Turkish Real Estate Residency
Table of Contents:
- Information about Real Estate Residency in Turkey
- Types of Residencies in Turkey
- Turkish Real Estate Residency - Property Ownership Residency
- Cost of Real Estate Residency in Turkey
- Real Estate Residency in Turkey through Property Purchase
- Conditions for Real Estate Residency in Turkey
- Reasons for Rejection of Real Estate Residency in Turkey
- Residency in Turkey for Arab Communities
- Difference between Tourist and Real Estate Residency in Turkey
- Advantages of Real Estate Residency in Turkey
- Importance of Obtaining Real Estate Residency
- Buying Property in Turkey for Real Estate Residency - Important Tips
Information about Real Estate Residency in Turkey
Foreigners can get residency in Turkey through real estate purchases, benefiting from government facilities extended to foreign investors and property owners in the country. The holder of Real Estate Residency has the right to grant residency to their spouse and children under 18 years old. Residency typically lasts for one or two years, categorized as short and easily renewable. Renewal of Real Estate Residency is straightforward as long as the property owner retains the property deed as the basis for the residency.
Types of Residencies in Turkey
Types of residencies in Turkey include:
- Tourist Residency
- Real Estate Residency
- Permanent Residency
- Student Residency
- Work Residency
- Humanitarian Residency
- Family Residency
- Medical Residency
Permanent Residency (long-term) is awarded for continuous legal residence in Turkey for eight years.
Real Estate Residency in Turkey - Property Ownership Residency
The Turkish law introduced Real Estate Residency in 2018, undergoing several updates since then. Initially, there was no specific value requirement for Real Estate Residency. However, In 2022, regulations were revised to incorporate a property value, set at $75,000 for major cities such as Istanbul, Ankara, and Trabzon, and $50,000 for smaller cities. The latest update in October 2023 raised the minimum property purchase value for Real Estate Residency to $200,000. With continuous updates, it is crucial to consult a real estate advisor or lawyer to stay informed about the property market in Turkey.
At Damas Group, we provide diverse options that align with Real Estate Residency requirements, offering opportunities with our experienced team of lawyers.
Here are some excellent options for obtaining Real Estate Residency [Click here].
Cost of Real Estate Residency in Turkey 2024
Costs for applying or renewing Real Estate Residency are divided into two main types:
1. The receipt fees paid at the Immigration Department are relatively low compared to other residencies, amounting to 9.7% of the original property price. For every 100,000 Turkish Lira of the property price, a fee of 9,700 Turkish Lira is payable.
2. The cost of health insurance in Turkey for all family members varies depending on the applicant's age, nationality, and the number of family members.
Moreover, there are additional small fees associated with obtaining the title deed, property valuation certificate, real estate ID card, earthquake insurance, and tax fees. All fees are paid in Turkish Lira and documented with receipts.
Residence Permit in Turkey Through Property Purchase
Getting a residence permit by buying property in Turkey is a short-term residency option for foreigners. It allows you to easily renew your permit by purchasing residential property. The process includes scheduling an appointment through the electronic residence platform, submitting the application to the regional immigration office on the designated day, and, in case of rejection, appealing the decision.
At Damascus Real Estate Group, we assist you in securing your immigration appointment. We stay by your side throughout the process, ensuring all matters are handled. After completion, we stay in touch to ensure the issuance and delivery of your residence permit. Register your interest, and we'll guide you through.
Conditions for Property Residence in Turkey
To be eligible for property residence:
1. The property owned by the foreigner in Turkey must be classified as residential.
2. The government has established conditions for property areas, excluding those where the foreign population surpasses 25%. Damas Group Real Estate provides free consultations to review the latest lists of these areas and connects you with developers.
Additional requirements encompass the property ownership deed (title deed), proof of residency from the local district chief, earthquake insurance, a family statement translated into Turkish, an appraisal from a licensed company, tax-related expenses, a valid passport, proof of sufficient financial resources, health insurance for the family, and an online application through the immigration management platform.
At Damas Group Real Estate , we responsibly leverage our extensive real estate experience to assist you in submitting a legal and accurate file, minimizing the risk of rejection.
Reasons for Rejection of Property Residence in Turkey
Understanding the reasons for potential rejection helps applicants avoid mistakes:
1. Properly organizing the application files in the required legal format is crucial.
2. The property appraisal must meet the minimum value set by the law (currently $200,000).
3. Clear any legal violations, fines, or late fees related to the property.
4. Avoid presenting forged or incorrect documents.
5. Ensure all required documents are complete and accurate.
6. Submit the application and schedule the appointment within the last two months of the current residence permit's validity.
7. Pay attention to the property's designated use in the title deed to avoid errors.
8. Avoid purchasing multiple properties to meet the minimum value requirement; only one property is accepted.
9. Ensure the property is not in a restricted area with over 25% foreign residents, as listed by the immigration department.
If your application is rejected, you have 60 days from the notification date to appeal the decision.
Residence in Turkey for Arab Communities
Amid global political and economic challenges, particularly in the Arab world, more investors and individuals with capital find the prospect of relocating to Turkey for family and work reasons attractive.
As more people migrate to Turkey, the process of getting tourist residency has become more complicated, particularly for the Arab community.
The intricacies involved have turned property ownership in Turkey, whether for living, future investments, or business ownership, into an appealing opportunity.
The Turkish government's efforts and legal privileges extended to foreigners for property residency make it an appealing choice. Property residency offers a renewable and obtainable legal status, even though it requires renewal on an annual or biennial basis.
We've dedicated a special article on property residency for Arab communities. Click here to read more.
Difference between Tourist Residency and Property Residency in Turkey
Although property and tourist residencies offer several advantages, property residency stands out because it is legally tied to property ownership. The renewal process for property residency is straightforward and swift, involving routine steps as long as there are no changes in property ownership.
Property residency presents excellent investment opportunities with relatively lower property prices compared to European Union countries, all while maintaining quality and luxurious designs. Tourist residency, on the other hand, may only be granted for 6 to 12 months and lacks the security provided by property residency. Property residency enables legal residence in Turkey for one to two years, with easy renewal through routine procedures, as long as ownership of the same property is maintained.
It's important to highlight that the benefits of property residency extend beyond just the property owner registering for it. Family members can enjoy short-term residency options like tourist or family residency.
Advantages of Property Residency in Turkey
1. Enjoying rights similar to Turkish citizens, property residency grants privileges such as opening private companies, obtaining a driver's license, accessing free education, comprehensive insurance, medical benefits, and conducting various banking transactions, including the ability to open bank accounts.
2. Ease of Movement: Property owners and their families can freely move within Turkish territories and across provinces without the need to transfer residency to a new address. Traveling outside Turkey and returning can be done freely without security permits.
3. Citizenship Eligibility: Property owners can apply for Turkish citizenship if the value of their property reaches $400,000.
4. Travel Convenience: Simplified visa application for European countries and elsewhere.
5. After 8 years of continuous renewal and adherence to regular residency conditions within Turkish territories, property residency holders have the option to exchange it for permanent residency.
Importance of Obtaining Property Residency:
Securing property residency enables individuals to live in a stable country with a strong economy, making it an attractive destination for investors seeking work, settlement, and portfolio development. Furthermore, there is an opportunity to acquire Turkish citizenship, contingent upon meeting the specified property value criteria.
Tips for Purchasing Property in Turkey for Property Residency:
1. Verify the property's title deed for legality, ensuring it is free from any mortgages.
2. When buying property in installments, it's crucial to verify the credibility of construction companies. Be vigilant about key details like contract duration, payment installments, and the time needed for title deed delivery.
3. Choose a property that meets the eligibility criteria for citizenship if that is part of your goal.
4. When renewing property residency, verify that the property title deed submitted matches the information provided in the initial residency application.
5. Deal with reputable real estate companies to avoid exploitation and inflated property prices.
It's important to note that recent regulations necessitate personally presenting the required documents at the immigration office on the appointed day. Unlike in the past, mailing documents is no longer sufficient.
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Keys to finding related properties:
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At Damas Group Real Estate, we have a diverse real estate portfolio that meets all your investment aspirations. We offer you our various options and aim to connect you with developers with whom we have strong relationships. We help you with all procedures, and even after you buy a property, we offer crafted investment plans to maximize returns through resale.. Contact us to learn more.
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According to the new regulations as of October 2023, the minimum requirement for obtaining real estate residency is $200,000.
Yes, provided all the conditions are met and the required documents are submitted correctly in the application file, following all specified steps.
The renewal application must be submitted within 60 days before the end of the current residency. This involves submitting a file that includes the same documents as the initial application, with the addition of a new property appraisal report and the previous real estate residency.
The costs of applying for or renewing real estate residency are divided into two main types: 1) Receipt fees paid at the Immigration Directorate branch: These fees amount to 9.7% of the original property price. For every 100,000 Turkish Lira of the property price, a fee of 9,700 Turkish Lira must be paid. 2) Health insurance in Turkey for all family members: These costs vary based on the applicant's age, nationality, and the number of family members. In addition, there are other minor fees related to obtaining the title deed, property appraisal document, real estate identity card, earthquake insurance, and tax fees. All fees and costs are paid in Turkish Lira and documented with receipts.
Yes, anyone holding real estate residency and residing in Turkish territory continuously for 5 years without leaving for more than 6 months has the right to apply for Turkish citizenship through exceptional naturalization, based on Turkish Nationality Law No. 5901, Article 12.