Turkey Implements Residence Permit Increases: Minimum Real Estate Investment Raised to $200,000
In a recent development, the Turkish government has implemented significant adjustments to the criteria governing the acquisition of a residence permit through real estate transactions within the country. These revisions particularly impact short-term residence permit increases in Turkey and are applicable to real estate transactions with acquisition dates starting on October 16, 2023.
The newly established regulations now mandate that the minimum sale price on the title deed must be a minimum of $200,000 USD in Turkish Lira, determined by the Central Bank’s foreign exchange sales rate on the day the title deed is issued. This constitutes an increase in residence permit requirements, is applicable nationwide, and will be rigorously enforced. It is crucial to note that only transactions conducted in Turkish Lira will be deemed valid for residence permit applications.
A noteworthy change involves the discontinuation of the acceptance of real estate valuation reports for title deeds acquired on or after October 16, 2023. Instead, the sale price specified on the title deed itself becomes the decisive factor for the application. This places the responsibility on applicants to ensure that the sale price on the title deed meets the stipulated minimum of $200,000 USD in Turkish Lira.
Changes Apply Across all Application Types
Emphasizing the importance of these new residence permit regulations, one must note that they apply to all application types, including initial applications, transitional applications, or extension requests. Consequently, individuals who wish to obtain a residence permit through property ownership in Turkey must fulfill the minimum sale price requirement, irrespective of their specific circumstances.
Furthermore, these changes exclusively affect real estate acquired on or after October 16, 2023. If the property’s acquisition date predates this threshold, these new regulations do not impact your residence permit application in Turkey.
Those who bought real estate in Turkey between April 26, 2022, and October 16, 2023, must adhere to different criteria. In metropolitan areas, a sale price of $75,000 USD is required, while properties in other cities necessitate a sale price of $50,000 USD. Furthermore, applicants for these properties still need to furnish a real estate valuation report.
These revisions to the criteria governing the acquisition of a residence permit through real estate purchases in Turkey underscore the government’s commitment to strengthening the real estate market and attracting foreign investors. By implementing residence permit increases and raising the minimum sale price requirement, the government aims to enhance the value of real estate investments in Turkey and ensure that residence permits are granted exclusively to committed investors.
As a foreign investor interested in obtaining a residence permit through property ownership in Turkey, staying informed about these changes and adhering to the updated regulations is imperative. Feel free to contact us for further information.