Exploring the Evolving Regulations for Turkish Residency via Real Estate Investments
The media hasn’t officially released any information on this matter, but tourist cities’ migration services are sequentially sharing reports about it. Additionally, the Migration Directorate in Turkey has verified this data.
A major legal shift impacting expatriates and those eyeing Turkish real estate centers around the criteria for residence permits and citizenship bids. In the past, to secure a residence permit, a property’s minimum value had to be $50,000, with a higher threshold of $75,000 in bustling cities like Istanbul, Antalya, and Ankara. The property acquisitions needed to transpire between April 26, 2022, and October 16, 2023. Notably, all previously granted permits linked to real estate investments before October 16th are unaffected, ensuring that permit renewals persist, regardless of past investment amounts.
Effective October 16, 2023, a new property valuation benchmark of $200,000 comes into play for all Turkish cities, impacting residence permits obtained through investment channels. Additionally, securing citizenship via real estate investment now demands a property with a market value of $400,000.
For residence through investment, the TAPU (title deed) listing price must exceed $200,000, and the Central Bank payment slip should mirror a value surpassing this amount. The criteria are mirrored for citizenship through investment, with a required value of $400,000. Importantly, the revised regulations eliminate the need for a separate valuation report, streamlining the process for potential buyers.
To qualify for Turkish citizenship based on a $200,000 property investment, one must maintain uninterrupted residency in the country for a period of 5 years.