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I was wondering if the missus can buy out our place (well over 250 000 USD) which, currently, is in my sole name. Any advice from legal experts would be welcome

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I'm not a legal expert but I can not see any problem with that as long she can prove that the fund was brought from outside turkey , this is the whole story is about 

 

 

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Yes and no. We process these daily. I will say that the total value must be $250,000 USD. However, just because you pay $250,000, that does not mean you qualify. The property valuation must be $250,000. If a property owner has ever undervalued for tax purposes, then you can pretty much guarantee that property will not qualify. 

Here are some key points:

  • Applicants are required to purchase a property in Turkey which is worth a minimum of $250,000. This can be fulfilled either by purchasing a single property or multiple properties, with provisions of regulations.
  • Applicants are required to keep the purchased property for at least 3 years. This commitment must be registered as an annotation on the Title Deed and/or on the Notarized Sales Contract.
  • The value of the property will be determined by an official valuation survey done by the authorities that are announced by the Banking Supervision Board. The value of the property must be at least $250,000 in the valuation report.
  • The Property purchase price must be paid to the seller via bank transfer to be supported by bank receipts that prove the transaction is made from the buyer’s account to the seller’s account.
  • The officially declared value of the property must be minimum of $250.000 at the time of the Notarized Sales Contract and/or of its ownership transfer at the Land Registry Office
  • Any such property within this scope must not be registered under and foreign real person’s name including the applicant’s spouse or children; properties that have been transferred by the Applicant’s spouse or children after 12.01.2017 are not within the scope of the regulation.
  • In case the property is purchased with a mortgage loan or is subject to mortgage by any means, the mortgage value will be deducted from the value stated in the valuation survey and the remaining amount will be taken into consideration.
  • The application will be sent to the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs, Directorate of Foreigners Department, through the Ministry of Environments and Urbanization, Land Registry Office.

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Turkish Citizenship Application by Real Estate Investment

STEP 1

Getting a Tax Registration Number

  • Tax Registration number can be obtained from any tax office in Turkey.
  • Original Passport and Photos are required.

STEP 2

Opening a Turkish Bank Account

  • Documentation of transactions during the buying stage will be necessary.
  • Passport Original and Tax Registration Number is required.
  • An Official Document (such as Public Utility Bill) shows your current address is required.

STEP 3

Finding the Property

  • Total Value of $250,000 or equivalent Turkish Lira (single or multiple units)
  • Completed or Close Completion
  • Habitation License granted
  • Construction Servitude or Title Deed ready
  • Suitable for Official Valuation Survey

STEP 4

Buying the Property

  • Use Bank Transfer and document the transaction by receipt
  • Get Title Deed Registry and/or Notarized Sales Contract annotated with “Not To Be Sold For 3 Years

STEP 5

Obtaining the Certificate of Conformity

  • Request, Provide Official Valuation Survey
  • Submit the Bank Transfer Receipt
  • Apply to Ministry of Environment and Urbanization>

STEP 6

Application for Turkish Residency

  • Gather the Required Documents
  • Apply to Directorate General of Migration Management

FINALLY

Application for Turkish Citizenship

  • Gather the Required Documents
  • Apply to Directorate General of Migration Management

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Maybe justin or anyone else can help me with this question. Let's say a family member in Turkey has a home that is valued over $250k usd, and sells you the property for $5, is that legal loophole to do to obtain citizenship? 

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On 22/07/2019 at 13:20, JustinM said:

The value of the property will be determined by an official valuation survey done by the authorities

How often will their value renewed? Any periodic schedule? ty

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11 hours ago, Omer Varol said:

Maybe justin or anyone else can help me with this question. Let's say a family member in Turkey has a home that is valued over $250k usd, and sells you the property for $5, is that legal loophole to do to obtain citizenship? 

Omer,

Unfortunately not, both the valuation and purchase price must be 250k. In addition, the funds transfer must be proven. Receipts of wire transfer are to be included in the application to show origin of transfer and amount equals full 250k. 

 

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7 hours ago, Alzaro said:

How often will their value renewed? Any periodic schedule? ty

If the property is not new, a valuation report must be obtained through a certified program evaluator. That report must be submitted alongside the application to prove true value of the property.

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Ibrahim,

There are a couple of different options. First, you could google Real Estate Valuation Report and your city. This will pop up with the local consultants doing this type of work. The second, is to contact the emlak agency or bank you purchased your home through, or are currently purchasing your home through. They will have a company that they work with. However, here are a couple of very important notes.

The value of the property will be determined by an official valuation survey done by the authorities that are announced by the Banking Supervision Board. The value of the property must be at least $250,000 in the valuation report.

The cost of the SPK validated appraisal report will be between 1.000 to 2.000 Turkish Lira and buyers will pay this fee directly to the new real estate appraisal department. Foreign buyers should refuse to do business with any estate agent quoting more or claiming they are licensed to carry out the valuation.

Appraisal reports will be valid for three months from approval. In the event of a canceled sale, if the seller finds another buyer, they can use the same appraisal report. If the property is at the off-plan or construction stage, the value will be the estimate at the time of completion. The value cited on the amount of the appraisal report will also appear on the title deeds.

After the Tapu is signed over, the Land Registry and Cadastre Information System will add the report to their system before returning it to the buyer. Expected time of completion is three days for Istanbul and six days for other provinces.

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15 hours ago, JustinM said:

If the property is not new, a valuation report must be obtained through a certified program evaluator. That report must be submitted alongside the application to prove true value of the property.

In other words, you dont know. Some countries use the 10 to 15 years schedule to 'adapt' ..anpassung.. the actual value. Up and downs, but mostly up$.

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Confused on how I don't know. It is upon purchase. Couple of threads now people are going out of there way to answer your questions, yet you have a negative response. No one here is going to say you must have an appraisal,only those selling or buying. If you are seeking to get away from the evil empires of Europe and America as you say, you will have a very hard time here in Turkey with an unappreciative mindset. Best of luck!

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