Advantages and rights of foreign investors in the real estate sector
Real estate investment in Turkey is one of the most important and successful types of investment. “
This investment has been well received by foreign investors from around the world.
The large turnout of investors is not limited to the large profits guaranteed by the real estate investment, but to the wide advantages they enjoy and the many rights guaranteed to them by the Turkish government.
This article will be to talk extensively about all the advantages and rights available to real estate investors in Turkey.
Advantages and rights of foreign investors in the real estate sector:
The right of the foreign investor to obtain real estate residence permit in Turkey:
The Turkish government has granted the foreign investor who buys a residential property in Turkey the right to obtain real estate residence permit.
The Turkish government has set the investor the price of the real estate necessary to obtain residence permit at 75,000 US $.
It did not specify any conditions related to the size or location of the property, but left the choice to the investor.
The real estate residence permit also gives the acquired investor many advantages and rights:
- The right to reside and settle on Turkish territory throughout the period of residence.
- The right to enter and exit Turkey without the need for an entry visa, and without canceling the real estate residence permit.
- The right to move freely between the Turkish states.
- The right to benefit from the full rights available to residents on Turkish territory.
- The right to benefit from educational services in Turkish schools and lands.
- The right to receive free treatment in Turkish hospitals in the case of Turkish citizens, and benefit from the reductions on some of the available types of treatment.
- The right to buy a private car and register it in the name of the foreign investor.
- The right to obtain a Turkish driving license.
- The duration of the real estate residence permit is one or two years, and the holder of the residence permit is entitled to renew his residence permit as long as he retains ownership of the property.
- It is also a benefit of real estate residence permit, to be granted to the wife and children of the investor under the age of 18.
- Resident shall be granted a real estate residence permit for a period of more than 5 years and the right to obtain Turkish citizenship.
In addition to the right to reside on Turkish territory and benefit from all benefits and rights available to foreign investors.
The procedures for obtaining real estate residence permit in Turkey are easy and fast.
The right of the foreign investor to obtain Turkish citizenship:
One of the most important advantages granted to the foreign investor in real estate in Turkey.
Is to obtain Turkish citizenship after achieving some conditions.
The Turkish government did not require a specific type of real estate or a specific area or any conditions related to the location of the property.
It is required in the property required to obtain Turkish citizenship:
- The value of the property or the group of properties shall not be less than 400 thousand dollars.
- The property must be free from any taxes or mortgage.
The Turkish citizenship of the foreign investor achieves many advantages and rights associated with it:
- Enjoying the full rights of the Turkish citizen, like any Turkish citizen.
- Obtaining the right to learn in Turkish schools and universities.
- The right to benefit from the medical services available to Turkish citizens.
- The foreign investor has the right to own, sell and buy like any Turkish citizen.
- The foreign investor has the right to work and invest within Turkey.
- The foreign investor who has obtained Turkish citizenship has the right to hold jobs in the state, which can only be accessed by Turkish citizens.
- The right to receive a pension.
- The right to participate in and stand for election.
- The right to dual nationality, do not force the foreign investor to relinquish his/her original nationality.
The right to obtain a Turkish passport:
Turkish citizenship entitles its holder to obtain the Turkish passport, which distinguishes everyone who holds it with many advantages and rights as well”
We should mention the following:
- Obtaining a long-term passport, needs to be renewed every 10 years.
- The Turkish passport holder enters 77 countries without a visa, and it is easy to enter 26 Schengen areas.
Real estate appraisal in Turkey:
– The Turkish government issued the Real Estate Valuation Law to protect foreign investors from real estate fraud, and to make real estate investment in Turkey safe.
– Real estate appraisal is a special document issued by real estate experts working for the Turkish government, or real estate companies or real estate experts who have a license that allows them to give the real estate appraisal document.
– The real estate appraisal document includes all the information related to the property, from the location, the area and all other details.
– The Turkish government stipulated the existence of the real estate appraisal document in order to complete the procedures for transferring ownership from the seller to the foreign buyer investor.
– Foreign investors found in the Real Estate Valuation Law a reservation of their rights and greater protection for their investment.
Cancel reciprocity of real estate ownership in Turkey:
– The repeal of the reciprocity law came as a kind of facility provided by the Turkish government to foreign investors in the real estate field, in order to increase the attractiveness of real estate investors towards Turkey.
– The reciprocity law stipulates that “the Turkish state prohibits foreign citizens from owning real estate in Turkey if their state does not allow Turkish citizens to own real estate in its territory.”
– Thus, Turkey opened the door to investment in front of more foreigners.
– It allowed them to own their real estate and enjoy the full benefits and rights of real estate owners in Turkey.
The right of inheritance:
The property of the foreign owner shall be transferred to his legal heirs, and inheritance shall be attributed to the Turkish Inheritance Law. This law does not distinguish between male and female in inheritance.
In the event of a dispute over the heirs, they have the right to control the Turkish judiciary.
Vendor Accountability Right:
The construction company or the seller of the property is the parties responsible for the property and for any error in it.
The buyer has the right to hold these parties accountable, or to prosecute them before the judiciary in the event of any defect.
Some cases are mentioned:
- The construction companies shall be held liable for any defect or fault in the construction
during the first five years of its possession, unless the defect is caused by the use of the user himself.
- If the fault was intentional and the construction company deliberately concealed it, the buyer has the right to hold the company legally accountable. “
- Construction companies are bound by whatever is agreed in the contract.
- In the event that the foreign investor discovers any error, he has the right to terminate the sale contract and withdraw the purchase of the property if he so desires the full amount paid will be returned to him.
- He can keep the property while reducing its price commensurate with the error.
- The buyer is also entitled to keep the same property with the construction company required to carry out the necessary repairs.
- The buyer is also entitled to demand the replacement of his property with another property that has the same specifications as his property, if any.
- In the event of dealing with a contractor or construction company and submitted in its advertisements offers related to furniture
- The company must comply with all the offers it has announced, and the buyer has the right to hold it accountable in the event of non-compliance.
Foreign investors have the right to purchase real estate in Turkey in installments.
An investor who buys a property in installments shall be treated as an investor who pays in cash” for his property.
He is entitled to the full rights and privileges available to foreign investors within the Turkish territory.
This prompted new numbers of investors to move towards Turkish real estate.
Turkey was distinguished from the rest of the countries by the advantages it granted to foreign investors
It has attracted foreigners from all countries to invest on its territory.
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