- Find the right property and seller through a trusted medium:
As Turkey is one of the major real estate investment attractions in the world, many agencies are working in this sector and new projects are constantly coming to the market. Between so many projects and mediators, it is very important for an investor to find the suitable option according to his/her budget, investment planning, choice, etc. This process is not easy at all and can be really overwhelming. To make this very easy and smooth and make the selection of the project worthwhile you need a trusted source.
- Ask for an independent valuation report:
Before buying a property, it is very much important to know about its valuation. Valuation helps a buyer to know the true value of the property and to determine whether the sale price stated by the seller/owner is fair or not. In some cases, owners overprice their properties by citing factors such as construction quality or additional features. The apartment developers can charge extra or charge more per square foot than the prevailing rates. So, a buyer should get an independent valuation report before finalizing the deal.
- Consult with the experts and experienced lawyers:
If you want to invest or buy property in Turkey, there are some processes that you may not know, and it can really complicate your process. For this, one can always take help from a consultancy. For example, The Asia Group Turkey is one of the licensed consultancy groups that can help you with all the steps. Apart from this, it is necessary to take help from an experienced lawyer for all types of legal advice and work.
- Make payments and obtain foreign exchange certificates:
The Turkish government has introduced new laws to strengthen the protection measures for international buyers of real estate in Turkiye. In Article 13 of the new circular published by the Central Bank of Turkiye in January, international buyers can now exchange foreign currency for the sale price of real estate with the central bank. You must obtain the foreign exchange certificate and use it for the process.
- Title Deed:
Title Deed is the document that gives legal status to the ownership of a property in the territory of Turkey. The property is registered in your name if there is a title deed. You can use this property for rent, sale, and all other types of investment.
- Obtaining compliance and conformity certificate from the Regional Land Registry office.
A certificate of Conformity is one of the most important documents that can be obtained after the title deed. This certificate will declare whether the property you bought is suitable for citizenship. That means if your property is worth 400K US Dollars, this certificate will declare that you are eligible for getting Turkish citizenship.
- Initiation of Citizenship Application Process:
Once the relevant paperwork is completed the Deeds Office will hold a charge on your property for 3 years. After completion of 3 years, the charge will be removed, and you can sell your property if you wish. The citizenship application process can take 3 – 6 months and at the end of the process you, your spouse, and children under 18 years of age will acquire Turkish citizenship.
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