The Turkish government has recently implemented changes to the conditions for obtaining a residence permit through the purchase of real estate in the country. These changes specifically apply to short-term residence permits in Turkey and for real estate properties with an acquisition date on or after October 16, 2023.
Under the new regulations, the sales price on the title deed must be a minimum of 200,000 US Dollars in Turkish Lira, based on the Central Bank foreign exchange sales rate on the day the title deed was obtained. This requirement applies to all cities in Turkey and will be strictly enforced. It is important to note that only transactions conducted in lira currency will be considered for the residence permit application.
One significant change is that the real estate valuation report will no longer be accepted for title deeds obtained on or after October 16, 2023. Instead, the sales price listed on the title deed will be the determining factor for the application. This means that applicants must ensure that the sales price on the title deed meets the minimum requirement of 200,000 US Dollars in Turkish Lira.
It is crucial to understand that these new residence permit regulations apply regardless of the application type, whether it is an initial application, transitional application, or extension application. Therefore, all individuals seeking a residence permit through real estate ownership in Turkey must meet the minimum sales price requirement, regardless of their specific circumstances.
Additionally, it is important to note that these changes only affect real estate acquired on or after October 16, 2023. If your property's acquisition date is before this date, these new regulations do not apply to your residence permit application in Turkey.
For individuals who have acquired real estate in Turkey between April 26, 2022, and October 16, 2023, different requirements will continue to apply. Specifically, a sales price of 75,000 US Dollars will be required for properties in metropolitan cities, while a sales price of 50,000 US Dollars will be required for properties in other cities. Furthermore, applicants will still need to provide a real estate valuation report for these particular applications.
These changes in the conditions for obtaining a residence permit through the purchase of real estate in Turkey reflect the government's effort to enhance the real estate market and attract foreign investors. By raising the minimum sales price requirement, the government aims to increase the value of real estate investments in Turkey and ensure that only serious investors are granted residence permits.
As a foreign investor interested in obtaining a residence permit through real estate ownership in Turkey, it is crucial to stay updated on these changes and adhere to the new regulations. Consulting with a reputable immigration lawyer in Istanbul who specializes in Turkish law can provide valuable guidance and ensure a smooth residence permit application process.
