In this article we provide information on how to get Turkish citizenship in İzmir Turkey.
Reasons to move to İzmir
İzmir is a perfect city to retreat to; The general vibe is very relaxed and modern compared to the busy lifestyle of Istanbul. Traveling from A to B is much more convenient and traffic is not a problem like in Istanbul. This is often one of the reasons why people choose to move to İzmir. Properties in prime locations in İzmir are generally cheaper compared to the real estate market in Istanbul. The big variety of nature areas, parks and calmer environment is making İzmir a very attractive city to live in. Furthermore, the coastal paradise Çeşme is only 1 hour drive from İzmir with over 25 white sand beaches.
Real Estate Purchase Investment Law in İzmir – Turkey
If a foreign investor wishes to enter the Citizenship Through Investment Scheme, a notarized contract must be prepared in İzmir certifying that the sale will be made through cash transfer and stating that the real estate buyer/investor is not allowed to sell the property in İzmir in the first 3 years after purchase. Foreigners can also apply for citizenship for off-plan properties (under construction) in İzmir.
The main rules for citizenship through investment in İzmir-Turkey:
• Purchasing a property with a minimum value of USD 400,000.
• The obligation to purchase the property must be mediated by the notary in İzmir.
• The notarized contract must state that the listed property in İzmir will not be sold in the first 3 years after purchase.
• The purchase commitment also applies to off-plan projects in İzmir.
2022 Citizenship Updates İzmir
Recently, the Turkish government has made some changes to the conditions for obtaining citizenship through real estate investment in Turkey. According to the new regulations, the purchase amount determined in foreign currency must be sold to the Central Bank of Turkey. It basically means that the purchase amount in dollars or euros needs to be converted into Turkish lira. Also, foreign citizens cannot sell their property 3 years after they bought the real estate in İzmir or other areas in Turkey. These rules only focus on the procedures for citizenship through investment. If a foreigner wants to buy a property in İzmir without the citizenship program, these regulations do not apply.
Foreigners and Property Appraisal Report in İzmir
Currently, it is mandatory for all foreign buyers of property in Turkey to hire an independent appraisal company to conduct an appraisal and determine the value as well as technical details of the property prior to the actual title exchange and transaction of funds. This procedure is mandatory in any case, regardless of the citizenship procedure in Turkey. When foreign clients plan to buy an off-plan property (under construction) in Turkey, there have been some problems for citizenship applicants as the estimated value may differ from the value in the purchase contracts. With the new regulation, this regulation no longer applies and when buying a property, a notarized purchase contract is sufficient.
Work permit and Residence Requirements in İzmir
Buying a property in İzmir does not give you permission to get a work permit in Turkey. However, if a foreign investor decides to become a Turkish citizen and after completing the citizenship process in Turkey, a work permit is no longer required. The Residence Permit grants foreigners permission to stay in Turkey all year round. As a rule, these permits can be renewed every year. In order to buy a property in İzmir, it is not mandatory to submit an application for a residence permit. However, if a foreigner does not have a residence permit, it is still necessary to apply for a foreigner identification number in order to proceed with the purchase of the property in İzmir.
Aegean Locations and Citizenship in İzmir
Aegean Locations is assisting all foreign investors from A to Z with all above mentioned procedures for Citizenship in İzmir. Our licensed agency, which is a member of the National Association of Realtors, is providing professional real estate services with utmost integrity for many years to various property investors in İzmir.
