The Turkish government has recently introduced significant changes to the conditions governing the acquisition of a residence permit through real estate purchases within the country. These revisions primarily affect short-term residence permits in Turkey and pertain to real estate transactions with acquisition dates from October 16, 2023, onwards.
Under these new regulations, the sale price indicated on the title deed must be a minimum of $200,000 USD in Turkish Lira, based on the Central Bank’s foreign exchange sales rate on the day the title deed is issued. This requirement is applicable nationwide and will be rigorously enforced. Notably, only transactions conducted in Turkish Lira will be considered for residence permit applications.
One notable alteration is the discontinuation of the acceptance of real estate valuation reports for title deeds obtained on or after October 16, 2023. Instead, the sale price listed on the title deed itself will be the determining factor for the application. This places the onus on applicants to ensure that the sale price indicated on the title deed meets the stipulated minimum of $200,000 USD in Turkish Lira.
It is essential to emphasize that these new residence permit regulations are applicable irrespective of the application type, whether it is an initial application, transitional application, or extension request. Consequently, all individuals seeking a residence permit through property ownership in Turkey must meet the minimum sale price requirement, regardless of their individual circumstances.
Moreover, it’s crucial to understand that these changes solely affect real estate acquired on or after October 16, 2023. If the date of acquisition of your property predates this threshold, these new regulations do not apply to your residence permit application in Turkey.
For individuals who purchased real estate in Turkey between April 26, 2022, and October 16, 2023, different criteria continue to be in force. Specifically, a sale price of $75,000 USD will be necessary for properties in metropolitan areas, while properties in other cities will require a sale price of $50,000 USD. Furthermore, applicants for such properties will still need to furnish a real estate valuation report.
These revisions to the conditions governing the acquisition of a residence permit through real estate purchases in Turkey reflect the government’s determination to bolster the real estate market and attract foreign investors. By elevating the minimum sale price requirement, the government seeks to enhance the value of real estate investments in Turkey and ensure that residence permits are extended exclusively to committed investors.
As a foreign investor interested in obtaining a residence permit via property ownership in Turkey, it is imperative to remain informed about these changes and adhere to the updated regulations. Feel free to connect with us for further information.