Turkish Real Estate Residence Permit Threshold Raised to $200,000
Law No. 6458 on Foreigners and International Protection regulates the cases in which foreigners can apply for a residence permit. One of these ways is ownership of immovable property in Turkey, as stated in Article 31(b) of this law. The residence permit through investment, issued by the Migration Management, allows foreign nationals to reside in Turkey for a designated duration.
Immovable Property Limit from $75k to $200k
However, some restrictions have been introduced for this type of residence permit. With a regulation made by the Directorate of Migration Management, the immovable property limit for short-term residence is increased from $75,000 to $200,000. This means that as of the acquisition date of 16 October 2023 and later, the sales price on the title deed must be at least $200K. A valuation report issued by an expert is required before the property is purchased, indicating that the property is worth at a minimum 200,000 USD.
Locations Closed to Residence Permit Applications
Furthermore, please be aware that even if the property you have purchased is worth (more than) $200K, it must not be located in districts that are closed to residence permit applications. Due to the high number of foreigners living in various districts of Antalya, several areas are closed to residence permit applications. Click here to find out whether the property you are willing to purchase is located in these districts, as announced by Antalya Provincial Migration Management.
Are you considering applying for a Turkish residence permit through investment?
The complexity and frequent changes in Turkish Immigration Law make it essential for all legal transactions to be carried out with due diligence and legal expertise. It is really important to have the right legal guidance by your side, if you want to maximise your chances of success. Turkish Legal Office consists of English, Dutch, and German speaking Turkish immigration lawyers with extensive knowledge and experience in various aspects of Turkish immigration law, including short-term and long-term residence permit applications, extensions of residence permits, lawsuits for objections to residence permits and applications for Turkish citizenship by investment, just to name a few. Visit our areas of practise or go directly to Turkish Immigration Law to learn more.
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