The CBI program does not allow any mortgages over the property so using a loan (even for some portion) is not an option.
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How much should investors take a mortgage on their real estate investment when applying for CBI in Turkey?
Would the Turkish government deduct the mortgage amount from an investor's overall investment amount? For example, if an investor buys a property worth $1 million but takes out mortgage of $800,000 on it, would the Turkish government consider that the investment amount meets CBI threshold, or would it say the investment amount is $200,000 and, therefore, does not meet the threshold?
Answers
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If the property has been acquired through a sales-mortgage transaction, the amount remaining after deducting the amount of loan from the sale price must be no less than the amount required under the regulation. In sales through legal mortgage, the amount paid in advance, excluding the mortgage amount, must be no less than the amount required under the regulation. It is possible to sell the property with the outstanding mortgage debt or through attachment. In this case, the personnel carrying out the transaction should inform the foreign national about the mortgage/attachment on the property.
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It is not allowed to use mortgage from a Turkish bank and place encumbrance on the property. In case it is done, such property will not qualify for Turkish citizenship.
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The Turkish government would deduct the mortgage from the overall amount; regarding the example, yes, they would consider the investment threshold to have been met in this case.
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