When making a real estate investment, it’s important to take preventative measures to avoid fraud and other risks. The Turkish citizenship scam is a type of deceit frequently perpetrated by taking advantage of a person’s lack of understanding of the Turkish real estate law and pricing in Turkey.
As a precautionary step, let us inform you on how to recognize the warning signs and avoid becoming a victim of the Turkish citizenship scam.
Detecting Citizenship Fraud in Turkey
It has been discovered that the citizenship procedure is being utilized for fraud by various methods such as the buyback guarantee and promoting Turkish citizenship for a price less than 400,000 USD.
Investing a minimum amount of 400,000 USD worth of real estate in Turkey is the primary rationale for granting Turkish citizenship. Therefore, any promotions that advertise less than this amount are illegal.
There are certain construction companies that promote a buyback guarantee by selling properties at false prices because they illegally alter the valuation report of the property to meet the investment limit. After a three-year waiting period on the property used to obtain Turkish citizenship by investment, they buy back your property at a greater price than they originally sold it to you.
As a consequence, the government made several changes to the relevant legislation to prevent these sorts of fraud in the citizenship investment process. The Turkish General Directorate of Land Registry and Cadastre released new circular regulations on 22.03.2021 which indicate that a seller can no longer offer a buyback guarantee for the property used to get citizenship. The property cannot be utilized for Turkish citizenship applications if it has previously been used for the same purpose. Moreover, it is no longer permitted to employ prepaid rental income guarantees for citizenship applications.
How to Avoid Citizenship Scams in Turkey?
It is strongly advised to disregard any promotions that promise to gain Turkish citizenship for less than the specified legal amount or offers that seem ‘too good to be true’ when considering investing in Turkish real estate.
In order to protect you from scams when buying a property in Turkey for citizenship by investment program, we assist you with the following:
- Utilize our knowledge of Turkish real estate market and the rules governing real estate investing in the country.
- Consistently act in compliance with legal and ethical regulations.
- Offer free consultancy services required for the citizenship application process.
- Do the due diligence on the property to confirm that its specifications correspond to what was communicated about the property.
- Verify that the property number and characteristics on the official website (TKGM Parsel Sorgu) match those on the title deed document.
- Have projects suitable for Turkish citizenship and guaranteed by the Turkish government.
Where to Find the Right Property to Buy for Turkish Citizenship?
To find reliable properties and avoid Turkish Citizenship scams, a trustworthy consultant is needed. Contact Nevita’s team of professional real estate consultants to benefit from the Turkish Citizenship by investment program. For detailed information about our citizenship service, you can visit the “Consulting Services About Obtaining Turkish Citizenship” page.