New Regulations for Obtaining a Residence Permit Through Real Estate Investment in Turkey
According to the new decision made by the Ministry of Internal Affairs, the “B” type residence permit for those who own real estate in Turkey must be worth 200,000 USD in Turkish Lira (TL), based on the Central Bank foreign exchange sales rate on the day the title deed was transferred. This regulation came into effect on October 16, 2023. The date of the title deed transfer will be processed based on the amounts in the Title Deed and the evaluation report, along with the foreign exchange purchase document, which are mandatory for sales to foreigners.
However, foreigners do not need to submit a copy of the valuation report in their application for a residence permit; the sale based on the title deed as a TL amount equivalent to 200,000 USD will be sufficient for the B residence application.
An important point to note is that those who previously purchased real estate for 75,000 USD will be subject to this new regulation for each new application. In short, this change will also be applied to initial, transition, and extension applications.
For those who own real estate between April 26, 2022, and October 16, 2023, and who have yet to apply for this real estate residence type, should note that these new regulations do not apply to their residence permit application. Therefore, they will be able to obtain a real estate residence permit if they submit the necessary documents with title deed values of 75,000 USD and above (in metropolitan cities), and 50,000 USD (in other cities), along with their valuation reports in their applications.
Diverse Real Estate Options, with properties available in various regions and types, investors can choose from a wide range of real estate options to suit their preferences and investment goals. Still, it is important to point out that a residence permit for 200,000 USD with an extended stay is still very advantageous for many investors.
In addition to that, it is also important to note that real estate in Turkey has the potential for capital appreciation, rental income, and a vibrant tourism market.
In this law amendment, which we interpret as a choice to change the foreign investor profile, we see that the Turkish Government aims for more serious investors to stay in Turkey with a residence permit for foreigners to invest in the country and enjoy an extended stay in this culturally rich and diverse nation.
As the Turkish real estate market continues to grow, the program provides an attractive opportunity for investors seeking both a financial return and a high-quality lifestyle. With its beautiful landscapes, vibrant cities, and rich history, Turkey will still be an appealing destination for those looking to combine investment with leisure.
Onyx Partners Global is Turkey’s leading independent residence and citizenship advisory firm.
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