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BENEFITS

• Being a Turkish citizen brings many benefits both for investors and their families in terms of social life, financial opportunities and easy travel. Turkey guarantees the welfare and future of them with free healthcare and education services provided to its citizens.
• The program also provides shortcuts for relocation in the UK and the USA under special visa categories suitable for Turkish citizens. Foreign investors may begin the process of becoming British citizens by relocating to the UK as a beneficial extension of the agreements between the two countries. Besides, there is the possibility to live in the USA by having an E-2 investment visa.
• Foreign investors can buy real estate as residential property or as a prospective asset with the possibility of a high return on investment. Turkey has an extensive selection of comfortable residences and luxury seaside villas at appropriate costs for all budgets. Foreign investors may also gain rental income from their real estate investments or sell them after a 3-year period of restriction.

REQUIREMENTS

• There are different options and requirements to get Turkish citizenship.
• The easiest and fastest option is to become a Turkish citizen by purchasing a property worth $250,000.
• Those who have purchased a minimum of $250,000 worth of housing, workplace, estate or similar properties can initiate their application process by proceeding to The General Directorate of Land Registry and Cadastre.
• The documents requested by the government institutions should be prepared in accordance with the legislation.
• After the application to The General Directorate of Land Registry and Cadastre, real estate appraisers check if the purchased property is worth $250,000 or not.
• The applicant must hold the property for a minimum of 3 years.

Turkey has plenty of beauty to offer for anyone planning to reside in the country. Even though it sounds great to imagine living abroad, there are lots of things to consider before moving to a country you know nothing about or have limited information. Every decision should be personal and not an obligation.

There are serious things to consider. For example, the lifestyle of the country may not lure you once you move to that country. It’s vital to take a moment and think carefully about every aspect of your decision. Once you make your move, there is no turning, For instance, its state-of-the-art infrastructure, the straightforward procedure of getting residence and work permit, and low cost of living.

Most of the fаmіlіеѕ from many dіffеrеnt соuntrіеѕ around the world moving to Turkey to buy properties and live in Turkey with thеіr children. Mаnу of those families аѕk mаnу ԛuеѕtіоnѕ about Turkey and living in Turkey.

Buying an overseas property is a very serious business and you need to consider plenty of things. Any property needs to be properly maintained, which involves certain costs. It is important to consider this fact before buying a property. Our experts have prepared this article to make it easier for you to understand what the costs of maintaining an apartment in Turkey include.

According to Turkish law, taxes for foreigners are exactly the same as for residents of the country:

The real estate tax is Emlak vergisi. It ranges from 0.1% to 0.2% of the cadastral value indicated in the TAPU. On average, it is no more than € 100 per year, usually less. The tax is paid twice a year – until the end of May and until the end of November. The entire amount can be paid at one time.
Garbage collection fee. This is another mandatory payment for homeowners. The amount of the fee is determined by the municipality. It usually ranges from €10 to €40 per year.

The payment for housing and communal services in Turkey includes the payment of utility bills by the meters and the so-called aidat, the payment for the maintenance of a residential complex.

Electricity

Electricity in this country is considered cheaper than in many other European countries. But its consumption in a Turkish apartment will be rather big. Electricity is required for air conditioners, underfloor heating and heaters in winter and other home appliances. For example, in the summer, when the air conditioner is constantly on in a one-bedroom apartment, you will have to pay €50 – €60 per month.

There are two electricity rates in the country. The night rate is cheaper than the day one. Average electricity prices in Turkey are €0.11 – €0.18 per kW.

Water

The average price for 1 m³ of water is €0.5 – €1.5. There is no central hot water supply in houses, there are boilers or solar panels.

Gas

Gas cylinders are commonly used. Their cost is €15 – €30. A cylinder is enough for 3-4 months for a family of 3-4 people.

Heating

Houses with central heating are very rare. Most often, residents install heating boilers in their apartments. They can use electricity, gas or liquid fuel. In some old buildings, you can find potbelly stoves.

On the coast, the weather in winter is milder, so an air conditioner with the heating option or heaters are enough to keep an apartment warm. Although they significantly increase energy consumption, they allow you to safely maintain a comfortable temperature in the house.

Telephone, television, internet

If you need home Internet, then it is most profitable to choose a package along with television. Both services will cost around €15 – €30 per month. Usually contracts are concluded for 1 – 2 years, and fines may be provided for early termination.

Insurance

For all owners of Turkish real estate, it is compulsory to have an earthquake insurance – DASK. Depending on the insurance coverage and the characteristics of the property, its cost can be €15 – €150 per year. When buying an apartment, contracts with utility providers must be re-signed. In new buildings, this will cost €200 – €300, resale properties – twice cheaper.

Aidat

Aidat is a payment for the maintenance of a residential complex, which all residents of a project pay. The purpose of these payments is to keep the overall infrastructure in good condition. This money is used to clean swimming pools, maintain elevators, install and repair surveillance cameras, automatic gates, etc.

The size of the aidat depends on the facilities a development project has. The more facilities a project has, the more expensive their maintenance will be.

The amount of payments is determined at the meeting of residents. A management company may be hired to manage the building or residents themselves can manage the maintenance under the direction of an elected project manager.

The average size of aidat varies from €10 to €100 per month, depending on the class of the residential complex.

Property rental fees

For many, a seaside apartment is a source of income because such housing is in high demand among numerous tourists. But renting out housing also involves certain expenses on the part of the owner, and also has its own nuances.

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Another way to make money on housing in Turkey is to profitably resell it. Prices on the market are growing, so residential complexes at the construction stage are a profitable investment that can bring passive income immediately after completion of construction. Apartment prices are growing by 10-15% per year and so is the demand. Therefore, it will not be difficult to sell quality housing. In this case, the seller will incur the following costs:

Tax on income from the sale of real estate;

Realtor’s commission.

According to Turkish law, individuals including foreigners do not pay income tax when selling a property if it has been in their ownership for more than 5 years. The tax must be paid if the holding period is less than 5 years. The rates are the same as for rental income.

As for realtor’s service, there is no fixed price. The cost of the service is determined individually. On average, the cost of realtor’s services ranges from 3% to 6% of the transaction amount.

You can apply for a long-term residence permit if you:

1. have resided in Turkey minimum for eight years uninterruptedly.

2. have a valid health insurance.

3. are a pensioner in your country or you are over the age of 45 years and you have had an insurance for over 3600 days (but in this case you have to reach a pensioner age).

How can a foreigner become a pensioner in Turkey:

1. If you are already a pensioner, you need to confirm this status via your consulate.

2. Or work for 20 years as any other Turkish resident and when you are 60 years old, you get A Turkish pension.

3. Or pay for an insurance for over 3600 days and wait when you turn 60 years old.