypassing the minimum five-year term of temporary residence in the country, which is usually required in the case of other visa programs in Turkey. Also, you do not need to know the Turkish language, even at a minimum level.
- A foreigner receives Turkish citizenship for an investment program in real estate or for investments in other assets within three months after the application.
- With a Turkish citizenship, you can take advantage of interstate agreements of the Republic of Turkey for moving to the UK and the United States. The costs for Turkish citizens for obtaining residence permits in these countries are significantly lower than for citizens of other states.
Turkish citizenship by investments in real estate with the help of authorized third parties
Today, the borders of most countries are closed due to quarantine measures to prevent the spread of Covid -19. Naturally, for objective reasons, you are temporarily restricted from visiting Turkey to buy real estate and take advantage of the investment program for obtaining Turkish citizenship.
However, the entire process can be organized by means of a proxy, i.e., you may opt for working with a Turkish lawyer by issung a power of attorney in the latter’s name, who will deal with the selection and purchase of real estate in Turkey on your behalf, as well as apply for citizenship of the country under an investment program in real estate.
A power of attorney is a legally formalized document that provides the authorized person certain legal powers to act on behalf of the principal. In Turkey, a power of attorney is very often used in various fields.
Of course, the cost of remote services of a Turkish lawyer based on a power of attorney will be more costly for you than if you were in Turkey. On the other hand, using the remote service, you can fully deploy and implement your investment plans, start the procedure for obtaining citizenship without losing valuable time.
Write us an email at email@example.com, and the professionals of Offshore Pro Group will contact you to guide you through all questions that arise, and explain the procedure step-by-step.
A power of attorney is a reliable way to obtain Turkish citizenship by investments remotely
In the event that the foreigner intends to use the services of authorized proxies in Turkey, on the basis of the power of attorney drawn up abroad, all necessary requirements need to be observed.
It should be said right away that you do not need to issue a “General Power of Attorney” with broad powers, but instead, you should draw up a “Special Power of Attorney” by writing down specific powers for carrying out certain actions as your representative in Turkey.
For example, you empower your authorized person to buy real estate in your name and apply for Turkish citizenship on your behalf under the Turkish Real Estate Investment Program.
Since you authorize a proxy to perform all the necessary procedures related to this process, you grant the right (to a lawyer, realtor or other individual) to receive a Turkish tax number and open a bank account in your name.
All these points should be discussed in detail with the service provider before drawing up the power of attorney.
By submitting a Special Power of Attorney, you empower your authorized person to carry our the functions on your behalf, by limiting them to the actions you specifically need, that is, narrowly focused rights to carry out the task assigned, without the right to sell your property.
Turkish citizenship by investments in real estate: basic requirements for a Power of Attorney
To draw up the power of attorney with all necessary rules and requirements observed, you are required to contact the Turkish Consulate in the country of your citizenship. Only this body has the mandate to issue a power of attorney abroad to empower proxies in Turkey in relation to Turkish real estate and other legal powers.
The power of attorney must be drawn up in Turkish. If a power of attorney is submitted to the Consulate, the text of which is in a language other than Turkish, the sworn translator of the Consulate translates the power of attorney into Turkish and certifies it with the signature and seal of a Turkish notary.
Another feature of the Turkish power of attorney, in contrast to the powers of attorney of the CIS countries, is the obligatory inclusion of a photograph of the principal on the document, which must also display the signature and a distinctively visible seal of the notary public.
If the country of your citizenship does not have a Consulate of Turkey, but your state is a party to the Hague Convention, you can certify the power of attorney with an apostille in the registry office, the Ministry of Justice or other authorized state institutions.
After that, the power of attorney certified by the apostille (with your photo) is sent to Turkey to the office of a sworn translator (notary), who translates the text of the power of attorney and finally legalizes it in the country.
Turkish citizenship by investment in real estate: key considerations when buying a property
Using real estate as an investment asset under the Turkish citizenship program, you are free to purchase one or several properties, at your discretion: the key consideration is that the total value of all real estate should be at least 250,000 USD.
The official value of immovable property, which the applicant for Turkish citizenship registers with the Registration Department of the Office of the Land Book and Cadastre, must be confirmed by the “Report on the appraised value of real estate.”
This report may only be issued by a person authorized by the Turkish Banking Regulation and Supervision Agency. The validity period of the report on the estimated value of real estate is no more than 3 months before the date of application for citizenship.
- The property that you intend to buy in Turkey must have registration data in the journal of the General Directorate of Land Book and Cadastre, as well as a certificate of ownership of TAPU.
- Real estate purchased under the Turkish citizenship investment program must belong to a citizen of the country or a Turkish legal entity.
- In order to exclude the possibility of any types of burdens or encumbrances regarding the selected real estate, it is necessary to carefully analyze the real estate documents.
- The best option is to order a property verification service from your agent for tax debt, the absence of collateral or outstanding obligations, or a court foreclosure imposed.
- The TAPU document confirming the foreign applicant’s ownership of the Turkish real estate must contain an annotation about the prohibition to alienate the real estate for 3 (three) years. The date for the prohibition of the alienation of real estate starts to count from the date when foreigner has submitted the application for Turkish citizenship under the real estate investment program.
If you plan to buy property from a Turkish developer, you should also check:
- The presence of a building permit (license), registration with the Cadastral Service, as well as other documents confirming the legitimacy and accuracy of the developer’s certification process.
When buying a land plot in Turkey, you (your authorized representative) are required to identify through the local Municipality whether there is a permit to sell the corresponding land plot in the first place.
In the absence of such permission, the purchase and sale transaction will not be recognized as legal and may entail high penalties which is undesirable.
You should also know that the process of investment towards obtaining Turkish citizenship does not end for you at the end of the purchase transaction.
According to the law, under the citizenship by investment program, where a land plot acts as an asset, a foreign applicant is required to submit a construction project to the relevant ministry within 2 years.
During these two years, it is also necessary to begin the development of the site, since the period of validity of a building license is 2 years. At the same time, it is important that the Turkish architect, who has the appropriate license for conducting the appropriate activity, be involved in the design of the construction of your house.
Turkish citizenship by investment in real estate: Payment features
Investment contributions under the Turkish program for citizenship by investments in real estate should be processed through a branch of a Turkish bank. A foreign applicant must open a personal bank account in Turkey and can select any bank in the country at his own discretion.
According to the Government Order of October 15, 2018, the transfer of property rights when making a purchase and sale of real estate after this date should be carried out only through a banking transaction.
Money for immovable property must come from the buyer’s personal account at a Turkish bank to the seller’s account. The presence of a bank check, with the indicated transfer amount, will be considered confirmation of the payment transaction for real estate.
Also, the foreign applicant must be provided with a bank statement from a Turkish bank on the transfer of the specified amount from a foreign bank and crediting it to a foreigner’s personal bank account in Turkey.
If you are interested in the possibility of obtaining citizenship of Turkey by investment in real estate in a remote format, please contact us by e-mail at firstname.lastname@example.org. Our professional and experienced consultants will be happy to respond to all your questions and advise on the best solutions to accommodate your investment and citizenship planning.
In Turkey, we have an extensively large real estate database of properties that are currently on sale at the market. We can pick you up real estate of any comfort class, from condominiums to luxury apartments and modern villas with the Smart Home system.
Is it possible to remotely obtain Turkish citizenship under an investment program?
Yes, you can remotely obtain Turkish citizenship under an investment program established by the government of the country. To do this, you must draw up a power of attorney in the name of our company, which you can elaborate and validate at the Consulate of Turkey in the country of your citizenship. The power of attorney must be drawn up in Turkish language, have your photo (passport size) and should be certified by a Turkish notary public.
Should I renounce my current citizenship upon obtaining Turkish citizenship?
No, you do not need to renounce your existing citizenship. Turkey recognizes dual citizenship, regardless of the number of “second civil passports” that a foreign applicant has.
What is the minimum investment required by the Turkish Citizenship by Investment program?
The easiest and most reliable way to obtain Turkish citizenship is to invest in real estate. To do this, you are required to purchase a property at a minimum value of 250,000 USD. It can be as one property or several items of property (residential or commercial property, or land). The main point is that the total amount of foreign investments made by the applicant in the Turkish economy should be at least 250,000 USD.
Turkish citizenship by investment program provides the following opportunities to holders:
- Permanent right of residence
- Permanent right of work and investment opportunity in Turkey without any limitations
- Visa-free travel to a large number of countries
- Facilitated assessment process for visa applications to many countries
- All international incentives available to Turkish citizens under bilateral or multilateral agreements including but not limited to the Agreement Creating An Association Between The Republic of Turkey and the European Economic Community allowing Turkish Citizens to establish business in the related countries (including the UK), move immediately and be eligible to apply for permanent residence and citizenship in those countries.
At the same time:
- You are not mandatorily required to live in Turkey to take part in the program
- You can take your investment back after three years with its legal rate of interest.
- You can sell your immovable property after the expiry of three-year ban.
- Your Turkish citizenship continues during your life.
- Furthermore, you are not required to renounce the citizenship of your current country of residence.