The Turkish legal system that offers diverse possibilities offers investors and residents multiple opportunities to benefit from the advantages of real estate residency, so let's explore together everything related to obtaining real estate residency in Turkey and take a look at the unique advantages that make this decision a smart step towards a stable and bright future.
What is the law for obtaining real estate residency in Turkey?
If you are looking to obtain real estate residency in Turkey, you can achieve this by owning a residential property and this residency is usually valid for one year and is renewable, as previously, the value of the property eligible for real estate residency was variable and depended on the size of the city and in major cities such as Istanbul, Bursa, and Ankara, the property value was required to be higher than $75,000, while in smaller cities it was sufficient for the property value to be higher than $50,000.
However, this condition was amended on October 16, 2023, so that the condition for obtaining real estate residency became the purchase of a property in Turkey worth 200,000 US dollars and this new change shows continuous efforts to encourage real estate investment in Turkey and facilitate procedures for foreign investors.
Advantages of obtaining real estate residency in Turkey
1. Turkey provides a vibrant and encouraging investment environment.
2. The real estate market in Turkey is diverse and active, providing opportunities for choice.
3. Turkey combines natural beauty and diverse cultures.
4. The Turkish economy derives its strength from its stable currency.
5. Turkey offers a moderate climate throughout the year.
6. Turkey occupies a leading position in the field of healthcare.
7. Turkey is considered a destination with an affordable cost of living.
8. An advanced transportation network makes moving within the country easy.
9. Laws that facilitate real estate investment and purchase procedures.
10. After a period of residence, Turkish citizenship can be obtained.
11. You can keep your original citizenship in addition to Turkish citizenship.
12. Many international universities and schools are of a high standard.
13. Access to various health insurance programs.
14. Turkey offers a variety of activities and entertainment.
15. Warm reception from the Turkish people.
16. Long term accommodation options are available.
17. A safe and stable environment for residents.
18. Freedom to move within the country without restrictions.
19. Real estate residency opens doors to work and business establishment.
20. It provides sports facilities and recreational activities.
21. Simplified visa processes.
22. Easy access to banking and financial services.
23. Türkiye keeps pace with technological progress.
24. Ability to maintain foreign ownership.
25. Real estate options meet different needs.
26. Opportunities to start or expand a business.
What are the steps to obtain real estate residency in Turkey ?
1. Acquisition of real estate in Turkey with a value of no less than 200,000 US dollars.
2. Obtaining the title deed of the purchased property.
3. Arrange an appointment at the local Immigration Directorate to submit a real estate residency application.
4. Payment of real estate residency fees, which change according to nationality.
5. Attend the scheduled interview at the local immigration department building.
6. Submit the required documents and papers, which include all the points specified in the regulations.
7. After your residence application is approved, your residence card will be sent to you via the Turkish Postal Service (PTT).
Information you must know before obtaining real estate residency in Turkey
1. Check the validity of the title deed for the property before making a purchase decision. It is preferable to seek the help of experts to verify the validity of the property title deed and ensure the availability of legal aspects.
2. Make sure the construction companies are reliable if you intend to buy real estate in Turkey.
3. Ensure that the area of property owned by the foreign investor in Turkey does not exceed 30 hectares.
4. Verify that there are no mortgages on the property and this can be verified at the Land Registry Department.
5. If the property is located in an administrative area, ensure that its area does not exceed 10% of the total area of the administrative area.
6. If you are looking to obtain Turkish citizenship by purchasing a property, you must make a down payment of at least US$400,000 or pay the full amount.
Documents for obtaining real estate residency in Turkey
1. The passport must be valid for a minimum of six months, and must be translated into Turkish and legalized.
2. It is necessary to present the title deed of the property in Turkey that was purchased, which will be used to obtain the residence permit (property tapu).
3. It is required to submit a real estate evaluation from a company officially recognized in the Land Registry Directorate.
4. Special earthquake insurance must be obtained for real estate in Turkey through the DASK device.
5. A family statement must be submitted to the family of the property owner in Turkey, translated into Turkish and certified by the Turkish embassy in the country of origin.
6. Health insurance is required for every member of the property owner's family.
Reasons for rejecting a real estate residency application in Türkiye
1. If documents proving the value of the purchased property and payment of fees related to real estate residency are not provided in accordance with applicable laws and regulations.
2. Providing inaccurate or incomplete information in your residency application may result in the application being rejected.
3. If there are any legal disputes or problems related to the property, this may lead to the application being rejected.
4. In the event that the property does not conform to the legal specifications required to obtain real estate residency.
5. There could be other violations of policies or regulations that may result in denial of accommodation.
6. Sometimes, security or political decisions may affect the issuance of permits and lead to refusal of residency.
In conclusion, it clearly shows that obtaining real estate residency in Turkey has become an attractive and effective option for investors looking to make Turkey a destination for their investments and lives and with the positive changes made in the conditions for obtaining residency and real estate investment facilities, the way is paved for a new period of opportunities and experiences
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