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Can a Turkish Citizen Buy Property in the USA? Complete Guide
Turkish citizens: B-2 visa required (not in VWP). TRY/USD from ~3 in 2017 to ~41 today — ~90% devaluation drives USD wealth protection. NJ (Paterson) + NYC primary markets. No US-Turkey estate tax treaty: $60K exposure. Own Luxury Homes® 12-Point Agent Integrity Audit™.
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Can a Turkish Citizen Buy Property in the USA? Complete Guide
41
Turkish Lira per USD — the rate has gone from ~3 TRY/USD in 2017 to ~41 TRY/USD, losing approximately 90% of value
USD
The primary motivation for Turkish HNWI US property purchases — USD-denominated real estate as protection from TRY devaluation
B-2
Turkish citizens need a B-2 visitor visa — Turkey is NOT in the US Visa Waiver Program
NJ
New Jersey — particularly Paterson and surrounding areas — has the largest Turkish-American community in the US
Yes — Turkish citizens can buy property in the United States with no restrictions. The motivation for Turkish wealthy buyers is unambiguous: the Turkish Lira has lost approximately 90% of its value against the US dollar since 2017, falling from approximately 3 TRY/USD to over 41 TRY/USD. For Turkish HNWI and upper-middle class buyers, USD-denominated real estate in the United States is not an investment preference — it is a wealth preservation imperative. The story is similar to Argentine and Israeli buyers who have fled local currency collapse into USD assets; Turkey’s case is arguably more extreme in duration and magnitude.
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The TRY/USD Story: Why Turkish Buyers Come to the US
The Turkish Lira’s collapse is one of the most dramatic currency devaluations of any major economy in recent decades:
| Year | TRY per USD | Approximate Change |
|---|---|---|
| 2013 | 2.1 TRY/USD | Reference baseline |
| 2017 | 3.5 TRY/USD | 67% depreciation from 2013 |
| 2021 | 13.5 TRY/USD | 300% depreciation from 2017 |
| recently | 27 TRY/USD | 100% further depreciation |
| Currently | ~41 TRY/USD | 90%+ cumulative depreciation from 2017 |
A Turkish buyer who held $500,000 worth of TRY in 2017 would need approximately $6 million in TRY today to hold the same USD value. USD real estate purchased in 2017 has held its USD value regardless of TRY movements. That is the Turkish buyer’s case study.
Turkish Buyer Markets in the USA
Turkish buyers concentrate in the New York metro area and New Jersey: (1) New Jersey (“Little Istanbul”): Paterson, Clifton, and surrounding areas in Northern NJ have the largest Turkish-American community in the US. Turkish-owned businesses, mosques, and community infrastructure are widespread. (2) New York City: Manhattan, Astoria (Queens), and Brooklyn have established Turkish buyer presences. Investment condos in Manhattan are the primary purchase type for Turkish HNWI. (3) Florida (Miami): Growing Turkish buyer presence in Miami’s luxury market. Turkish entrepreneurs and professionals attracted by the investment market. (4) Boston, Chicago, Atlanta: secondary markets with Turkish community concentrations near universities and tech companies.
B-2 Visa: How Turkish Citizens Visit Their US Property
Turkey is not in the US Visa Waiver Program. Turkish citizens need a B-1/B-2 visitor visa to enter the United States. (1) Application: at the US Embassy in Ankara or Istanbul. (2) Typical issuance: 10-year validity, multiple entry, up to 6 months per visit. (3) Approval rate: B-2 visa approval for Turkish nationals has historically been straightforward for financially documented applicants. Property ownership in the US is not a factor in visa approval but demonstrates US ties. (4) For longer stays: the E-2 Treaty Investor Visa — Turkey has an E-2 treaty with the US — allows Turkish citizens who invest substantially in a US business to obtain extended US work authorization.
US-Turkey Tax Treaty and Estate Tax
(1) US-Turkey income tax treaty EXISTS: provides coordination for US rental income and capital gains. Turkish sellers can credit US capital gains tax paid against Turkish tax. (2) No US-Turkey estate tax treaty: Turkish owners of US property face the bare $60,000 non-citizen estate tax exemption. Foreign corporation ownership is the standard solution for Turkish HNWI buyers. Full guide: US estate tax for non-citizens.
Ryan Brown, Principal Broker & CEO Own Luxury Homes®
"The Turkish buyer who contacts me has been watching the lira. They’ve watched it for years. They already know the answer: USD assets. What they need is the process: how to get the money from Turkey to the US, which bank to use, how to structure the ownership. The currency story I don’t need to sell — they’ve lived it."
Related Resources
Guides: Sending Money from Turkey — FIRPTA Guide — Find an Agent
Frequently Asked Questions
Can a Turkish citizen buy property in the USA?
Yes. No restrictions. Turkish HNWI and upper-middle class buyers purchase US real estate primarily as a USD hedge against TRY devaluation.
Why do Turks buy property in the USA?
TRY/USD devaluation: the lira has lost ~90% of its USD value since 2017. USD real estate in the US is the primary wealth protection mechanism for Turkish HNWI.
Do Turkish citizens need a visa to visit the USA?
Yes. Turkey is not in the Visa Waiver Program. B-1/B-2 visitor visa required — apply at US Embassy in Ankara or Istanbul. Typically issued 10 years, multiple entry, up to 6 months per visit.
Does Turkey have a US estate tax treaty?
No. Turkish owners of US property face the bare $60,000 non-citizen exemption. Foreign corporation ownership is the standard solution.
"The introduction Own Luxury Homes® makes is to a specialist with documented closing history in your specific market — not the county, not the metro, the submarket you're actually selling or buying in. That's the standard we verify before your name goes anywhere."
— Ryan Brown, Principal Broker & CEO, Own Luxury Homes® (FL License BK3626873)