Turkish citizenship offered to foreign property buyers

Very important information to read:

This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...

In a decree published by the Official Gazette in Turkey, the Turkish government has announced that its citizenship laws have been revised to encourage investment in many areas including property.

The new regulations include citizenship eligibility to those who purchase an immovable property worth a minimum of US$1,000,000, provided that the property is not sold within three years. Alternative criteria for citizenship include a deposit of at least US$3,000,000 in an account in a Turkish bank on the condition it is not withdrawn for least three years, or proof to the Ministry of Labor and Social Security to have created a minimum of 100 jobs in the country.

The timing of the decree corresponds with a period of currency depreciation. Over the last year, the Turkish lira saw a depreciation of 17 per cent against the US Dollar.

Very important information to read:

This article and the above linked artciles are not complete and are intended as preliminary guides only. These guides refer to some elements to consider prior to starting any property dealings or due diligence. Property dealings are often complex areas, especially in foreign countries and we highly recommend you seek independent professional advice... read more...

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A guide for foreigners and expats purchasing real estate in Bahrain, in areas such as Juffair, Amwaj Islands, Durrat Al Bahrain, Reef Island, Seef, Saar, Riffa, Diyar Al Muharraq and Bahrain Bay.

How To Guides

Very important information to read:

This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...

Who can buy property in Bahrain
The constitution in Bahrain dictates that the government provides any citizens of Bahrain unable to afford adequate housing with assistance to obtain shelter, and the Ministry of Housing provides house loans, flats and house for Bahraini citizens.

Foreigners have been able to purchase property since 2001, but only in touristic areas. This relaxation of the ownership laws has lead to growth and demand for all types of properties including apartments and villas. According to Qatar Property Planet, the Bahrain property market is worth over $6 billion with commercial and residential real estate properties are attracting investors from Bahrain and outside Bahrain.

Where can foreigners buy property in Bahrain
According to the Bahraini government, the following areas are where expats can purchase real estate:

Seef Area
North Sanabis
Ahmed Al Fateh District
Hoora District
Bugazal District
North Manama District including Diplomatic Area
Amwaj Islands
Durrat Bahrain
Bandar Al Seef
Riffa Views
Bahrain Financial Harbour
Reef Island
Danat Hawar
Al Areen

Find out more about these areas here.

To purchase real estate, you are entitled to apply for a Self Sponsorship Residence Permit from the Ministry of Interior which is renewable every 5 years. This also allows you to sponsor a resident permit for your spouse (if unemployed) and children under the age of 18, and allows you to freely leave and enter the country without a return visa.

To apply, you must present:

Service request form.
A clear copy of passport.
A clear copy of ID.
Certificate of good conduct deed.
A certified copy of the property stating that value of the property owned by the expat (in his name). The property value should not be less than US$133,000.
A valid certificate of health insurance issued from the Kingdom of Bahrain
The applicant must have a source of income sufficient enough to support himself and his dependents not to be less than US$1326 per month.
A copy of the applicant's card or his legal representative
The owned residence property must be located in touristic zone.

Mortgages are subject to approval and conditions to individuals with the mortgage rate in Bahrain approximately 6%. There are several banks and finance companies that are financing the purchase of real estate for both locals and foreigners. Bahrain has over 400 international and local banks like HSBC and Standard Chartered and Bahrain banks such as Bahrain Islamic Bank and Arab Bank Bahrain. The paperwork required includes:

Passport or driver's license
CPR card (Bahraini identification document)
Bank statements from previous three months
Proof of income
Sales/purchase agreement

Mortgage limits and terms vary between different banks, but they will usually lend up to 80% of the purchase price over 25 years.

Under Muslim law, it is forbidden for Bahraini banks to charge interest (riba). For them to benefit from loaning money, they basically buy the property and sell it back to you over time at an increased price.

CPR cards are available from the Central Informatics Organization and to apply, you need to provide:

Employee (or spouse) passport
Sponsorship letter stating names of dependents
Marriage certificate (for spouse) and birth certificate (for children)
US$26 fee per applicant

How to buy a property in Bahrain
Using the services of a reputable real estate agent is always strongly advised and may save time as they are aware of what is available and can recommend suitable properties for your needs. As well, it is highly advised to hire a lawyer. Once the property is found, and due diligence completed, you sign a sales agreement and give a deposit (usually 20%). The payment of the balance, whether paid in full or scheduled payments through a bank mortgage, should be spelled out in the sales agreement. Once the property is paid in full, the title deeds are handed over from the seller to the buyer. This needs to be notarised at the legislation court. Next step is to register the property in the new owner’s name at the Survey and Land Registration Bureau (providing proper ID, the sales agreement and the seller’s title deeds).

Fees (Dec 2016)