It now seems that the majority of Turkish real estate agents are also offering citizenship application services at, in many cases, exceptionally low prices for that service, with some even claiming that they are not charging anything at all.
While at face value you might feel you are getting a great bargain, there is often more to the story than what first meets the eye.
Since we are talking about real estate agents, it should come as no surprise that their first priority is to sell you a property. What happens to you after buying that property is a different question, and certainly not a priority.
Turkish real estate agents had been selling properties to foreigners for decades before they even heard of citizenship by investment, and they will continue to sell to foreigners for the foreseeable future, even if/when the program ends. They see the citizenship program, for however long it lasts, as a useful gimmick for attracting more business today.
In contrast, established investment migration law firms, such as CIP Turkey, with a proven track record and a 20-year reputation to uphold, will take the utmost care and give attention to detail to ensure that all our clients qualify for citizenship in as little time as possible.
In 2019, there were approximately 6,000 property sales in Turkey connected to the citizenship program, which is a small number when compared to the 67,000 units sold by real estate agents to foreign buyers for reasons unrelated to citizenship applications.
“Special price for you, my friend”
As more real estate agents try to capitalize on the program in the short term, we have been experiencing a sharp increase in CIP investors asking for our assistance after their applications were mishandled or incorrectly filed, leaving them unable to qualify even after satisfying the minimum investment requirement.
We find that the most common reason for rejection is the incorrect registering of funds when entering Turkey, or not being properly registered at the time of the title deed transfer.
There is also common malpractice when it comes to the subject of VAT exemption. Although foreign buyers still remain exempt, real estate agents might tell you that “everything is fine” and that it is “all under control”. What they are not telling you is that the VAT has actually been embedded into the price of the property, meaning that you would effectively be paying at least $2,500 on top of the minimum CIP purchase price of $250,000 – VAT rates for properties can also rise to 8% and 18% depending on the property and location.
The process of exempting an investor from paying VAT is complex and usually takes at least 8 weeks to finalize. Given that agents don’tt want to wait months for VAT exemption to complete before cashing their their commission on the property sale, they will tell you that they are taking care of everything, when in fact you are paying for everything.
With our many years of experience delivering thousands of residence permits and citizenships, we have managed to streamline the entire process making us faster and more efficient than any of our rivals. This is particularly evident in the case of VAT exemptions, where we can complete that stage of the process in just a few days, saving our clients nearly two months on that part alone.
Feel free to get in touch with us today if you would like to learn more about how you can save valuable time by letting CIP Turkey handle your application.
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