2023 Residence Permit changes to $ 200,000 in Turkey
In some exciting news related to immigration policy and real estate investment, Turkey has just announced a significant change regarding property ownership for foreigners looking to obtain real estate residency. Effective from October 16, 2023, the minimum amount required to purchase real estate for the purpose of obtaining a real estate residency has been increased from the previous $75,000 to a new threshold of $200,000.
Here's the deal: if you're a foreigner and you want to buy property to secure a short-term residency permit, you'll need to invest a minimum of $200,000. The exact amount will be determined based on the official foreign exchange rates set by the Central Bank of Turkey on the date of property ownership transfer.
This adjustment comes on the heels of a similar increase implemented last year, all aimed at regulating property purchases by foreigners and maintaining control over the real estate market in Turkey. It's part of a broader strategy to attract more foreign investors to the country and bolster the real estate sector.
Read More about the resentcy permits and its terms and conditions Read More
Reason behind the increase
So, this new development is essentially an effort by Turkey to fine-tune its immigration and property investment policies while making sure that foreign investors continue to find the country an attractive and stable destination for their real estate investments.