In recent years, Türkiye has emerged a popular destination for expats seeking new investment opportunities. However, the residency rules of this country change every year. You have probably heard about the new regulation of property investment to get Türkiye residency. Recent legal changes have set a new minimum real estate investment value of $200,000 for those seeking Turkish Tasinmaz residency.
In this article, we examine in detail the changes that have occurred in the process of obtaining Turkish residence permit. With our trusted information, you can navigate Turkey’s dynamic real estate market, confident in regulations affecting residency via investment.
Increase Türkiye residency from $75,000 to $200,000 in all cities
Türkiye residence, which used to cost $75,000 in major cities, was changed to $200,000 in all cities. Based on this regulation, when you are buying property in Türkiye, amount of real estate expertise (Ekspertiz Raporu) is no longer a criterion for Goç (Turkish Immigration Department) and the amount registered on the property deed is important.
That is, when you want to sign the property deed in your name, the amount of lira (Turkish Lira) TAPU title deed price must be equal to $200,000 with the central bank rate on that day. This updated regulation simple the process for investors, as there is no longer a need for a separate Ekspertiz Raporu. To meet the criteria, the TAPU deed listing price must exceed $200,000, and the Central Bank payment slip should also show $200,000 or a value of more than.
This regulation applies to people who prove ownership of the property deed from October 16, 2023. So, if you have bought property before this date, you can apply for Turkish residency according to the previous regulation. This regulation is not included in the official gazette of Turkey and is a directive that is strictly implemented by the Turkish Immigration Department from the date of announcement.
Turkish citizenship is still granted for $400,000. But our warning for Turkey citizenship by property investment applicants is to do this as soon as possible. Because there is also a possibility of increasing the amount of citizenship.
In order to do confident investment for obtain Türkiye residence or citizenship by investment, be sure to contact Hometurkie professional team and take advantage of the opportunity for free consultation.
Implications of the new real estate investment requirement
These changes in turkey real estate investment regulations have several Implications for who’s seeking residency through property investment. Understanding these potential consequences can help inform investment decisions.
- The increased valuation requirement may deter some persons from pursuing Turkey residency via buy home, as the higher threshold can financially challenge for those with limited budgets.
- The uniform requirement to $200,000 homes across all cities, could lead to adjustments in property prices. As sellers may increase their prices to cater to who’s seeking residency via property investment.
- The removal of the need for Expertise Rapport may expedite and the application process for visa by investment.
Important points of obtaining Türkiye property investment residency
With the change of Turkish residence regulation, many questions and concerns have been created for expats and investors are worried about changes in other details of Turkish residence regulations. In this part of the article, we explain to you all the important points that you need to know to obtain a Türkiye residence permit:
1. Neighborhoods Closed to Residence Permit in Turkey
Considering the foreigner density in various regions of turkey the Ministry of Interior has closed over than 1200 neighborhoods in certain provinces to residence permit and change the province of residence of foreigners under temporary protection registration.
Your home should not be in these areas. Therefore, see the name of the neighborhood and the area of the property you intend to buy on the deed and match it with the list of prohibited areas in Goç site.
2. The $200,000 real estate investment threshold
As October 16, 2023, the minimum real estate investment for residency is set at $200,000 across all cities in Türkiye. It doesn’t matter if the price of the house must be $200,000. It is important that on the day of buying the property, the lira price of the property deed based on the central bank rate is equal to $200,000.
This updated regulation streamlines the process for foreigners or investors, as there is no longer a need for a separate Expertiz Rapport.
3. The house must be residential and livable
Make sure that your property must be residential and habitable. Properties that are under construction or pre-sale are not included in this new constitution.
4. The property deed must belong to one person
With a deed that has multiple partners, a property residency is not granted, even if your share of the property is $200,000. The same is true for family members. The house deed must belong to one of the parents, in which case the person who owns the property will be granted Tasinmaz Residence and the rest of the family will be granted Tourist Residence.
5. With a property deed, only one adult or a family can get residence
If you are a family, only parents and children under the age of 18 can apply for residency. If you have a child over the age of 18, you will need to obtain his residence in another way such as Türkiye student visa or buy a second property to obtain his/her residence.
Of course, it is said that in the new regulation, children aged 18 to 23 who are single and engaged in education will also be granted residence. But it has not yet been officially confirmed by the Turkish Immigration Department.
Summary
Understanding the recent changes in Turkish real estate regulation is important for expats who plan to invest in property to secure residency. Hometurkey can help you navigate these updates effectively, arming you with the knowledge to make informed decisions in Turkey’s evolving property landscape.
If you are looking for a Turkish residency advisor before investing in Turkey real estate, visit Hometurkey for expert advice and comprehensive resources. We seamlessly guide you through the new property appraisal requirements and help you succeed in your investment journey.
FAQ
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What is the new threshold property value required for Turkish residency via investment?
The new threshold real estate investment value required for obtaining Turkish residency is $200,000. Both the TAPU title deed price and payment amount shown on the Central Bank rate must exceed this threshold.
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What is the threshold investment required if I sell my existing property and buy a new one for residency?
The threshold investment required for both residency and the 5-year citizenship route are now $200,000. Qualification is based on the property’s TAPU date.
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How long does the residency application process take now?
The processing time depends on the President of Migration Management for conducting due diligence, which typically ranges from 10 days to 90 days.
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If I currently have a residency permit obtained through real estate investment before the new rules, can I still maintain my permit and pursue citizenship?
Turkey residency from real estate investments before October 16, 2023, remain valid and renewable. Turkey citizenship can still be attained via the 5-year residency route with prior permits, provided other criteria like continuous 5-year residency are met.
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Does my previous residency permit still apply if I sell my qualifying property?
No, your previous permit will no longer be valid for residency (real estate) qualification purposes if you sell the property that granted it. You must purchase a new property valued at $200,000 or more as determined by the new property’s TAPU registration date.
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Should the real value of the property be over 200,000 dollars?
No – just the TAPU title deed price being $200,000 is enough to get residency.
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Can we get a residence with a property that has already been purchased under $200,000 and has not been occupied?
Yes – if the TAPU date is before October 16, 2023 and the property is not in a prohibited area, there is no obstacle to obtaining a property residence for the first time.
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Can we extend our stay with a property that has already been purchased for less than $200,000?
Yes – the $200,000 residency rule does not include residency deed issued before October 16, 2023, whether or not you already have residency. It is possible to obtain residence with it. If the Goç asks you for an updated expertise, it means to comply with the amount above $75,000, not $200,000.