10/11/2023
⛔️ New Turkish Residence Permit Rules!⛔️
The Old Requirement
Historically, the property value required for a residence permit was set at a minimum of $75,000 USD. This relatively low threshold made it accessible to many foreign investors and those seeking a second home or retirement destination in Turkey.
The New Property Value Requirement
The recent implementation has significantly altered the landscape for foreigners interested in obtaining a residence permit through property ownership. The minimum property value required has been increased from $75,000 USD to a substantial $200,000 USD. This change comes as part of the government's efforts to attract higher-value investments and maintain control over the property market.
Specifics of the New Regulations
To apply for a residence permit with a title deed, prospective investors must consider several key factors:
Property Value: The property's value must now be at least $200,000 USD.
Location: The property should not be located in districts that are closed to residence permit applications. Some areas, are off-limits for such applications due to the high number of foreign residents.
Valuation Report: Before the property purchase, you must obtain a "Valuation Report" from an expert indicating that the property's value exceeds $200,000 USD.
Ownership: Only the person whose name is on the title deed can apply for this type of residence permit. For family applications, the title deed must be jointly issued in the names of two spouses.
Financial Transactions: Payments must be made through a bank, with no cash transactions accepted. The purchase price on the title deed must match the amount paid to the property owner from the bank. The sale price should be in foreign currency to the Central Bank, ensuring transparency.
Property Type: The purchased property must be a residence or house, not a workplace or land.
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