Oct 23, 2023

New Modifications on Real Estate Residential Permit 2024

Real estate residential in Turkey is one of the facilities granted by the Turkish government to foreign investors through buying real estate in Turkey. Therefore, the Turkish Immigration and Foreigners Affairs Department grants real estate residency in Turkey according to certain conditions.

What is a real estate residence permit in Turkey?

It is a card granted by the Immigration and Foreigners Affairs Department in Turkey, which allows its holder to enjoy many rights including education, health, and live in Turkey legally. Real estate residence permit in Turkey is a limited-term, renewable permit, ranging from one to two years.

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Advantages of real estate residence permit in Turkey:

What distinguishes the real estate market in Turkey is that the Turkish government has recently enacted laws that facilitate the real estate investment process in Turkey, protect the rights of foreign investors and encourage them to invest in the country. Among these facilities and grants is obtaining real estate residence permit in Turkey when a foreign investor purchases real estate of a certain value. Real estate residence permit has many features and benefits that are granted to its holder, the most important of which are:

Living in Turkey legally.
The property owner's family (his wife and children under 18 years of age) enjoys real estate residency rights that he owns.
It is renewed very easily.
Its owner can move between Turkish states without the need to obtain a travel permit.
Receive education in Turkish schools and universities.
Benefit from free treatment or large discounts in the health sector in Turkey.
It can be exchanged for a permanent residential permit in Turkey after 8 years of having it.

New conditions for obtaining a real estate residence permit in Turkey 2024?

We all know that in the past the amount of money that qualifies for a real estate residence permit was 75,000$ in Istanbul and large cities and 50,000$ in the small cities. Yet, the Turkish government announced on 10/16/2023 that the minimum amount that qualifies for a real estate residential permit had become 200,000$ in all Turkish cities.

The details of the statement included the following:

Anyone who bought a property before April 26, 2022 is not required to have a minimum amount for the property and is not required to have a valuation report.
Anyone who bought a property during the period from April 26, 2022 to October 15, 2023 must submit a valuation report of no less than $75,000 in large cities and $50,000 in small cities.
Anyone who acquired a property starting from October 16, 2023 must have the value mentioned in the title deed in Turkish Lira equivalent to 200,000$, regardless of the value in the evaluation report.

Thus, the new conditions for obtaining real estate residential permit in Turkey are the following:

Buying a property in Turkey of no less than $200,000.
Providing a real estate evaluation report.
Providing a property title deed document (Tapu).
Earthquake and disaster insurance (DASK) for the property.
A valid passport for at least 6 months.
A family statement containing the name of the property owner, the name of his/her partner, and the names of his/her children, translated into Turkish and duly certified.
Health insurance in Turkish territory for all family members.

Cost of real estate residential in Turkey 2023:

The fees for obtaining real estate residential permits are considered very simple, as they do not constitute any burden on the property owner and are limited to health insurance, which varies according to age group, and other fees, such as the receipt that is paid at the immigration department. Also, the cost of real estate residency in Turkey is related to the value of the property that was purchased, as it is equivalent to approximately 9.7% of the property price. If its price is 100,000 liras, the number that must be paid for the fees is 9,700 Turkish liras, for example.

Documents required for real estate residential in Turkey 2024:

The documents required to apply for a real estate residential permit are:

Application form.
A valid passport for at least 6 months.
A copy of the passport translated into Turkish and certified by the Turkish notary.
A copy of the entry visa to Turkey, with entry stamp and date.
Real estate title deed that clearly shows the value of the property.
Real estate valuation document.
Earthquake and disaster insurance policy in Turkey (DASK)
The family booklet and a copy of it, translated into Turkish and certified by the notary.
4 personal photos
Having a monthly income of at least $500.
A bank account.

In conclusion, obtaining real estate residence permit in Turkey is a smart and feasible investment step for many foreign investors seeking new opportunities and profitable investment opportunities. Real estate residency programs in Turkey provide a unique opportunity to obtain permanent or temporary residency in this beautiful country.

With the advantages that Turkey offers such as living in a country with a diverse culture and rich history, in addition to providing employment and education opportunities, Turkey is an ideal destination for investors and families alike. Given its positive economic and legal developments, real estate residence in Turkey can be a fruitful and stable option in the long term.

Therefore, taking advantage of real estate investment opportunities and obtaining real estate residence permit in Turkey can be a wise step to achieve personal and professional goals. With the support provided by the Turkish government to foreign investors, Turkey remains a favorite destination for many people looking to build a stable and prosperous future in this country.

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