The Increasing demand of direct foreign investment into Turkey, made the government do new regulations (law no. 6302 which is entered into operation in 2012) and help foreign investors to make property investment in Turkey easier. By this regulation, foreign investors can make property investment without any additional bureaucracy in Turkey. However, there are series of steps that foreigners need to follow in order to invest in Turkey.
First of all, the property that a foreign investor willing to buy has to be out of the military zone. It means if an area is determined as a military zone by the government, properties in that area are not suitable for foreign buyers. City hall and tittle deed registry offices can give information about if the property that you want to buy is included in the military zone or not.
Secondly, foreign investors have to obtain a tax number and notarized passport translation to buy property in Turkey. This step usually is a one-day process that does not require any other documentation rather than a passport.
Finally, there are additional steps for those who invest in Turkey in order to get Turkish Citizenship or residence permit. In this case, you are asked to prove certain documents from your home country and also asked for an expert report (must be a SPK Licensed firm) for the property that you are buying.
By clicking here you can chech out the steps in detail for Turkey’s investment process.
Investing in Istanbul is not different than investing anywhere in Turkey. However, in some aspects investing in Istanbul can be easier for foreign investors. Firstly, tax offices, notary bureaus and SPK licensed expertise firms can be found in central Istanbul in multiple locations. Since these offices are larger in Istanbul, process goes faster accordingly. In addition to, that most of the developers and law firms have experience in the foreign property investment process. That’s why the entire process can be conducted by them on your behalf.
Secondly, because Istanbul is a large metropolis, military zone restriction is too few in central Istanbul. Thus, the risk that the property that you want to buy is in the military zone was minimized.
And finally, Istanbul investments are more solid in terms of return of investment, rental capability and re-sale capability. To invest in Istanbul more likely to be more profitable and risk-free for both foreign and local investors.
Investing in a foreign country can bear difficulties and obstacles sometimes. We as Century21 Sinerji proudly serve our foreign customers for more than 10 years with our professional sales, legal and after sales teams in order to avoid any kind of risks and obstacles.