The value of the purchased property should be determined by the experts who are certified by the Capital Markets Board of Turkey with a suitable report sent directly to the Title Registry Offices. While legally the Investor is responsible of obtaining and providing such reports to the Title Registry, some developer firms may accept to obtain and bear the costs of those reports. It is important for the investor to comprehend that his/her application may be rejected due to the invalidity of the valuation report, whether if the report is obtained by the investor or the seller. The best way to ensure the validity of the report is to seek help from an immigration specialist.
Who is responsible for providing evidence that the actual worth of the property purchased for the Turkish CBI program?
I was told that the Turkish citizenship-by-investment program requires that the “actual value” of the purchased property to be $250,000. Who is responsible for providing such evidence? The investor or the property seller?
In order to benefit from the CBI program in Turkey, it is crucial to present a real estate valuation report which shows the market value of the property. Under the regulation, $250,000 is required by the date of the acquisition of real property. To determine this value officially, a valuation report can be obtained from an independent company listed on the Board of Capital Markets or the Turkey Appraisers Committee'. Valuation reports are valid for three months from the date of the issuance. No new report will be requested for the transactions applied within this period. The investor will be responsible to get this report in advance of his application for citizenship in Turkey. And this report will be a necessary document for the application. Keep in mind that in general, it takes a single day to get the report.
The valuation for the property will be done by an independent evaluation company licensed by the Capital Markets Board of Turkey. The services of this company will be retained by the investor, as the seller is not under the obligation to prove the value of the property. The valuation report is valid for three months and the property must be purchased within this timeframe.