South Korean Buyers’ Interest in Turkey Real Estate
South Korea and Turkey have deep roots that precede their current relationships. The establishment of an alliance between the two nations began in the 1950s, with Turkish forces participating in the Korean War. Two countries that are geographically separated but remain culturally and spiritually bonded. The connection between them is rising significantly frequently, resulting in friendly ties between the two countries. As a result, their people are close to one another. It’s also why Korea and Turkey are known as “two countries far apart yet so close.” They serve as natural boundary marketplaces on the Asian continent, with Korea in the far east and Turkey in the far west. The Republic of Turkey, founded after World War I in 1923, and the Republic of Korea, founded after World War II in 1948, have formed their relations in a variety of areas such as politics, economy, military, and culture while furthering universal ideals such as harmony, liberty, wellbeing, and civil rights.
South Korean President Moon Jae-in announced in November 2021 to amend the real estate holding taxation law, which will allow the government to collect 5.7 trillion won (USD 4.8 billion).
According to Kookmin Bank data, the average annual price of an apartment in Seoul’s capital city has nearly quadrupled since 2016 to 1.18 billion won. The prospect of somewhat higher taxes on real estate holdings in 2021 prompted South Korean citizens to make rapid judgments on foreign investment.
One of the most common ways for overseas buyers to proceed with a Golden Visa is an investment in real estate properties in many countries around the globe. A Golden Visa is an immigration policy that allows individuals to obtain a residence permit or even citizenship in another country merely by acquiring a property there or making substantial commitments or contributions. If the necessary investment is made and a Golden Visa is obtained, the overseas buyer and family members would become legal residents of that region. Anyone that has registered for a Gold Visa is welcome to stay there, attend school, and receive healthcare.
In addition, Portugal became a very popular destination for South Korean investors, which offers one of the world’s most popular Golden Visa options. After spending at least €500,000 in real estate, anyone can become a resident of Portugal. After five years, buyers must request for either permanent residency or citizenship; most owners ask for citizenship to obtain a second passport that allows them to travel to the EU and the Schengen Area.
Whereas a Golden Visa usually includes a residency permit, obtaining a passport is usually a more difficult process. Yes, a Golden Visa can ultimately lead to citizenship, but investors must first reside in that nation for a few years. Turkey’s initiative is one of the most rapid citizenship-by-investment systems in Europe, which makes the process very easygoing for everyone. South Korea’s high taxation structure for householders lets their investors prefer a Turkish passport by investing in Turkish real estate holdings. After investing in a property worth at least $250,000, an investor can become a Turkish citizen in as short as six months. South Korean overseas buyers are increasingly willing to buy properties in Turkey according to the country’s strong economic, diplomatic, and tourism ties.
Most overseas Golden Visa applicants are unfamiliar with tax, finance, or immigration rules in other countries, so they employ professionals to assist them before investing. Increased demand from numerous nations in Turkey as a result of the Turkish Lira’s devaluation increased the number of investors in the Turkish real estate market. CCT Investments offers a team of experts with years of experience in Turkish investments that can help everyone through the procedure to enhance success possibilities. You can check CCT Investments’ long list of various properties right here.