smart guide to acquiring property & citizenship in turkey · jll.com.tr. this written in...
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JLL (NYSE: JLL) is a leading professionalservices firm that specializes in real estateand investment management. A Fortune500 company, JLL helps real estate owners, occupiers and investors achieve theirbusiness ambitions. JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of morethan 77,000.
jll.com.tr
Thiswritten in collaboration
with JLL, aims to assist individuals andorganizations wishing to buy property and gaincitizenship in Turkey by providing information onthe real estate market in the country, which hasprogressed in an investor-friendly fashion in thelast decade and a half. The guide consists ofinformation on residential, office, retail, logistics,and hotel markets in the country and proceduresthat investors should face during the process ofacquiring citizenship.
Turkey is a dynamic and growing G20 economythat links the east and the west in a unique way. Inaddition to being one of the world’s fastestgrowing economies, Turkey also supportsinternational investors’ growth via a business-friendly agenda and through access to a largedomestic market and neighboring internationalmarkets.
Strong market fundamentals, such as a young anddynamic population with an average age of 32, awell-educated work force, increasing rates ofemployment over the years, a growing middle-class, and a unique geographical location, have allhelped transform Turkey into one of the fastestgrowing OECD member countries. As of end-2018,Turkey is the 13th largest economy in the world(GDP at PPP), with an average annual growth rateof 5.5 percent in the 2003-2018 period.
Turkey’s location, at the crossroads of Europe,Central Asia, and the Middle East, provides easyaccess to the European, Middle Eastern, NorthAfrican, Central Asian, and Gulf markets. Thesemarkets comprise more than 1.5 billion peopleand account for a total GDP of USD 24 trillion.More than half of the world’s trade takes placewithin a four-hour flight radius of Turkey – a keyreason why multinational companies have chosenTurkey as a strategic regional hub for theiroperations.
I would also like to take this opportunity toremind you that Presidency of the Republic ofTurkey Investment Office is not only the officialorganization for promoting Turkey’s investmentopportunities to the global business community,but also a top-notch resource center featuring themost in-depth and up-to-date information onevery issue related to Turkey. It goes withoutsaying that our dedicated teams are more thanwilling to do the utmost to provide youcustomized guidance on a fully confidential basis.
Finally, I would like to extend a special thanks tothe team from JLL for sharing their expertise andmarket insight with us in contributing to thisguide.
We hope this guide will benefit all thoseindividuals and corporations who are interested inbuying property and acquiring citizenship inTurkey. Please feel free to get in touch with usabout any of your business-related queries.
Investment Office President
!
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Total Housing Stock in Turkey
Total Sales
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Residential Market
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House Sales in Top Citiest
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House Sales Prices
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LOWEST PRICE-TO-RENT
Residential Market
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!3,962April 2019
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Reidin
%
Highest Rise in Sales Price
Istanbul - Most Demanded Regions by Foreigners
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Antalya – Most Demanded Regions by Foreigners
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7%
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PIPELINE
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33%
30%
37%
ACTIVE
'() *+,-'()-./0+12 3456
Grade A Office Supply
Central Business District
(CBD), particularly in the
Levent-Etiler,
Gayrettepe-!i"li and
Zincirlikuyu-Maslak
areas, along Büyükdere
Avenue on the European
side.
The Airport region and
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secondary office areas
on the European side
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Ümraniye, Kavacõk and
Ata"ehir, located on the
Asian side, are
secondary office areas.
Million SQ M
5.7Q1 2019JLL Turkey
Million SQ M
2.42010JLL Turkey
Million SQ M
7.42023JLL Turkey
*Istanbul International Finance Center (IIFC) holds the vast majority of the pipeline stock
Istanbul Office Sub-Markets
Office Market
8
Take Up & Vacancy Rate
Prime Rent
Vacancy - CBD
)+,)(-2014-2016JLL Turkey
Vacancy - CBD
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Vacancy - CBD
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per SQ M per Month
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Office Market
9:
Retail Density
Million SQ M
)!Q1 2019JLL Turkey
Million SQ M
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Million SQ M
)"#+2021JLL Turkey
Active Under Construction* Total
Unit 126 13 139
GLA (sq m) 4,847,899 470,486 5,318,385
Unit 41 6 47
GLA (sq m) 1,634,908 207,500 1,842,408
Unit 266 18 284
GLA (sq m) 6,550,147 764,679 7,314,826
Total Unit 433 37 470
GLA (sq m) 13,032,954 1,442,665 14,475,619
Istanbul
Ankara
Rest of Turkey
GLA per Capita (sq m)
100 -350
50 - 100
1 - 50
0
JLL Turkey, Q1 2019
JLL Turkey, Q1 2019
Shopping Centre Supply & Development
Retail Market
99
Prime Rent
per SQ M per Month
0'/Q1 2019JLL Turkey
per SQ M per Month
!!$+Q1 2019JLL Turkey
Oxford Economics, December 2018
«The projected retail sales growth in Turkeysignificantly outpaces mature European markets between 2019and 2021.»
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Logistics Sub-Markets
Hadõmkšy and Esenyurt on the European Side, Tuzla on the Asian Side in Istanbul, and Gebze, ‚ayõrova and Dilovasõ in Kocaeli are considered as the primary logistics markets of the Marmara region.
Logistics Supply
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JLL Turkey, Q1 2019
Logistics Market
JLL Turkey, Q1 2019
9!
Logistics Performance Index (LPI)
Vacancy
per SQ M per Month per SQ M per Month
LPI
47th2018The Word Bank
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Performance Index (LPI)
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chains.»
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Hotel Market
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1
Identify the property youwant to purchaseaccording to the budgetand desired criteria, andcontact the seller.
2
Check the registry details of theproperty together with the selleror the seller’s representative atthe Directorate of Land Registry
3An appraisal report which shows theactual value of the property shall beissued by a company authorized forproperty appraisal.
Apply to the Land RegistryDirectorate with the documentsrequired to start the salesprocedures of the property.
4
5
The document shall be checked bythe Directorate of Land Registry,and any incomplete items shall becompleted. The parties shall beinformed on the fees they are to payfor the transaction.
6
Deposit the fees. Pay the cost of the propertyto the seller. Payment can be made viaTAKASBANK to make it more secure. In thatcase, the contract price deposited to therecipient’s account shall be blocked and it shallbe transferred to the seller’s account after thecontract is signed.
7
Sign the official contract issued bythe Directorate of Land Registryfor the sale, under the presence ofthe public officer, and the salestransaction will be completedwhen the contract is signed.
9&
345675897649789:68;<6;=>:7?=87@8=@986A75<BC;:;6;=>71A7?=89;D>98:E
First of all, the country of the foreigner desirous of acquiring a property must be among thecountries cleared by Turkey for property acquisition as specified in Article 35.
Property acquisition by foreign real persons is only possible within the scope of legal restrictionsfurther to Article 35 of the Land Registry Law 2644.
Foreigners may not acquire properties in military forbidden zones further to the MilitaryForbidden Zones and Security Zones Law No. 2565.
A foreign real person may acquire properties and restricted real rights of up to 30 hectares
maximum. The President may increase this size up to two times.
Total area of properties acquired by foreign real persons and independent and continuouslimited real rights may not exceed ten percent (10%) of the surface area of the subject district of
the private property.
Acquisition by foreigners is not possible at the places included in strategic areas and special
security zones defined by the President as areas where foreign real and legal persons may notacquire properties.
Article 35 of the Land Registry Law No. 2644, amended with the Law No. 6302 specifies that“Provided that legal restrictions are complied with, foreign origin real persons who become
citizens of the country as defined by the President where required for international bilateralrelations and interests of the country may acquire property and limited real rights in Turkey. Real
persons who are citizens of a country in the list of specified countries are not required to obtain aseparate residence permit to acquire a property and limited real rights.
F:75789:;G9><97@98%;6789BC;89G7?=87@8=@986A75<BC;:;6;=>71A7?=89;D>7895H7@98:=>:E
!"#
98
The General Directorate of Census and Citizenship
started Blue Card arrangement on 12 April 2013 and
Blue Cards issued after that date may be used as an
identity certificate on their own.
Documents issued before 12 April 2013 regarding
the use of rights reserved in Law 4112/5203
(Blue/Pink Card), shall continue being considered
together with the identity from the country or
passport.
Transactions of individuals who apply with apassport or an identity card from their countries
without presenting their Blue Cards but having the
rights provided in Law 5901 shall be carried out
after they are queried on the blue card log of
central civil registration system (MERNIS) orthrough the query of the census registry to be
obtained from the civil registry for this purpose.
I8976498975>A7H;51;H;6;9:789BC;89G7=>76497@5867=?757?=89;D>987J4=75<BC;89:757H5>G7J;64=C675>A71C;HG;>DE
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!"#
The military forbidden zone query has
been removed in 81 provinces (except
in certain districts) as advised in our
Communique 2017/4.
As a result, foreign real persons’property acquisition procedures are
now the same as those applied to
Turkish citizens.
Any foreigner who acquires a land
without any building is required to
develop a project on the acquired land
within 2 years from the date of
acquisition, and submit the project forthe approval of the related ministry
depending on the type of the project.
The time frame for completing the
project shall be determined by the
relevant ministry. (Review ofregulations to extend the time frame is
underway).
;:
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!"#
The list of countries that may acquire properties in
Turkey according to Article 35 of the Land Registry
Law 2644 is not public, and the acquisition status my
individually be learned on country basis from any of
our directorates.
Transfer of property to foreign origin
real persons by inheritance is possible.
However, if the transferred property is
located in a zone where a real person
may not acquire a property; theproperty is required to be sold or
liquidated otherwise after the transfer.
Furthermore, in the event of transfer of
property by inheritance to a person who
is from a country not include in the listof Article 35, the property in question
must be sold or liquidated otherwise
after the transfer.
As regulated in our communique on
“validation of identity in foreigners’
land registry transactions” no. 2013/13,
Turkish translations of passports and
foreign country identity cards with analphabet other than the Roman
alphabet may be requested by the
Directorate of Land Registry if required;
however, Turkish translation will not be
requested for passports or nationalidentity cards issued in the Roman
alphabet.
F:757685>:H569G7<=@A7=?76497@5::@=86789BC;89GE
a. The property’s Title Deed or details of
village/quarter, section, parcel, building,
independent unit,
b. Identity card or passport (together with the
translated copy thereof where required).Submission of the same is compulsory in order
to identify the nationality of the foreigner,
c. Property appraisal report issued by any of the
organizations authorized by the Board of
Capital Markets (SPK) for property assessmentat
http://www.spk.gov.tr/SiteApps/SirketIletisim/
List/gds) .
d. ''Real Estate Market Value Document” of the
property from the related Municipality,
e. Compulsory earthquake insurance policy for
buildings (residences, workplaces... etc.),
f. One photograph of the seller and two
photographs of the buyer (taken in the last 6
months, at a size of 6x4),
g. Certified interpreter if there is a party who fails
to speak Turkish,
h. If an action is to be carried out with a power of
attorney issued abroad, the translation and the
original or approved copy of the power ofattorney.
;9
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In the event that the receipt is paid in Turkish
Lira, selling exchange rate of the Central Bank
of Turkey on the date prior to the date of
payment shall be considered to calculate USD
equivalent of the receipt amount.
Effective selling exchange rate of the Central Bank
of Turkey on the date prior to the payment date
for receipt and prior to the selling transaction for
the value on the official title deed shall be
considered. In that case, both values are requiredto reach USD 250,000.
The sum of receipts evidencing payments
must have a value equal to USD 250,000
according to the USD selling exchange rate of
the Central Bank of Turkey on the date prior
to the date of deposit.
The amounts listed in the appraisal report and
the official bill may not be less than the sum of
values in the receipt.
The sum of values calculated
on the basis of the effective
selling exchange rate of the
Central Bank of Turkey on the
work day prior to the datewhen each receipt is issued
must be USD 250,000.
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No, they can’t. The property to be
acquired by foreign nationals
through actual sale or a sale
promise should not be registered
to the title of the legal entity of the
company that the real person
owns or manages.
T5>757@98:=> 5<BC;89 649@8=@986A =?757<=%@5>A ;>7J4;<4 49U:49 ;:757:45894=HG98275>G 5@@HA ?=8 <;6;M9>:4;@E
Properties sold or subject to a sale
promise must be registered in the
name of Turkish citizens.
Furthermore, they should not be any
properties transferred by a foreignreal person after 12 January 2017.
(Including self, spouse and children
of the foreign person who acquires it)
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Short-Term Residence Permit for Foreigners
To apply for a short-term residence permit, foreigners who own real estate in Turkey or intend to establish a business or business connections in Turkey must submit the following documents to the relevant Provincial Directorate of Immigration
Administration (Göç $daresi) once an application is submitted through the e-residence system.
Short-term residence permits are issued for a maximum of two years as a principle.
A residence permit is invalidated if it is not used within six months.
)#7F>;6;5H I@@H;<56;=>
! Residence permit application form! The original and a copy of the passport or travel document! Four biometric photographs! Proof of sufficient and sustainable financial resources for
the duration of the stay! Applicant’s residence ownership deed*! An invitation letter or documents issued by the
person/business to be contacted**! Valid medical insurance (one of the following shall be
sufficient):! Proof of access to health services in Turkey within
the scope of bilateral social security agreements! Provision document issued by the Social Security
Institution! Document regarding the application made to the
Social Security Institution to be covered by the general health insurance
! Private health insurance
1
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Short-Term Residence Permit for Foreigners
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Applications for an extension of the residence permit may be made to Governors’ Offices within sixty days prior to its expiration, but under no circumstances should this be done after the expiry date.
To obtain extension, foreigners are required to apply for a residence permit through the e-residence system.
The completed application and required documents should be sent to the related Provincial Immigration Administration Office (Göç $daresi) in Adana, Ankara, Antalya, Aydõn, Bursa, Gaziantep, $stanbul, $zmir, Kayseri, Kocaeli, Mersin, Mu#la, Samsun, !anlõurfa or Tekirda# by mail within five business
days.
! Residence permit application form! Notarized copy of the passport or travel document! Four biometric photographs! Submission of the previous residence permit document! Proof of sufficient and sustainable financial resources for
the duration of the stay! Applicant’s residence ownership deed*! An invitation letter or documents issued by the
person/business to be contacted**! Valid medical insurance (one of the following shall be
sufficient): ! Proof of access to health services in Turkey within
the scope of bilateral social security agreements! Provision document issued by the Social Security
Institution! Private health insurance including the extension
period
*Required for foreigners owning immovable property in Turkey**Required for foreigners who intend to establish business or commercial connections in Turkey
1
;#
Long-Term Residence Permit for Foreigners
Application*
! Residence permit application form! The original and a copy of the passport or travel document! Copy of the previous residence permit document! Four biometric photographs! Proof that the applicant has not received any social aid from
governmental institutions and organizations in the last three years
! Proof of sufficient and sustainable financial resources for the duration of the stay
! Police record document! Valid medical insurance (one of the following shall be
sufficient):! Proof of access to health services in Turkey within
the scope of bilateral social security agreements! Provision document issued by the Social Security
Institution! Document regarding the application made to the
Social Security Institution to be covered by the general health insurance
! Private health insurance valid for a minimum of one year
*Long-term residence permits are issued indefinitely. Therefore, no extension application is required.
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2
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1
An agreement shall be reached for the property to be purchased. The value of the property must be minimum USD 250,000.
2
A “property assessment report” shall be obtained by applying to one of the organizations authorized by Board of Capital Markets (SPK) for property assessment.
3
The directorate of title deed checks whether the receipt, appraisal report and the declared values satisfy the criteria required in the directive.
Application shall be made to the directorate of land registry with the required documents.
The appointment time to sign the contract after the payment of the fees shall be communicated by SMS.
5
7
After the contract is signed and completed, a statement indicating that the property may not be sold for three years shall be registered and the title deed of the property shall be handed over to the landlord.
8
Following the completion of the transaction, the directorate of land registry sends the transaction documents via the system to the General Directorate/Regional Directorate to issue the “certificate of conformity” for citizenship application. 9
The ‘certificate of conformity’ issued after the necessary checks have been completed is sent for action to the General Directorate of Census and Citizenship and General Directorate of Immigration Administration with an official letter, and for information to the related individual by e-mail.
4
If the required conditions have been satisfied, the title deed fee required to be paid for action and the revolving fund payment shall be communicated to the related person by SMS.
6
;&
Identity Card or
Passport
Identity card/passport issued by the home country
of the foreign national (together with the translated
copy thereof where required)
PhotographOne from the Seller
Two from the Buyer
Representation
document
if represented by a
proxy
Power of attorney, decision of guardian, certificate
of authorization... etc.
(If further action is required with regard to a power of
attorney issued abroad, the translation and the original
or certified true copy thereof shall be presented.)
Taxpayer identification
number
Document representing
the declared value of
the property
Shall be obtained from the municipality where the
property is located
Title deed of the sold
propertyIt is requested if available
Appraisal report of the
property
Must be obtained from the entities authorized for
appraisal with a license from the Board of Capital
Markets, posted on the official website of the Board
of Capital Markets
Receipts of remittance
approved by bankMay be issued before or after the sale
Compulsory earthquake
insurance policy
Required for buildings such as residences and
workplaces
Certified translatorRequired if there are any parties who do not speak
Turkish (must be authorized by the justice commission of
the ordinary justice of the Territory)
Required Documents
;8
1. Made a minimum fixed capital investment of USD 500,000 or equivalent foreign currency or Turkish lira, as attested by the Ministry of Industry and Technology
2. Acquired a property worth a minimum of USD 250,000 or equivalent foreign currency or Turkish lira with a title deed restriction on its resale for at least three years, as attested by the Ministry of Environment and Urbanization
3. Created jobs for at least 50 people, as attested by the Ministry of Family, Labor and Social Services
4. Deposited at least USD 500,000 or equivalent foreign currency or Turkish lira in banks operating in Turkey with the condition not to withdraw the same for at least three years, as attested by the Banking Regulation and Supervision Agency
5. Bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of government bonds with the condition that they cannot be sold for at least three years, as attested by the Ministry of Treasury and Finance
6. Bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years, as attested by the Capital Markets Board of Turkey
With (b) prepended to the first paragraph of Article 12 of the Law No. 5901 promulgated on July 28, 2016;
! Those who obtain a residence permit further to (j) of the first paragraph of Article 31 of the Law No. 6458, by investing within the scope and
amount determined by the President! Foreigners holding the Turquoise Card
may acquire Turkish citizenship based on the resolution of the President of the Republic of Turkey.
^<=@975>G75%=C>6:7G9698%;>9G75:7@9876497>9J789DCH56;=>:7@C1H;:49G7;>76497_??;<;5H7Y5M96697=>7^9@69%1987)&27$/)&75897G9?;>9G719H=J#7V=89;D>98:7J4=7%99675>A7=?76497?=HH=J;>D7<8;698;57%5A71979H;D;1H97?=87OC8*;:47<;6;M9>:4;@27:C1`9<676=76497G9<;:;=>7=?76497X89:;G9>67=?76497a9@C1H;<7=?7OC8*9A]
!
!:
T5>7F75@@HA7?=87<;6;M9>:4;@7;?7F71CA76497@8=@986A7J;64757%=86D5D97H=5>ET5>7F75@@HA7?=87<;6;M9>:4;@79K9>7;?76497
5<BC;89G7@8=@986A7;:7%=86D5D9G7=87:9;M9GE7
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In that case, the net down payment of the loan
amount shall be considered.
The down payment should be minimum USD
250,000 also for legally mortgaged sales.
It is possible if clearly stated on the
power of attorney.
T5>7F75@@HA7648=CD4757@8=PA7?=87@8=@986A75<BC;:;6;=>76=7=165;>79P<9@6;=>5H7OC8*;:47<;6;M9>:4;@E7
The property can be sold with any existing
mortgage or seizure.
T5>76497@8=@986A7197:=HG719?=897649789:68;<6;=>7>=69G7=>764976;6H97H=D7Q!7A958:S79P@;89:E
Action shall be taken according to theresponse to be received from theProvincial Directorate of Census andCitizenship.
T5>7F75@@HA7?=8757H=>D,698%789:;G9><97@98%;67QC@76=7+7A958:7;?76497@5::@=867G5697=?79P@;856;=>7;:75@@8=@8;569S7;?7F75%7>=67;>6989:69G7;>7D966;>D7OC8*;:47T;6;M9>:4;@E
Yes, as long as you fulfill the relevant six criteria.
T5>7F75@@HA7?=879P<9@6;=>5H7OC8*;:47<;6;M9>:4;@7;?7F71CA7:=%97:4589:7=?757@8=@986AE7
Yes, as long as the value of the
acquired share is minimum USD
250,000.
T5>7F7@C8<45:97%CH6;@H97@8=@986;9:76=75@@HA7?=87OC8*;:47<;6;M9>:4;@E
Yes.
L=7F745K976=71CA75HH764=:97@8=@986;9:75676497:5%976;%9E
No. Application can be made
for properties which are
purchased at different times.
!9
N=J76=75@@85;:97K5HC97?=87@8=@986;9:789BC;89G7?=87<;6;M9>:4;@7567H5>G789D;:68AE
O49 9P<45>D9785697=?7J4;<47G5697:45HH7197<=>:;G989G7?=8715>*789<9;@6:79K;G9><;>D7@5A%9>6:E
N=J76=75@@85;:97K5HC97;?7@5A%9>6:75897%5G975?69876497:9HH;>D7685>:5<6;=>E
!"#
In the event that the receipt is paid in Turkish
Lira, selling exchange rate of the Central Bank
of Turkey on the date prior to the date of
payment shall be considered to calculate USD
equivalent of the receipt amount.
Effective selling exchange rate of the Central Bank
of Turkey on the date prior to the payment date
for receipt and prior to the selling transaction for
the value on the official title deed shall be
considered. In that case, both values are required
to reach USD 250,000.
The sum of receipts evidencing payments
must have a value equal to USD 250,000
according to the USD selling exchange rate of
the Central Bank of Turkey on the date prior
to the date of deposit.
The amounts listed in the appraisal report and
the official bill may not be less than the sum of
values in the receipt.
The sum of values calculated
on the basis of the effective
selling exchange rate of the
Central Bank of Turkey on the
work day prior to the date
when each receipt is issued
must be USD 250,000.
N=J76=75@@85;:97K5HC97;?7%CH6;@H9789<9;@6:7J;647G;??989>67G569:75897@89:9>69G7Q@5;G7;>7OC8*;:47R;85SE
The property to be acquired by
foreign nationals through actual
sale or a sale promise should not
be registered to the title of the
legal entity of the company thatthe real person owns or manages.
T5>7?=89;D>98:7=J>;>D7=87:45894=HG;>D757?=89;D>7<5@;65H7<=%@5>A75@@HA7?=87<;6;M9>:4;@7J;64757@8=@986A7=J>9G71A76497<=%@5>AE7
Properties sold or subject to a sale
promise must be registered in the
name of Turkish citizens.
Furthermore, they should not be any
properties transferred by a foreign
real person after 12 January 2017.
(Including self, spouse and children
of the foreign person who acquires it)
L=9:76497:9HH987=?76497@8=@986A7%566987;>764975@@H;<56;=>7?=87<;6;M9>:4;@E
!;
!"#
The directorate of land registry, who processes the commitment foreseen in the regulations
according to the related Directive and its practical communiques submits all documents to the
General Directorate of Land Registry and Cadaster or the related regional directorate.
The General Directorate/Regional Directorate inspects the documents of the transaction, issues a
Certificate of Conformity, and sends it to the General Directorate of the Immigration Administrationand the General Directorate of Census and Citizenship Affairs by official means, and to the related
person by e-mail.
Foreigners who obtain the certificate of conformity shall initially apply to the Provincial Directorate
of Immigration Administration for a residence permit and then to the Provincial Directorate of
Census and Citizenship for citizenship.
N=J76=7=165;>757bT986;?;<5697=?7T=>?=8%;6AcE7
3498976=7=165;>764975@@85;:5H789@=8675>G7;:764989757K5H;G;6A7698%7?=87;6EThe appraisal report shall be obtainedfrom the appraisal organizations postedon the web page of the Board of CapitalMarkets (SPK)(http://www.spk.gov.tr/SiteApps/SirketIletisim/List/gds).
It is valid for three months beginning fromthe date of issue. It shall be consideredapplicable until the transaction iscompleted from the date it is given.
N=J76=7685>:?9876497:9HH;>D7<=:67=?76497@8=@986AE7
Must be deposited and documented as bank
remittance, EFT etc. by the buyer or the buyer’s
representative to the bank account of the seller or
the seller’s representative.
The transfer/payment of price for propertiesowned by public institutions and ventures such as
TOKI and Emlak Konut may also be reported with
the approved bank receipt or an official letter
indicating the price of the property purchased.
!!
T5>7F75@@HA7?=87OC8*;:47<;6;M9>:4;@7J;64757@89H;%;>58A7<=>685<67?=87:5H9E
!"#
An application can be made with a promise that
the property would be transferred and released in
three years through a notarized contract if
minimum USD 250,000 or equivalent amount was
paid as down payment for any properties withestablished commonhold or construction
servitude on or after 07 December 2018.
A property appraisal report representing the market
value (present market value/present value) is required.
The appraisal report must be based on the value on the
date of the report for buildings which are actually
completed on the ground, and the value to occur uponcompletion of building for properties which have not
been completed or the construction of which is ongoing
and for which a construction servitude was established.
N=J7:4=CHG764975@@85;:5H789@=867197;::C9GE
34567:4=CHG719764975668;1C697=?76497@8=@986AE
The attribute of the property does notmatter for citizenship through propertypurchase. (It may be a residence,workplace, land, field, yard etc.) However,for any commitments through notarizedpromise of sale, the property must havean established commonhold orconstruction servitude.
!"
