Last Updated on 03/12/2023
Residency permit in Turkey by real estate raised beyond 75,000$
The Turkish Interior Minister Süleyman Soylu made a statement at the press briefing held at the Immigration Administration Conference Hall in June 2022. He presented several new decisions regarding the immigration conditions in Turkey. He also stated at that time new regulations for acquiring a residence permit in Turkey. One of the main reforms refers to the acquisition of a residency permit in Turkey by real estate.
The residency permit in Turkey by real estate requires a minimum value
Till the statement of the Turkish interior minister, made in June 2022, getting a residency permit in Turkey by real estate didn’t require any minimum value for the purchased property. Foreign nationals and their families could buy a property of any value and get a one-year renewable residency permit in Turkey.
However, according to the minister Suleyman Soylu’s statement in June 2022, foreigners willing to get a residence permit in Turkey by real estate had to buy a property worth a minimum 75,000$ in metropolitan cities. However, the property’s minimum value must be 50,000$ in the other Turkish cities.
We should note that Turkey contains 81 provinces, among which 30 are metropolitan cities.
This decision came into force starting from July 1, 2022.
A new update regarding the minimum value for recidency permit by real estate in Turkey
For those closely monitoring the Residency By Investment program in Turkey, it is vital to observe the recent increase in the minimum investment amount. Recent updates indicate that the minimum investment requirement for RIB has risen to $200,000 as of October 16, 2023, up from the previous amount of $75,000. This adjustment holds significant importance, potentially affecting the eligibility and aspirations of prospective investors seeking residence through this program. The Migration Office in Ankara, a key player in the RBI program, has verbally confirmed this modification. However, comprehensive guidelines are anticipated to be officially released in the coming days. Despite this preliminary information, it is essential for our clients and stakeholders in the RBI program to take note of these changes.
No more residency permits for certain foreigners
Touristic residency permits in Turkey have been rejected lately
According to the minister’s statement, foreigners who finished their visa stay in Turkey will have to leave the country and won’t be able to get touristic residency permits anymore. He also mentioned that since February 10, 2022, they rejected the applications of foreigners who entered Turkey for the first time and requested a tourist residency permit in Turkey. He also mentioned that they will deport illegal immigrants from Turkey.
No touristic residence permit in Turkey for students and health visas holders
The minister declared that the ministry would not give any other visa to foreign nationals who come to Turkey for education or treatment. “We refuse residency permit applications for tourism purposes from individuals who enter Turkey by getting an education or medical treatment visa,” Minister Soylu said. “We do not issue any other visas. Thus, we have cut the field of exploitation from that side”. He added. The minister also stated that students would have to return to their countries as soon as they finish their studies in Turkey.
New measures to avoid fake rent contract
To prevent fake rental contracts, the immigration directorate requires notary-approved rental agreements, for residence permit requests of foreigners. Moreover, to prevent fraud in private health insurance for residence permits, new decisions came into force. The government set a systemic control mechanism to reduce the possible burdens on the health system.
The value of Turkish citizenship acquisition by Real estate has changed too
Another regulation was made on acquiring Turkish Citizenship by real estate. On April 12, 2022, the presidential cabinet decided to increase the property value for Turkish citizenship acquisition. At that time, The regulation’s implementation was postponed until it was officially published in the Turkish gazette. In fact, on the evening of May 12, 2012, the Turkish presidency published the decision in the official gazette. It is decree number 5554 amending Article 46 of Turkish Citizenship Law No. 5901.
The Decree states officially the investment value increase for Turkish Citizenship through real estate. It raised from 250,000 to 400,000 USD. Later on01/06/2022, the General Directorate of Land Registry and Cadastre published another statement. It includes the execution conditions of the new regulation.
MEO Consultants offer you a complete advisory if you need further details about Turkish Citizenship by real estate or residence permits in Turkey. Our qualified team gives you full-service consulting if you seek luxury properties for sale in Turkey.
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