Foreign people who purchase real estate in Turkey can apply for a residence permit known as a "real estate residence permit." The Turkish government issues this license, which permits anyone to reside in Turkey legally. Foreign purchasers with a real estate residence permit in Turkey can enjoy the benefits of owning real estate and dwelling in this culturally rich country.
Turkey has always been a country that seamlessly combines East and West. It's no surprise that many foreigners prefer to reside or invest in the country, given its magnificent scenery, rich history, and the allure of cities like Istanbul.
The potential to obtain a residence permit through real estate investment is one appealing alternative for investors and expatriates. Here's what you should know:
What is a residential permit for real estate?
The Turkish government permits foreign individuals who buy real estate in Turkey to apply for a residence permit known as a "real estate residence permit." It is a one-year temporary residency permit that can be renewed as long as you keep ownership of the property.
Turkey's Real Estate Residence Law
Articles 31 to 33 of the Foreigners and International Protection Legislation No. 6458, as well as Articles 28 and 29 of the Executive Regulations about the application of the Foreigners and International Protection Law, govern real estate residency legislation in Turkey. Under the short-term residency clause, It is open to a wide range of people, including those looking to purchase real estate in Turkey.
Important note: You must seek the assistance of an experienced local real estate agent both to acquire the property and to obtain real estate residency because some places are eligible for real estate residency while others are not.
The Benefits of a Real Estate Residence Permit
- The primary advantage is the ability to live lawfully in Turkey without regularly renewing the tourist visa.
- Access to Services: Facilitates access to public services, utilities, and other necessities.
- A step toward citizenship: While a residence permit does not grant citizenship, it is an important step for individuals considering it in the long run. Real estate investors may be eligible for Turkish citizenship after a certain period and under particular conditions.
In addition to the foregoing:
- The ability to renew the real estate residential permit quickly and easily.
- Movement between Turkish states is permitted.
- Educational services are available in Turkish schools and institutions.
- Benefit from health benefits in Turkey for free or at a significant discount by receiving treatment at Turkish hospitals.
- The possibility of getting permanent residency after 8 years of real estate residency in Turkey.
- When the property's worth hits $400,000, the applicant may apply for Turkish citizenship.
How to Get a Real Estate Residency in Türkiye
- Purchasing real estate: You must own property in Türkiye before applying for a residence permit. Because there is no minimum property valuation, more affordable properties are eligible for the permit.
- Gather the following documents: This typically includes documentation of property ownership (title deed or taboo), a valid passport, valid health insurance in Turkey, and passport-sized pictures.
- Apply online here: Begin your application through the digital residency system. Following your application, you will be assigned an appointment time.
- Interview: Bring all relevant documentation to the arranged interview at the local immigration office.
- Approval: If everything goes as planned, you should obtain your real estate residence permit card in a few weeks.
What is the minimum property valuation required for real estate residency?
Previously, obtaining a real estate residence permit in Turkey required that the property to be purchased had a price of $75,000 or more in major cities such as Istanbul, Ankara, Izmir, Bursa, Antalya, Gaziantep, Adana, and Mersin, while the property value in smaller Turkish cities needed to be $50,000 or more.
However, a decision was issued on October 16, 2023, which stipulates that the purchase amount required to obtain a real estate residence permit throughout Turkey has been standardized to $200,000.
If a foreign investor wishes to obtain a real estate residence permit in Turkey, a property appraisal report meeting the mentioned minimum threshold must be available to ensure the issuance of the real estate residence permit.
Turkish real estate residency fees
Application fees for real estate residences in Turkey are regarded as easy and reasonable because they are restricted to health insurance, the cost of which varies according to age group, and a few other payments.
The cost of real estate residency in Türkiye is proportional to the purchase price of the property. There are other costs for the title deed document, earthquake insurance, and health insurance, the cost of which varies with age.
Other documents are associated with the issuance of two real estate evaluation documents and a real estate identity card in Turkey.
Furthermore, there are tax fees associated with residency in Turkey, as this tax is paid for each person who will obtain real estate residency.
Renewal of Turkish real estate residency
In comparison to other types of residency, such as tourist residency, renewing real estate residency in Turkey is simple and convenient, as it is sufficient for the property to be registered in the Land Registry Directorate in the name of the property owner for the real estate residency to be renewed accordingly.
More information about real estate residences in Türkiye
- The original permission is only good for one year. It can, however, be renewed if you keep ownership of the property.
- Family: If the property's worth surpasses a particular threshold, the investor may apply for residency permits for his immediate family members.
- There are no rent restrictions: The owner may rent the property despite having a residential permit.
investment options and expand their real estate holdings. Individuals who own real estate in Turkey might enjoy stability and security because they have physical assets in a desired area.
Furthermore, a real estate residence permit can open the door to seeing Turkey's different landscapes, historical monuments, and famed hospitality, making it an appealing alternative for individuals seeking a second home as well as a new cultural experience.
Finally, the permit allows international buyers to apply for long-term residency in Turkey if they decide to make it their permanent residence.
In conclusion (real estate residence permit in Türkiye)
Foreign citizens can make use of the real estate residence permit to enjoy Turkey's beauty, culture, and possibilities. With the Turkish real estate market expanding and diversifying, this statement provides an extra incentive for international investment. To guarantee a smooth and fast application procedure, always get advice from a local real estate agent or legal specialist.
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