Residency by Investment in Turkey - We Assist Foreign Investors
Residency by Investment in Turkey
Updated on Friday 09th September 2022 Rate this article
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If you want to buy a property in Turkey and get residency you have to prepare around USD 250,000 or less. 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 and 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 no more than USD 250,000.
- 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 residence 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.
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, of approximately TRY 10.
We invite you to contact our attorneys in Turkey for details about Turkish permanent residency by investment and about immigration to Turkey.
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 residency 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.
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:
- There has been an increase in house prices of more than 115%, according to data gathered from 2010 to 2021.
- Q1 of 2021 saw real estate price increases of about 13%.
- Approximately TRY 6,312 is the price per square meter for houses in Istanbul.
- Around TRY 2,970 is the price per square meter for houses in Ankara.
- About 1.5 million homes were sold in Turkey in 2020.
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.
