Getting Turkish real estate residency has become one of the most important advantages obtained by foreign investors wishing to invest in real estate in Turkey. It is one of the facilities that the Turkish government has worked on to encourage investment and real estate purchase in Turkey, because of its positive role in supporting and strengthening the real estate market in Turkey.
Through the following article, you can learn about some information related to real estate residency in Turkey, such as the necessary papers and some of its advantages.
Real estate residency in Turkey:
It is an official document granted by the Turkish government to the foreign investor, through which he/she is allowed to reside and move in the Turkish territory and have all rights such as education, health insurance and public services, upon fulfilling the necessary conditions for getting residency. The laws and instructions issued by the Turkish government stated granting real estate residency to foreign investors if the investor has proven that he owns a possession title of a property in Turkey, provided that the price of the property is 75 thousand US dollars or more.
How to get real estate residency in Turkey?
According to the Turkish government instructions related to the conditions for getting real estate residency, a foreign investor can apply for Turkish real estate residency if the following conditions are met:
1- Buying a property in Turkey, whether it is an apartment, a commercial store, or real estate
2- The property price must be at least 75,000 US dollars.
3- The property is not within the prohibited areas for the purchase of real estate in Turkey
4- Identification papers and the possession title of the property
5- Having insurance especially for the invested property (seismic insurance - building insurance)
6- Having health insurance for all family members
7- A passport valid for at least six months
Documents required to obtain real estate residency:
• A special application paper for getting a real estate residency that contains general and personal information for the investor
• The investor's personal papers, including (passport - visa registered with the Turkish entry stamp - family book translated into Turkish and certified)
• DASK . earthquake insurance for property
• Medical Insurance
• A document proving the investor's real estate ownership
• 4 personal photos
• Investor's bank account
• A fixed monthly income for the investor, not less than 500$
After preparing the previous papers, the investor goes to one of the immigration branches of the Turkish authorities at the time that was reserved to attend the interview in the Directorate of Immigration in person or by a legal agency to the agent. The investor must pay the required fees, as the costs of getting Turkish real estate residency are simple and easy compared to other available residencies. The costs of getting them include health insurance - earthquake insurance for buildings - and fees related to the real estate ownership title, which depends on the value of the property to be purchased, which is 9.7% of the total property price, the fees for getting the real estate assessment document, in addition to some other fees related to the taxes to be paid; this tax includes the property owner and family members (wife, husband and children).
After paying the required fees, which we mentioned above, the investor waits for the approval of the Immigration Department to get the real estate residency and then issuing it to be sent to the his/her residence address.
After the real estate residency is issued, it would valid for a period not exceeding two years, where the investor can easily renew the validity period of his residency if he/she proves that he/she still owns a property in Turkey and the possession title for this property.
Advantages of having real estate residence in Turkey:
1- The possibility of residing in Turkey and moving between Turkish cities and states with ease
2- Residing in a country with security and stability
3- The possibility of having the right of education in Turkish government schools
4- Getting health insurance and health care in all government centers and hospitals
5- Living in a country where the cost of living is lower than the neighboring countries
6- The investor and his/her family, including his wife/husband and children under the age of 18, are granted residency in Turkey in accordance with and implementation of the country’s laws
7- Simple costs to get it
8- Ease of renewing its validity
9- The possibility of applying for Turkish citizenship after 5 years of renewing this residency, but the investor is required not to have left Turkey for more than 3 months during the period of residency
10- The possibility of expanding investment operations and buying more real estate in Turkey
11- Possibility of getting citizenship for holders of these residencies if purchasing a property which price exceeds 400,000 US dollars.
The importance of buying a property in Turkey:
1- The possibility of buying properties of all kinds
2- The possibility of residential investment by purchasing residential real estate or apartments within residential complexes
3- The possibility of commercial investment by purchasing offices or shops and others
4- The possibility of getting real estate residence in Turkey
5- The possibility of getting Turkish citizenship if the necessary conditions for granting citizenship stipulated by government instructions are met
6- The possibility of getting a Turkish passport for a foreign investor
7- One of the most likely opportunities to achieve success due to the activeness that the real estate market has in Turkey.
For more information on the subject of real estate residency or any other topic related to the real estate market in Turkey, you can visit our website constantly and communicate with our real estate consultant to provide you with adequate answers to your various inquiries.