What are the Solutions for the Three Biggest Problems…?
Turkey’s Citizenship Investment Program (CBI/CIP) was overwhelmingly successful in previous years. However, there were problems for investors that became apparent later, afterwards. Regulatory changes addressed some of these problems to a limited extent, but did not solve the problems. As a result Turkey’s CBI/CIP program has a greatly reduced uptake and far fewer buyers of real estate property in Turkiye.
The Solution: The way to solve the problems
The Solution: The way to solve the problems, does require extra effort, time and work this is the type of work that an immigration / citizenship consultant, real estate agent, or lawyer never has done, nor ever will do. This work does have extra costs. The practical way to deal with the extra costs is to share them among investing applicants. This means an investor should network himself with other friends and family to team together with a few other investors.
Teaming together results in benefits
A)Sharing costs among investors, so for example, a minimum of five investors are sharing costs together, instead of one.
B)Buying property this way means investors all will have the added comfort and benefits of being together with like-minded people, friends and family at their new Turkish residence.
Ask MyTapu Associates how we may assist investors in teaming together with other like minded investors of their choice, by sending an email to info@MyTapu.com with the subject ‘Teaming Together for CBI/CIP-Tr
What are the Three Biggest Problems…?
The Number One problem is the collusion between Citizenship Consultants, Real Estate Agents, and Lawyers to set an articially inflated purchase price for a property, from which they all share profits, hidden from the investor, until trying to sell three or more years later.
Solution for Problem Number One: Investors must avoid using Citizenship Consultants and Real Estate Agents, and should negotiate service delivery directly with a law practice that has been pre-qualified by MyTapu Associates. The role of the law practices is simply to represent the investor through the bureaucratic application procedure (essential/ highly recommended for submission, monitoring, feedback and question answering, and passport delivery), and not to provide specialized expertise for the CBI /CIP real estate program, because it is not needed- the regulations and procedures are clearly defined.
The Second Problem is to manage and ensure the appraisal value satisfies the minimum price level requirement of the program and matches fairly closely the contractual purchase price. Falsifying with fraudulent procedure the appraisal report is a lazy and stupid way of dealing with this issue, by people that are not truly professional experts and are instead simply ignorant.
Solution for the Second Problem: There are techniques for managing the quality control of appraisal value reports that MyTapu Associates have used for more than eighteen years for mortgage appraisals, but because mortgages are not accepted by the CIP/CBI program, the smooth talking but otherwise ignorant and poorly educated sales profiteers have no knowledge of how to do it. The techniques do require time and considerable work, so must always be done 30-60 days in advance.
The Third Problem is to ensure the location of the property serves purpose for the program and is not prohibited for foreign purchase.
Solution for the Second Problem: Is for the research required to identify suitable property assets at acceptable locations, for the required price, and supporting appraisal valuation. This is different than what agents do- simply selling whatever a developer brings to them. MyTapu research utilizes specialized sources for the right locations combined thereafter with negotiations with developers, which benefits from leveraging strength for multiple unit purchases to obtain more advantageous terms for multiple team purchases. MyTapu Associates have been negotiating with developers in Istanbul and Coastal Regions of Turkiye since 2003 and are very competent and experienced.
