Residence Permit Lower Limit is 200 Thousand Dollars
THE VALUE OF THE REAL ESTATE TO BE PURCHASED FOR A RESIDENCE PERMIT INCREASED FROM 75,000 DOLLARS TO 200,000 DOLLARS!
Within the scope of the Foreigners and International Protection Law No. 6458 (YUKK), there are residence permit regulations for foreign nationals who want to reside in Turkey. This law gives foreigners the right to reside in Turkey for certain periods of time. Residence permit is a document issued by the Immigration Administration that gives foreigners the right to live in a certain part of Turkey. Articles 28 and 29 of the law regulate short-term residence permits and address the requirements of such permits.
In particular, Article 31(b) of Law No. 6458 regulates a special type of residence permit for “foreigners who will own real estate in Turkey”. This type of residence permit can be issued for up to 2 years for foreigners who own real estate. To be included in this category, the following conditions are required:
The real estate owned by the applicant foreigner must be for residential purposes and used for this purpose.
If family members have joint or joint ownership rights on real estate, these family members can also apply for a residence permit.
Shared or joint property rights may serve as the basis for determining immovable property and financial possibilities for family members.
These regulations provide additional advantages to foreign nationals who intend to reside in Turkey if they own real estate.
The terms and conditions required to obtain a title deed residence permit in Turkey have changed recently. While owning a property worth 75,000 USD is sufficient, with the new regulations this amount reaches 200,000 USD. In order to obtain a residence permit in metropolitan cities, it is necessary to purchase a property worth at least 200,000 USD. However, the property to be purchased must not be located in districts closed to residence permit applications. Due to the high concentration of foreigners, especially in Istanbul and some other provinces, some districts have been closed to residence permit applications. These districts include Fatih, Esenyurt, Avcılar, Bahçelievler, Başakşehir, Bağcılar, Esenler, Küçükçekmece, Sultangazi and Zeytinburnu.
Before purchasing real estate, it is necessary to show that the real estate is over 200,000 USD and to obtain a “Valuation Report” prepared by an expert. The person whose name is written on the title deed can apply for this type of residence permit. If you want to apply for this type of residence permit as a family, the title deed must be cleared in the name of two people (provided that this person is a spouse). In this case, the cost of the property must be paid in the name of one spouse and the other half must be paid in the name of the other spouse. Thus, the title deed is given as joint ownership in the names of two spouses, and one spouse has half the right to the property. Applicants who are under the age of 18 can apply for a “tourist residence permit”.
There are some important conditions that foreign nationals who want to buy real estate in Turkey to obtain a residence permit should consider:
Real Estate Value: The value of the real estate to be purchased must be at least 200,000 USD.
Location Restriction: The real estate must not have closed data for residence permit applications. Specify these closed areas.
Deed Price: Changing the purchase price of the deed to 200,000 USD or more.
Payment Method: Payment must be made through bank, cash payment should not be made.
Amount Matching: The purchase price in the title deed must be the same as the amount paid to the homeowner from the bank.
Central Bank Transaction: It is mandatory to sell the sales price in foreign currency to the Central Bank and then the homeowner’s request.
Property Type: The property purchased must be residential or residential; Applications for this type of residence permit cannot be made for workplaces or land.
Issuance of a residence permit may be rejected due to minor errors made during the land registry process. Therefore, it is important to seek advice from lawyers in this field before the sale of the property takes place. In this way, possible errors in the application process can be prevented and the process of obtaining a residence permit can be completed smoothly.
Residence Permit Lower Limit is 200 Thousand Dollars
