Amendments to the Real Estate Residence Law in Turkey 2022
The Turkish government is working to facilitate policies that would encourage real estate investment in Turkey, and one of the facilities provided by the Turkish government is the possibility of granting real estate residence to the real estate investor to authorize him to live on Turkish lands and allow them to work and practice daily activities without experiencing problems, which prompted large numbers to head to Turkey To invest and buy real estate to allow them to obtain real estate residency and live there.
Real estate residence in Turkey:
It is the renewable residence granted by the Turkish government to the foreign investor for a period of one or two years, during which they are allowed to move in the Turkish territory and obtain all rights such as education, health insurance and public services, when the necessary conditions for granting residency to foreigners are met, if the investor proves that he owns a property in Turkey and achieves All conditions stipulated by Turkish regulations and laws.
The importance of real estate residence in Turkey:
There is no doubt that obtaining real estate residence in Turkey is one of the most important goals pursued by all investors who go to the real estate market in Turkey to buy real estate and invest in real estate This investment entitles them to obtain residence and living in this country. Turkey, which enjoys the charming nature, the wonderful attractive climate, and the modern and advanced service structure, which made it the country that was and still is a desirable destination for foreigners of various nationalities.
Not to mention the low living prices compared to neighboring countries and European countries, hence the importance of obtaining Turkish real estate residence permits, through which foreign investors were also able to obtain Turkish citizenship within a period not exceeding 60 days from the date of obtaining a document proving the investment and purchase of real estate in Turkey for an amount of no Less than $400,000.
Given the great importance and advantages enjoyed by the investor who obtains real estate residency in Turkey, the number of those wishing to obtain residency and housing in Turkey by purchasing real estate increased, which prompted the Turkish government to set new conditions and amendments to the Turkish real estate residency law to obtain it by foreigners.
New amendments to obtain real estate residence in Turkey 2022:
- Preventing the granting of real estate residency to an investor who buys a property in some areas and neighborhoods of Istanbul in order to maintain an equal distribution of foreigners in Turkish lands, after the number of investors and residents in Istanbul increased in recent years, who concentrated and gathered in some areas at the expense of other regions, which prompted the Turkish government to issue This decision and the amendment to the real estate residence law to ease the pressure of foreigners on these areas and preserve the Turkish identity in the region
- When buying a property in Turkey, provided that it is a residential property and not a commercial property, i.e. it must be for the investor's residence
- The minimum property price must be $75,000
- Real estate residency can be granted to all family members of the investor if their names are registered in the title deed
- The conditions stipulated in the previous government instructions, including:
- The presence of identification papers and the title deed of the property
- Having insurance for the invested real estate (earthquake insurance - building insurance)
- Having health insurance for all family members
- A passport valid for at least six months for the investor
- A fixed monthly income for the investor is not less than $500
The mechanism for obtaining real estate residence in Turkey 2022:
After the investor obtains the deed of ownership of the real estate, the price of which is not less than 75,000 US dollars, and that the property is among the areas excluded from the recent amendments to the law on granting real estate residency and meets all the conditions to obtain it, all he has to do is follow the following steps
- Book an appointment at the Immigration and Passports Department by entering the website or by phone
- Going to the scheduled appointment for the interview at the Migration Directorate in person or by a legal agency for the agent
- Compiling the documents required to obtain residency
- Pay the required fees as the costs of obtaining Turkish real estate residence
- Wait for the residence grant to be approved and check the submitted papers
- Receipt of a residence permit valid for no more than two years
Documents required to obtain a real estate residency:
- A special application sheet for obtaining a real estate residency that contains general personal information for the investor
- Investor's passport
- Visa with a new entry stamp for the investor
- Translated and certified family book
- 4 personal photos
- Investor's bank account
- A document proving the purchase of a property in Turkey Tapu
- DASK real estate seismic insurance
- Medical Insurance
Fees required to obtain real estate residency:
The fees are simple and easy compared to other available residences. The costs of obtaining them include health insurance - seismic insurance for buildings - and fees related to the real estate ownership document, which depends on the value of the property to be purchased, which amounts to 9.7% of the total property price. The fees for obtaining the real estate appraisal document, in addition to some other fees related to the taxes to be paid, and this tax includes the property owner, his wife and his children.
Validity of real estate residence permit and renewal
The Turkish government instructions authorize the General Immigration Department to grant a real estate residence permit to a foreign investor for a period not exceeding two years, that is, granting a real estate residence permit with a validity of one or two years, subject to renewal.
The real estate residence permit is renewed in a simple and easy way. If the residence permit holder must prove that he still owns real estate in Turkey, to be granted a renewal period for his residence.
Advantages of obtaining real estate residence in Turkey for foreigners:
- Living and residing in a comfortable environment and a country that enjoys security and stability
- The possibility of expanding investment projects by purchasing real estate of all kinds for the foreign investor
- The possibility of residential investment by purchasing residential properties or apartments within residential complexes
- The possibility of commercial investment by purchasing offices, shops, etc.
- Possibility of obtaining Turkish citizenship if the necessary conditions for granting citizenship are met, as stipulated by government instructions
- The possibility of obtaining a Turkish passport for a foreign investor
Why Real Estate Residency in Turkey and not others?
Each type of residence permit in Turkey has advantages and features and many aspects that distinguish it from others, but the real estate residency remains the most powerful, and one piece of the information that you do not know about it that it intersects with the tourist residency in many characteristics and details, but the real estate remains stronger in terms of ease of renewal and speed of obtaining .
Through the following points, you can see the most important reasons why foreigners choose it over other types of residencies:
1 - Real estate residence permit is the most advantageous type of residence permit in Turkey. You can live in Turkey for up to five years, and it can be renewed indefinitely.
2 - It gives you the right to work in Turkey.
3- It gives you access to public health insurance and allows your family members to join you in Turkey.
4 - You can open a bank account and get a Turkish credit card with a real estate residence permit. This is not always possible with other types of residence permits.
(Note: One of the important things that you should know about this residency is that the property must be verified that is not within a security or military zone, because according to what Turkish law stipulates, a foreigner is prohibited from owning in one of these two regions in order to maintain public security in Turkey. Hence, property buyers are required to bring security clearance.)
The importance of buying real estate in Turkey:
In addition to the desire to obtain real estate residency, there are many incentives that encourage foreigners to buy real estate in Turkey, including:
-Turkey is one of the most preferred countries in the world for the purchase of real estate by foreigners. According to official data from the Turkish Statistical Institute, there was a significant increase in the number of foreigners who bought real estate in Turkey in 2019.
- Also, according to the concerned authorities, the number of people coming to buy real estate in Turkey is on the rise and is unprecedented, and this is a natural result of the size of the privileges that can be obtained through this matter.
-Real estate prices in Turkey are very reasonable compared to other countries that have a similar standard of living.
-Turkey is located at the crossroads of Europe and Asia and has a coastline on both the Mediterranean and the Black Sea.
-It is a popular holiday destination. This means that there is always a high demand for rental properties, providing a good return on investment for the owners.
-The country has succeeded in maintaining a stable political environment, and this stability makes Turkey an attractive destination for foreign investors looking to buy real estate in a safe environment.
Turkey is one of the fastest growing economies in the world. This growth is expected to continue in the coming years.
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Conditions for obtaining Turkish citizenship
Types of Turkish passport and its features
Benefits of buying a property in Turkey
How to obtain real estate residence in Turkey?
