- January 6, 2021
- Posted by: admin
- Category: Blog
Nowadays, many people fulfill the conditions set by the authorities in order to obtain citizenship from various countries. Turkish Citizenship by property investment is one of the most preferred options. Clearly, the most common method used by people to obtain Turkish Citizenship is undoubtedly to purchase a property. In order to acquire Turkish Citizenship, the investor shall purchase a property with the value of $ 250.000. Additionally, the investor shall not sell the property for three years. Therefore, the values of the properties are very important. Consequently, expert reports for Turkish Citizenship becomes crucial.
The Ministry of Environment and Urbanization shall approve the property for Turkish Citizenship. However, for such approval, the investor shall prove the value of the property. The experts who has license from Capital Markets Board can do this evaluation for Turkish Citizenship by Investment. Therefore, the expert reports for Turkish Citizenship plays a vital role on the process. The experts apply numerous parameters to value the property.
How to Determine the Property Value Required for Turkish Citizenship in Land Registry?
We talked about the fact that foreign nationals must own a property worth $ 250,000 in order to obtain Turkish Citizenship. At this point, the most important issue is how the value of the house to be purchased is determined.
Three points should prove the value requirement for Turkish Citizenship by investment. (i) sales price (s) declared in the title deed, (ii) value in the expert report (iii) the sum of transfers / payments.
The knowledgeable and an expert professional shall asses the property. Therefore, such experts should obtain license to prove their proficiency. Also, the government seek such license to accept the expert reports for Turkish Citizenship.
Where Can I get Expert Report ? How Long Can I Use It ?
The expert (evaluation) report of the property should obtained from listed experts. Capital Markets Board provide this license for experts. You can reach the experts for experts from the link-1 and link-2
Another point that foreign citizens are curious about about real estate sales is the validity period of the valuation report for citizenship. The date of issuance of the appraisal report for citizenship must be at most 3 months before the date of Turkish Citizenship application. The relevant authorities do not accept the reports longer than 3 months.
Real Estate Expert Reports Exchange Rate
The basis of the Exchange rate of for Turkish Citizenship is selling date of the last business date before the report date.
CBRT effective selling rate of the last business day before the date is taken as basis.
- The sales application date is 08.04.2019
- Expert report date is 11.03.2019
- The value of the property on the report is 1.375.000 TL
- The last Business day before the report date is 08.03.2019
- The applicable exchange rate on 08.03.2019 is 5.4724-TL
Therefore, (1.375.000 / 5.4724 = 251,260) the report value is 251,260 USD
In conclusion, the most important element for Turkish Citizenship by invest is the value of the investment. Therefore, expert reports for Turkish Citizenship is very important in the process. Consequently, it is very essential to clarify the value of your property subject to Turkish Citizenship applications.