Residency by Investment in Turkey - The Main Legal Steps
Residency by Investment in Turkey
Updated on Tuesday 29th October 2024 Rate this article
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If you want to buy a property in Turkey and get residency you have to prepare at least USD 400,000. The formalities are not complex, but legal advice is needed. We invite you to talk to our team of immigration lawyers in Turkey to find out the steps for residency by investment in Turkey. Also, foreigners can get in touch with us if they want to start a business in Turkey.
| Quick Facts | |
|---|---|
| Nationalities accepted (EU/Non-EU) | Both EU and non-EU citizens can make investments in Turkey and gain residency. |
| Business investment option (YES/NO) | Yes |
| Real estate investment option (YES/NO) | Yes |
| Other investment options (if available) | A minimum fixed capital investment of USD 500,000 |
| Living requirement in Turkey (YES/NO) | No |
| Residence or direct citizenship option | Turkey Citizenship by Investment Program |
| Direct immigration with family members (YES/NO) | Yes |
| Family members allowed to join the program | - parents, - children, - grandparents |
| Residence visa processing time (approx.) | Depending on the size of the city, but normally it does not exceed 4 months |
| Additional financial requirements for family members (YES/NO) | No |
| Timeframe for obtaining residency by investment | Around 2 months |
| Dual citizenship permitted (YES/NO) | Yes |
| Reasons to choose Turkey | - stable and growing economy, - multitude of business opportunities, - innovative business conditions |
| Personal income tax rate | Ranging from 15% to 35%, depending on the amount of income |
| Visa free travel to other countries (approx. number of countries) | Around 72 |
Permanent residency by investment in Turkey
Buying property in Turkey for residence is straightforward and involves some formalities. Let's review some of them, plus other essential details:
- Turkish residency by investment involves an investment of at least USD 400,000.
- Once the property is purchased, the residence permit is valid for one year, after which it is renewed for 5 years.
- Although any foreigner can buy a property in Turkey, if it is not owned by the state, a real estate specialist is needed.
- To ensure that investing in real estate is risk-free, a Turkish lawyer can help.
- Those interested in Turkish residency by investment must obtain a National Tax ID. The State Tax Department issues this type of document.
- Family members such as wife and children also receive residence permits as part of the application.
- A valid passport, title deed, property earthquake insurance and health insurance are some of the documents required for permanent residency by investment in Turkey.
So, these are some of the formalities for Turkish PR by investment. Discuss all the aspects with our immigration lawyers in Turkey if interested in how to buy a property in Turkey and get residency. You can also read the following infographic we have prepared:
What other paperwork is required for applying for residency in Turkey?
In addition to the above-mentioned documents, applicants interested in buying a property in Turkey and residency must prepare a valid passport and a standard form filled out. Also, a deposit of USD 500 is required for one month and the payment of the issued card.
We invite you to contact our law firm in Turkey for details about Turkish permanent residency by investment and about immigration to Turkey.
Below is a video presentation on how to get Turkish PR by investment:
What are the benefits if you buy a property in Turkey and get residency?
Permanent residence by investment in Turkey allows you to stay in this country like any other citizen with rights. As Turkey is a popular destination and appreciated by foreigners, there are many who prefer to buy a property in Turkey and get residence. Here are some other interesting things:
- Family members are directly included in the application for Turkish PR by investment.
- Children, for example, can go to educational institutions in Turkey without restrictions.
- Once purchased, properties can be rented.
- You can enjoy sole ownership without any other restrictions.
- With Turkish residency by investment, foreign nationals can start the formalities for Turkish citizenship.
Are there any restrictions on real estate purchases for foreigners in Turkey?
When you buy a real estate property to obtain residency in Turkey, you must make sure that there are no imposed restrictions. Commercial and residential buildings and agricultural lands are also accepted for purchase. On the other hand, for those who want to buy real estate that does not yet have a built construction permit, the buyer must apply for this permit with public administration within a maximum of two years so that the respective construction can be developed. Here are other things to keep in mind when buying real estate in Turkey:
- There are restrictions regarding the purchase of land. The respective plot of land should not exceed 30 hectares.
- Foreigners in Turkey are not allowed to purchase private properties that are more than 10% of the respective land.
- You cannot buy property or land in military zones, this being prohibited. However, you can buy a property, especially in security zones, only if special permits are issued in this regard, by the authorities.
Land Registry procedures in Turkey
Once you have bought the desired property to obtain a residence permit in Turkey, you must consider the land registry regulations. It is important to register real estate with all personal details. The authorities require ID or passport issued by the new owner's country of origin, notarized and translated. Registrations with the help of power of attorney are also accepted. In other words, you can empower someone, such as our Turkish lawyers, to represent you in this important endeavor. The document certifying the current market value of the real estate property, issued by the relevant local authorities, as well as the earthquake insurance policy, are also part of the land registry procedures.
Can Turkish citizenship be obtained by purchasing real estate?
Yes, just as in the case of a residence permit in Turkey, which can be issued after the purchase of real estate properties, citizenship can also be obtained in that way. The condition of buying real estate of at least USD 400,000 is kept, followed by the procedures of getting residency first, and then applying for Turkish citizenship after a few years. Also, the applicants must keep the real estate for at least 3 years, without the right to sell.
When is a residence permit issued in Turkey?
Another important aspect to take into account when buying real estate in Turkey to obtain a residence permit is the fact that this document will only be issued when you prove that the property in question is registered with the municipal authorities. Otherwise, the residence permit or citizenship, as the case may be, cannot be issued.
We assure our clients that all the procedures and formalities are followed precisely and that there is no delay in obtaining the desired status, residency, or citizenship by investment in Turkey, as the case may be. It is also possible to obtain a passport by investment in Turkey if all the conditions explained above are met.
Real estate investment returns in Turkey
Turkey is a country open to real estate investment. Compared to other types of investments, real estate investments are the most profitable. The real estate market is certainly dynamic, and those who buy properties such as residential apartments or hotels enjoy substantial profits. Here are some statistics:
- Turkey's real estate market is expected to reach around USD 7.8 trillion in 2024.
- The residential market in Turkey is the most appreciated. It is expected to reach a value of around USD 6.8 trillion in 2024.
- Approximately TRY 6,312 is the average price per square meter for houses in Istanbul.
- Around TRY 2,970 is the average price per square meter for houses in Ankara.
Working with our Turkish lawyers
We recommend specialized support for foreigners who want to obtain residency by investment in Turkey and who want to ensure a simple and fast process. Our specialists know the legislation and can also prepare all the necessary documents in this endeavor. On the other hand, certain procedures can be drawn up with the help of power of attorney, which saves time for interested clients.
Applying for residency in Turkey is a process that can be supervised by our specialists. Contact our Turkish lawyers for more details on Turkish residency by investment and immigration to Turkey.
