The Turkish citizenship-by-investment program offers several investment options to foreign nationals wishing to become citizens of Turkey. One of the most attractive options is making an investment in a piece of real estate in the country. There are very few restrictions as to the type of property that you can buy or its location, which gives the foreign investor a choice that may seem a bit too wide. If you start looking at the real estate for sale in Turkey, you may feel like a kid in a candy store indeed! What should you choose? Newly erected buildings in the city of Istanbul are probably the first option to consider. Below we will describe a building complex that is called G Wanda Vista.
Located partially in Asia and partially in Europe, Turkey has been the bridge and the barrier between the continents for centuries. Mountains make up a large part of the country’s territory and there are numerous resorts along the seashores with wonderful sandy beaches and crystal clear water. Ancient cities with deep-rooted traditions make Turkey a unique country indeed.
Since the Turkish citizenship-by-investment program was launched, wealthy individuals from all over the world have been using this opportunity to acquire a second passport. The most popular investment option is purchase of real estate in the country even though a few other options are also available.
You can buy any piece of real estate, be it residential accommodations or commercial property such as a shop, an office, a warehouse, or a hotel, for example. What foreigners are not allowed to buy in Turkey is the buildings sitting close to the national borders and military posts.
How can you make the right choice when the real estate for sale is so diverse in Turkey? InternationalWealth team is publishing a series of articles about the most attractive investment objects in the country based on the information from our Turkish partners and serious market research. Here we will talk about the G Wanda Vista building complex in Istanbul.
Detailed information about G Wanda Vista complex in Istanbul
G Wanda Vista is a residential complex and an aparthotel. It is positioned as a new place of interest in Istanbul. It consists of two 32-story buildings that will have 320 luxurious apartments in total. The architects have used the most advanced technologies in designing both the exterior and the interiors of the buildings.
One of the buildings is called G Yoo project and its interiors have been designed by Philippe Starck, a famous interior and consumer goods designer from France. The skyscraper contains 170 apartments that combine luxury and innovations.
The second skyscraper contains 150 apartments and it will be under the management of Wanda Hotels, one of the largest luxury hotel companies from China. Wanda Institute of Design, famous for its achievements, is responsible for the interiors of this building.
When the construction is completed, the apartments in the building will be for sale or rent. G Wanda Vista Istanbul Hotel and Residences will become the first Wanda Vista building complex in Europe.
G Wanda Vista is located in a rapidly developing district of Istanbul called Bağcılar. The district is located between major highways and it is easily accessible by land.
G Wanda Vista will have the following infrastructure objects:
- A SPA salon;
- An open-air and an indoor swimming pool;
- A fitness center;
- A yoga and Pilates studio;
- Concierge service;
- A conference hall;
- A reception area;
- A Smarthome system.
Main reasons to purchase an apartment in G Wanda Vista
- The design of the building is both luxurious and innovative. It is located in a promising district of Istanbul.
- The interiors have a modernistic design.
- The building will suit people with disabilities.
- It offers the luxury-hotel lifestyle.
- The building is easily accessible.
- It is highly secure.
- It is under professional management.
The prices for apartments in G Wanda Vista complex:
|Apartment type||Area||Price||Guaranteed annual income from rent|
|1+1||63,30 m2||310 000 $||7%|
|1+1||90,20 m2||325 000 $|
|1+1,5||99,50 m2||350 000 $|
|2+1||106,50 m2||375 000 $|
The VAT is 1% in Istanbul and it is already included in the price. The property right registration fee will be split between the buyer and the seller.
The district of Bağcılar
Bağcılar is a suburb of Istanbul located in the European part of the city between two major ring roads: TEM and E5. When the Turkish Republic was founded, the district was a sparsely populated agricultural area, hence the name Bağcılar that means ‘grape harvesters’.
Today, Bağcılar has a great number of high-rise accommodation complexes and industrial objects. In particular, there are machine manufacturers, textile complexes, printing houses, and the headquarters of a number of Turkish TV channels in Bağcılar.
In addition, there is a large small ware wholesale market, an automobile market, and offices of multiple transportation companies in the district. A subway line is under construction there, which will bring relief to the local transportation system when completed. Currently, several bus lines and a tram line are in operation in Bağcılar.
G Wanda Vista complex developers
Mar Yapı in a partnership with Wanda Hotels & Resorts is the prime developer of the building complex. Founded in 2006, Mar Yapı has become one of the most innovative and most successful development companies in Turkey. It is also engaged in other business areas that include energy production, information technologies, hospitality industry, and other service industries.
Mar Yapı development projects demonstrate a perfectionist’s approach and many of them have been awarded various international prizes that include Cityscape, WAF, and MIPIM Architectural Review.
Mar Yapı offers affordable luxury in a combination with ecologically friendly technologies. Divan Residence / G Plus, G Marin Managed by Divan, G Yoo Inspired by Starck, Divan Residence / G Tower and G Rotana project are examples of the development projects already completed by the company. All of these are modern elegant buildings with high functionality. Investments in Mar Yapı projects are lucrative indeed as the price of the buildings is expected to grow with time.
Wanda Hotels & Resorts company, in its turn, is a world-famous hotel owner with a deep philosophy, a fine artistic taste, and rich traditional cuisine. Wanda Hotels & Resorts is part of Dalian Wanda Group that is a group of companies engaged in construction, entertainment, mass media, hotel business, property development and sports industry on a global scale.
Dalian Wanda Group is the main sponsor of the FIFA world football championship and the Atletico Madrid stadium bears the name of Wanda Metropolitano as the company has sign a sponsorship contract with the football team. The group also owns shares of the American AMC company and Legendary Entertainment production company. In 2013, it became the major stockholder of Sunseeker, a British yacht manufacturer when it bought World Triathlon Corporation together with the Ironman brand. Wanda Group is also the owner of LY.COM, one of the largest tourist agencies in China. Company offices and subsidiaries service 35% out of 150 million Chinese tourists travelling abroad every year.
Dalian Wanda Group was created by Wáng Jiànlín, one of the most prosperous entrepreneurs in the world. It aims to come among the largest transnational corporations with a net worth of 200 billion dollars, a 100-billion dollar annual income and a 10-billion dollar profit. Wáng Jiànlín is already on the ‘most influential people of the world’ list compiled by Forbes.
Istanbul real estate market analysis
According to the information from Istanbul real estate agents, the property prices have grown up by 23.4 percent since the pandemic started. We are talking about the prices in Turkish liras while this currency has grown considerably cheaper in relation to the American dollar and euro. Nevertheless, real estate prices have grown anyway even if they are expressed in hard currencies. Turkish realtors confirm that real estate located in the European part of Istanbul is especially popular with both foreign and domestic investors.
For example, the coastal district of Beylikdüzü boasts a central location, vibrant social life, a rapidly developing infrastructure, young population, vast forested areas, and a great potential for the future growth of real estate prices. Due to these characteristics, the prices have grown by 40 percent in Beylikdüzü since the start of the coronavirus pandemic.
Acquire a golden passport by purchasing real estate in Istanbul
Investment into real estate is the least expensive way to obtain Turkish citizenship by investment. You can invest from US$ 250,000 into one or several pieces of property be it residential accommodations or commercial property.
There is one restriction to bear in mind, however: you will not be allowed to sell the property back (or give it as a gift) for three years from the moment of purchase if you want to keep the Turkish passport. At the same time, you are free to let your property on a lease thus acquiring a passive income.
Another fact to remember is that a single piece of Turkish real estate cannot be used for acquiring citizenship of the country more than once. In other words, you should not buy real estate from a newly made Turkish citizen even if he/ she has had it in their possession for over three years.
The Turkish citizenship-by-investment program allows becoming a citizen of the country within three months only. You do not have to stay in Turkey while your application documents are processed. A single visit to the country is required to submit your biometrics data and pick up the residence card. Candidates for Turkish citizenship do not have to disclose the information about their total net worth.
What are the main advantages of the Turkish citizenship-by-investment program? The Turkish passport may not be the strongest one but it gives visa-free access to Singapore, Japan, Qatar, South Korea, and dozens of other countries anyway. In addition, Turkish passport holders will qualify for the E-2 Investor Visa to the USA. Family applications are readily accepted and Turkish citizenship is passed on to the next generations.
Expert support to those wishing to purchase property in Istanbul
The real estate market has been growing at an especially fast pace in Turkey since the citizenship-by-investment program was launched. At the moment, the country offers a vast choice of real estate that you can invest in. InternationalWealth portal specialists will be delighted to assist you in finding the best piece of real estate that you can buy in Turkey.
If you would like to acquire the Turkish passport, we will provide full legal support to you in the process. You are welcome to seek our consultations on other immigration matters as well. We provide the following services to our clients:
- Assistance in finding the optimal piece of foreign property to buy depending on your goals and preferences (it can be residential or commercial property in Turkey);
- Virtual tours to Turkey and personal visits to the country;
- Verification of Turkish real estate agents and independent professional assessment of the real estate
- for sale in the country;
- Preparation and submission of the application document package if you would like to apply for Turkish citizenship by investment;
- Full support in the process of acquiring Turkish citizenship and any assistance that you may require after obtaining the passport.
If you would like to have more information about the Turkish citizenship-by-investment program, please apply for a private consultation with an InternationalWealth immigration lawyer right now!
Can a foreign national become a Turkish citizen?
A foreigner wishing to become a citizen of Turkey can legally reside in the country for five consecutive years thus qualifying for citizenship by naturalization. An alternative route to Turkish citizenship is much shorter (three to six months only) but it requires making an investment in the economy of the country of at least US$ 250,000. This sum can be used to purchase real estate in Turkey that has to be kept in possession for at least three years.
Can I become a Turkish citizen if I buy a house there?
Yes, you can. You can purchase one or several pieces of real estate in Turkey to qualify for citizenship of the country. The essential condition is that the total worth of property must be not less than US$ 250,000. Unlike some other countries administering citizenship-b-investment programs, Turkey puts virtually no limitation on the type of property you can buy. The development project does not have to be approved by the Government for participation in the local citizenship-by-investment program. At the same time, buildings located near the borders and military bases cannot be sold to foreign nationals.
How much money do I have to invest to qualify for Turkish citizenship?
There are several investment options available to foreigners wishing to become Turkish citizens. These include: investment of US$ 250,000 in real property; investment of US$ 500,000 in a Turkish company or state bonds; a fixed-term deposit of US$ 500,000 in a Turkish bank; provision of employment opportunities for fifty Turks.