This article provides a guide for foreign investors who wish to obtain a Property Investment Residence Permit in Turkey. With the country’s favorable economy, location, and affordable property prices, investing in Turkish real estate has become a popular option for many. To encourage property investment, Turkey offers this type of residence permit, which allows investors to reside in the country. Here are the steps and requirements to obtain this permit:
First, understand that the Property Investment Residence Permit is available to foreign investors who purchase real estate in Turkey with a minimum value of $50,000 or its equivalent in Turkish Lira. To be eligible, you must buy one residential property with a value of at least $50,000 in small cities and $75,000 in big cities.
To begin, research the Turkish real estate market and work with a reputable local real estate agent to find suitable properties. Obtain a tax identification number from the Turkish Tax Office and open a bank account in a Turkish bank to facilitate the property transaction. Once the property purchase is complete, make sure that the transaction is properly registered with the Turkish Land Registry.
Next, follow these steps to apply for the Property Investment Residence Permit: Register on the e-Residence system and complete the online application form. Schedule an appointment and prepare the required documents, including a valid passport, biometric photos, proof of health insurance, proof of financial means, and the title deed and numarataj document. An appraisal report proving the value of the property is also required.
During the appointment, submit the required documents and keep in mind that the initial Property Investment Residence Permit is valid for two years and can be extended as long as you still own the property. If you decide to sell your property, your permit may be canceled. Additionally, your spouse and children under the age of 18 can apply for the same permit if their name is written on the title deed.
In conclusion, obtaining a Property Investment Residence Permit in Turkey requires careful preparation of all required documents and accurate application processes. Follow these steps and requirements to ensure a successful investment and comfortable stay in Turkey.
