Considering an idea to purchase lux real estate abroad and get a second passport? Here and now is the right place and time to do it. Using the info below, you’ll kill two birds with one stone. Not only will you get citizenship by investment in Istanbul properties in Turkey, but also purchase a premium apartment in the Avangart Istanbul residential complex.
Turkey first introduced the citizenship by investment program in 2016. Under the terms thereof, applicants investing in real estate, business, or securities, depositing funds with Turkish banks or creating jobs in Turkey, are eligible for a second passport in the country.
The former option enjoys the greatest popularity today. Real estate investment seems the most attractive opportunity for a number of reasons, with minimum financial requirements and relative simplicity among them. You need to invest at least USD 400,000 in the country’s real estate to get your second passport and citizenship by investment in Turkey.
The citizenship by investment program in Turkey comes with multiple benefits for its applicants, including the ones below:
- short document processing time (from 3 to 6 months)
- visa-free entry to over 110 countries, with Hong Kong, Singapore, and South Korea among them
- spouses and children under 18 may be included in the application (plus children above 18, if they are the applicant’s dependents for health reasons)
- easy access to Iran
- potential EU membership
- possibility to study in state schools and universities for free
- no need to confirm your managerial experience or major asset ownership
- possibility to open an account with a Turkish bank or an international bank based in Turkey
- easy access to Great Britain and USA under special-purpose business visas.
Wide choice is the main disadvantage of the citizenship by investment program in Turkey, no matter how paradoxical it may sound. Unlike so many other states with analogous programs in place that oblige investors to purchase only properties pre-approved by the state, Turkey allows buying any assets. Potential investors may purchase any properties including commercial (shops, offices, warehouses, or hotels) and residential real estate (apartments and villas), except for the ones in frontier zones and by military bases.
Assets for sale are numerous, and it is hard to decide between so many tempting alternatives. In this situation, potential foreign investors have to trust expert opinion. We are talking about real estate pros with up-to-date knowledge of the Turkish real estate market. The International Wealth team has prepared a number of articles on the most intriguing projects using our best insider insights. One of them you’ll find below.
Are you looking for top Istanbul real estate with an opportunity to get citizenship by investment in Turkey? We recommend you take a look at the Avangart Istanbul project in the Turkish capital.
The Avangart Istanbul residential project in Istanbul, Turkey, in full detail
Potential real estate investors in Istanbul properties should consider the fact that the Avangart Istanbul development project is being built in the prestigious Kâğıthane district, close to the Seyrantepe subway station in the European part of the city. The Avangart Istanbul apartment complex is 5 mins by car from the popular Taksim square and the historic part of Istanbul.
Investors will get an excellent opportunity to purchase Istanbul real estate in the rapidly developing district, offering a full range of amenities to its dwellers, including subway, hospitals, shopping centers, schools, and many more.
The Avangart Istanbul project sits on a land lot of 36,750 square meters.
The property’s total green area will make up 24,000 square meters. Its amenities will take up 2000 square meters. The project will house 11 buildings all in all.
The commissioned real estate complex will consist of 935 residences and 22 commercial premises (predominantly shops) in 8 multistoried buildings (11 to 21 floors high). The project provides for 1 + 1, 2 + 1, 3 + 1, and 4 + 1 apartments. Here are the options potential real estate investors in Istanbul properties may choose from:
- studios (45 square meters) – 77 apartments
- 1 bedroom (64 square meters – 100 square meters) – 223 apartments
- 2 bedrooms (100 square meters – 125 square meters) – 94 apartments
- 3 bedrooms (158 square meters – 208 square meters) – 109 apartments
- 4 bedrooms (212 square meters – 218 square meters) – 99 apartments.
The project’s designers paid great attention to the comfort the Avangart Istanbul residence owners and guests will enjoy. With its multiple promenades, parks, outdoor sports grounds, playgrounds, and many more wonderful things, the project boasts numerous recreation opportunities. Local residents may savor clear forest air and get lost in the beauty of the moment.
The project provides for 2 separate entrances, with one of them close to the Vadistanbul shopping center and the other one – on the TEM highway side.
Potential Istanbul real estate investors may purchase fully furnished apartments offering the best of the best to their future dwellers:
- HVAC systems
- barbeque area
- clothes dryer
- microwave oven
- outdoor shower
- security system
- cable TV
- Wi-Fi Internet.
Local dwellers will also enjoy an outdoor swimming pool, an indoor swimming pool, a hamam, a 24/7 security service, a smart house technology, and a lot more.
Panoramic windows offer a breathtaking view. The project sits close to the most impressive Istanbul high-risers, including Skyland. Open floor layouts virtually add space to the project premises. Balconies are ideal for relaxation at the end of the working day.
Nearby landmarks include the Vadistanbul shopping center, the ТЕА highway, the Istinye Park shopping center, the Emirgan park, the Belgrad forest, and the Bosporus. Here are the important amenities nearby:
- Türk Telekom Arena – 0.63 km
- T.C. Sağlık Bakanlığı Kağıthane İlçe Sağlık Müdürlüğü Community Health Center – 1.19 km
- Halkbank Seyrantepe Şubesi Bank – 1.12 km
- Bosphorus University (Boğaziçi University) – 1.37 km
- Garanti Seyrantepe Şubesi Bank – 0.99 km
- MURAT PHARMACY – 1.56 km
- Bim store – 0.64 km
- Uğur Optik pharmacy – 1.37 km
- NetWork clothes store – 0.73 km
- adL-Kağıthane clothes store – 1.26 km
- Bellona – Genç Yamaçlar Merkez furniture store – 1.31 km
- Euro Flora souvenir shop – 1.78 km.
Apartment prices in the Avangart Istanbul real estate project
The Avangart Istanbul residential complex opens its doors to potential investors offering real estate at the prices listed below:
|Apartment type||Area||Minimum price||Maximum price|
|1+1||64 square meters – 100 square meters||₺1,790,000||₺2,786,000|
|2+1||118 square meters – 132 square meters||₺3,335,000||₺3,674,000|
|3+1||158 square meters – 272 square meters||₺4,420,000||₺7,600,000|
|4+1||201 square meters – 332 square meters||₺5,614,000||₺13,165,000|
Commercial real estate for sale in Istanbul:
|Area||Minimum price||Maximum price|
|99 square meters – 177 square meters||₺4,461,000||₺7,065,000|
No matter what you choose, the International Wealth experts are always here to help you with legal paperwork, deal closing, and the resulting citizenship by investment in Turkey.
More about the Gül Proje development company in charge of the Avangart Istanbul project
The Avangart Istanbul project is being built by a company headquartered in Istanbul. It was established around 35 years ago and has completed lots of projects by now.
The developer is mostly interested in building shopping centers and residential real estate, as these projects attract people from various demographic groups boasting average and high income.
The company also delivers urban transformation projects in cooperation with the TOKİ property developer Besides, it partners with the NATA holding company. Regardless of the project type and size, the developer pays great attention to quality and design standards.
Current developments on the Istanbul real estate market
Many potential investors in Istanbul properties wonder how they will exit in future. To reassure the skeptics and to additionally encourage the optimists, let us say that the demand for Istanbul properties has been growing steadily, and this results in price hikes.
The uptrend is especially evident in case of property sales to foreigners, with a special thanks to the citizenship by investment program in Turkey successfully bringing foreign nationals to the country’s real estate market.
The Turkish Statistical Institute (Türkiye İstatistik Kurumu or TÜİK) reported that in April 2021 the number of properties sold to foreigners in Turkey had more than quadrupled YoY.
The TÜİK stated that foreign buyers had purchased 4077 properties within a month, which represents a 416% growth YoY. The April figure turned out to be higher as compared to April 2019 before the pandemic broke out. Back then, foreigners purchased 3720 real estate units in Turkey.
Total real estate sales (both to foreigners and buyers from Turkey) have grown by 124% YoY. In April 2021, new owners purchased 95,863 properties (as compared to 42,783 deals in April, 2020). Despite the significant growth, the figure failed to beat the pre-crisis one recorded back in April 2019.
In April 2021, Istanbul real estate took the lead as far as properties sold to foreigners in Turkey are concerned (2009 deals). The Mediterranean spa city of Antalya (859 properties) and the capital city of Ankara (228 properties) followed. Iranian investors purchased the largest share of villas (557), with Iraqi and Russian investors taking the second (546) and the third (402) places.
In January – April 2021, 358,913 real estate sale and purchase deals were made in Turkey. During the same period last year 383,821 property units changed owners. Industry experts explain the decline by the crisis impact. According to TurkStat, real estate sales to foreigners increased by 19% YoY in the first 4 months of 2021 and amounted to 13,964 transactions.
Istanbul real estate purchase as your shortest way to citizenship by investment in Turkey
Here are the main ways a foreign national may use to be admitted to citizenship in Turkey:
1 – Citizenship of Turkey based on kinship by birth
The laws of Turkey do not provide for the right to citizenship on grounds of being born in a certain state (like they do in the USA and some other countries of North and South America). One may still become a Turkish citizen by virtue of kinship. Put it otherwise, you may become a citizen of Turkey if your parents already are Turkish citizens.
2 – Marriage to a citizen of Turkey
A foreigner may apply for the right to be admitted to Turkish citizenship, where they are able to prove they have been married to a Turkish citizen for at least 3 years, without the marriage being dissolved. Where a Turkish spouse passes away after the citizenship application has been submitted, the marriage requirement becomes obsolete. Local laws severely penalize a fraudulent marriage for the sake of Turkish citizenship.
3 – Living in Turkey as a resident or a stateless person
A foreigner who has lived in Turkey as a legal resident or an apatride (a stateless person) for at least 5 years without any breaks may apply for Turkish citizenship. FYI: continuous residence is not the only requirement. The applicant shall fulfill some extra demands. They shall, inter alia, prove their Turkish language skills.
4 – Investments in Turkish economy
Many expats have to look for alternative ways to get their Turkish passport, as they either have no close relatives in Turkey, do not wish or are unable to live in Turkey for a long time (to become a Turkish tax resident), and do not wish or are not able to marry a Turkish citizen.
Citizenship by investment in Turkey granted to Istanbul real estate buyers or investors purchasing any other assets in the country is the best alternative. It boasts simplicity (minimum document requirements and just one visit to Turkey necessary), short term, and efficiency. Here are the financial options, the applicants may use for this purpose:
- purchase real estate in Istanbul or any other Turkish city totaling at least USD 400,000 (with a holding period of no fewer than 3 years)
- invest at least USD 500,000 in local company’s fixed capital or shares, Turkish government bonds, or venture capital
- deposit the minimum of USD 500,000 with a Turkish bank
- create at least 50 jobs in Turkey.
Expert support for investors purchasing properties in Istanbul
Throughout history, Turkey has been a popular immigration destination due to its role of a bridge between the East and the West. The growing economic, cultural, and political power of Turkey makes it an ideal place to invest in as seen by millions of immigrants.
Today, over 4.5 foreign nationals live in Turkey, and many of them wish to get citizenship by investment in the country. According to the Turkish Ministry of Internal Affairs, the country made around USD 17,000,000 every day during the pandemic due to the citizenship by investment program implemented by the government. Approximately 35,000 foreigners were admitted to Turkish citizenship within the last 2 years.
Readers of the International Wealth portal have an opportunity to obtain their citizenship by investment in Turkey these days and receive good profit from investing in Istanbul real estate in the elite and prestigious Avangart Istanbul apartment complex.
You are welcome to contact the International Wealth experts to book your customized consultation and have all your questions answered by industry pros and lawyers.
How can a traveler benefit from citizenship by investment in Turkey if they purchase Istanbul real estate?
Holders of Turkish passports may visit 125 countries and territories around the globe on a visa-free basis (or receive visas and electronic visas on arrival). Turkey is currently negotiating visa-free entry with the European Union. It has made a trade and investment agreement with the USA, allowing the country’s citizens to apply for the E-2 business visas to the States (that are not available for citizens of many coutries).
What Istanbul properties shall I purchase to be eligible for Turkish citizenship?
Neither type, nor class of properties purchased matters here. The applicants have the right to choose from various houses, villas, commercial premises, land lots, etc. You only need to establish ownership of the purchased real estate totaling at least USD 400,000 (you may buy either one or several property units totaling the above amount) and notarize the transaction. Real estate in war zones and border regions is the only exception, it is excluded from any purchase lists.
Shall I disclose my financial information when purchasing assets in Turkey under citizenship by investment program?
When investing in Istanbul real estate and applying for citizenship by investment in Turkey later on, you are not required to declare your assets. Local tax authorities are not interested in your financial information or available assets. An expat moving to Turkey as its permanent resident, however, shall declare their income in annual tax returns after they are admitted to citizenship in Turkey and become tax residents there.