With the circular issued by the Ministry of Interior Migration Management, several updates were made to obtain a residence permit for foreigners. Now, foreign citizens are restricted from getting a residence permit since they own property in Turkey.
As a matter of fact, foreigners can obtain a residence permit from Turkey even without owning property. However, since the publication of the relevant circular, the Ministry has complicated the admission requirements. With this regulation, the Ministry is looking for the criterion of granting a residence permit because the immovable property purchased by foreigners is not nominal real estate but real estate purchased for actual residence purposes. In addition, in real estate purchases, real estate prices are shown to be lower than usual to prevent tax loss.
To obtain a residence permit through real estate investment in Turkey, it is necessary to own at least 75 thousand US dollars (USD) in metropolitan cities such as Istanbul, Izmir, Antalya, and a minimum of 50 thousand US dollars (USD) in small towns. To apply for a residence permit, the sale price of the purchased real estate must be above the limits set in the valuation report and the title deed document.
Foreign citizens who have obtained their title deed before April 27, 2022, will be exempt from the relevant regulation.
According to the current Law, a foreigner with immovable property above the values determined in Turkey is granted a residence permit for a maximum of 1 year at a time. Foreigners who own real estate in Turkey can also reside in Turkey with a family member within the scope of a family residence permit.
Documents Required for Foreigners with Immovable Property to Obtain a Residence Permit
1- Residence permit application form
2- Passport ( must be valid for at least 1 year)
3- A declaration that proves that you have sufficient financial strength during your residence
4- A valid health insurance in Turkey
5- An officially signed deed of title proving that the residence belongs to a person
6- 4 Biometric photos
7- Land registry continuation certificate (for land registry notes dated older than 6 months)
Footnote
The process of obtaining a residence permit through real estate investment is a process that must be carried out meticulously. In order for people not to lose their rights and time, they must get help from a lawyer who is an expert in his field. Our law firm provides professional legal support for real estate investment in Turkey and obtaining a residence permit.
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