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Starting next year, real estate revaluation for sales and purchases in Turkey becomes compulsory
2022-12-16
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What does this mean?
Currently, the cadastral value of real estate is significantly lower than the market value. From 2023, a revaluation is to be carried out in which the cadastral value corresponds to the actual value.
One of the reasons why foreigners buy real estate in Turkey nowadays is to acquire citizenship.
Citizenship is granted to the investor upon the purchase of a residential property valued at $400,000 or more. The passport program takes into account the cadastral value.
Due to the undervalued cadastral value, the choice of buyers is limited to new buildings in Istanbul and Antalya, as these exceed the threshold for citizenship.
What will change for foreigners?
The new law will significantly increase the number of properties that can be acquired for citizenship. Accordingly, obtaining a passport for investment will become easier.
What will change for local residents?
For Turkish property owners, the new rules mean an increase in taxes on any sale or purchase transaction.
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Citizenship programs
Grenada citizenship program
from $235,000
3-6 months
Obtaining Grenadian Citizenship by investment program grants the right to live and work in Grenada at all times, the right to vote in elections and all rights associated with membership of the Caribbean Community (CARICOM).
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Turkey citizenship program
from $400,000
4-6 months
Cosmopolitans can get a second citizenship for investing in the country's economy from $400,000. There are five options to choose from: buying real estate, investment fund shares or government bonds, participating in the fixed capital of a Turkish company, opening a deposit in a Turkish bank.
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UAE Residence Program
from $5,000
2+ weeks
Majestic skyscrapers, luxury hotels and shops, beaches and summer all year round. Building a business career in the UAE is prestigious.
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