FAQS
FAQS
Faqs
North Cyprus offers a simple, transparent and reliable buying process since the legal system is similar to that of the British Legal system, one of the oldest and most renowned in the world. The country's openness and safety also allow foreign buyers to complete a purchase transaction freely and without fear of repercussions. All of this, combined with its excellent location, makes it possible to make good returns on investments.
The Turkish economy is capable of making a profit and provides jobs for both residents and migrants. It has the best climate for living, many luxurious resorts, and delicious cuisine. Turkey is a country of living culture and ancient civilizations. It surprisingly combines the relaxing atmosphere of a beach holiday, lively nightlife, friendliness and hospitality of the local population, ancient history, and developed resort infrastructure. It has a reasonable standard of living, especially compared with developed European countries. Both luxury and ordinary retail outlets offer good service.
The citizenship law in Turkey which is published in the Turkish Official Newspaper on 19-09-2018 includes the possibility to apply for Turkish citizenship, according to one of the following ways:
- Buying a property worth more than $ 250,000, and not selling it for 3 years.
- A fixed investment with a value of no less than 500 thousand USD.
- Providing job opportunities for 50 Turkish citizens at least.
- Depositing no less than 500 thousand dollars in a Turkish bank.
- Buying a property in Turkey from a Turkish citizen or from a Turkish legal person (such as buying from a Turkish real estate company).
- The property must have a statutory title deed (a title deed must be issued to it) even if it is still under construction.
- The price of the property is more than 250 thousand USD.
- Paying the price of the property through a bank transfer from a bank outside or inside Turkey.
- The buyer pledges not to sell the property for 3 years.
They are granted to foreigners who own real estate or properties in Turkey. A real estate residence permit (residence in Turkey by buying a property) is usually granted for one year. Also, the wife and children under 18 are entitled to obtain residence permits as they are considered the owner's escorts.
Among the essential advantages of a real estate residence permit:
- The landlord and their family can enjoy all residence permit rights in Turkey and allow entry to Turkey without visas or prior security clearances.
- A real estate residence permit (residence in Turkey by buying a real estate) is similar to a tourist residence permit in several aspects. Still, the real estate residence permit is considered more robust in renewability and the granted duration.
- Opening a bank account in one of the Turkish banks and enjoying the freedom of banking and receiving and sending money.
- The possibility of applying to an embassy of another country from inside Turkey to obtain a visa.
- You can apply for a Turkish driver's license.
- The right to own a private car in Turkey.
- An opportunity to obtain medical insurance in Turkey's hospitals.
- Registration in Turkish schools and universities.
- Holders of real estate residence permits are also entitled to apply for Turkish citizenship if their real estate property value reaches 250 thousand USD and within specific conditions.
It is a tax imposed on the one who inherits the deceased person's estate.
It is a law applied to the legal heirs of immovable property within the Turkish territory, which determines the heirs and their specific legal shares of the estate.
In general, movable property is subject to the country's inheritance laws in that the deceased owner holds their nationality. In contrast, Turkish law is applied regarding immovable property and real estate.
The inheritance tax in Turkey is relatively low; it varies depending on the value of the investor's property, where a lower percentage tax is deducted as the property price gets lower.
In the absence of a legal will, the first to inherit the deceased's estate is the children, husband, or wife.