Turkish Residence Permit Threshold Raised to $200,000
Legal Changes: Turkey Raises Residence Permit Requirement to $200,000
Turkey, a land where the East meets the West, has become more appealing to those looking for a second home or a good profitable investment. Moreover, It’s a place with a rich history, a mix of cultures, and stunning landscapes. Recent changes in the law have made it easier for real estate investors to get a Turkish residence permit.
Also, One of the significant changes in Turkish law is the increase in the minimum property value required to obtain a residence permit, from $75,000 to $200,000. Lastly, In this article, we’ll explain the steps to obtain Residence Permit. Moroever, Turkey’s real estate market in light of these new regulations.
Why Invest in Turkish Real Estate?
Before we dive into the specifics of acquiring a Turkish residence permit, let’s explore the reasons behind the growing interest in Turkish real estate:
- Diverse Real Estate Options: Turkey offers a wide range of real estate options, from luxurious apartments in Istanbul to charming villas along the Mediterranean coast.
- Booming Property Market: The Turkish property market has seen consistent growth over the years, making it an attractive destination for investors.
- Golden Visa: Turkey’s citizenship and residence permit programs, often referred to as “Golden Visa” programs, have made it easier for foreign investors to obtain residency.
Types of Turkish Residence Permits for Real Estate Investors
- Short-Term Residence Permit: If you are interested in owning property in Turkey, you can apply for a short-term residence permit. Furthermore, This permit is typically granted for one year and can be renewed as long as you maintain ownership of the property.
- Long-Term Residence Permit: If you plan to stay in Turkey for an extended period, you can apply for a long-term residence permit. Lastly, This permit is typically valid for up to five years and is renewable.
Changes in Law : Residence Permit Requirements
Starting from October 16, 2023, significant changes have been made to the Turkish Residence Permit law through real estate investment. The minimum property value requirement has increased from $75,000 to $200,000, affecting the criteria for obtaining a Turkish Residence Permit.
Key Points to Note:
- The minimum property value to qualify for a residence permit is now $200,000, up from the previous requirement of $75,000.
- This amendment applies nationwide, making it uniform across all regions and cities in Turkey.
- Lastly, To prove the property’s value, the purchase amount of $200,000 should be clearly indicated on the property deed (TAPU).
Steps to Obtain a Turkish Residence Permit
- Property Purchase: Begin by finding the property that suits your needs and meets the minimum investment requirement of 200,000 USD. Ensure that you complete the purchase following Turkish real estate laws and regulations.
- Tax Number: Obtain a tax number from the nearest tax office. This will be a crucial document for various transactions related to your property.
- Application Process: Submit your residence permit application online or at the immigration office in Turkey. Ensure that all required documents, including your property title deed, are ready.
- Interview: You may be required to attend an interview at the immigration office, but this is usually a straightforward process.
- Decision: Wait for the decision on your application. If approved, your residence permit will be granted, allowing you to stay in Turkey for the specified duration.
- Renewal: Keep in mind that you’ll need to renew your residence permit before it expires. Be sure to maintain ownership of your property to continue your residency.
Turkish Residence Permit
In conclusion, the recent change in Turkish law, raising the minimum property value requirement for a residence permit to $200,000. Has made obtaining a Turkish residence permit more enticing for real estate investors. With a diverse real estate market, consistent growth, and simplified application processes. Lastly, Turkey remains an excellent choice for those seeking a second home or investment opportunities.