Previously, foreigners could obtain a residence permit by purchasing one or more real estate properties in Turkey for an amount exceeding $75,000. However, with the new rules, in order to obtain a residence permit, you must purchase real estate worth at least $200,000. It is no longer possible to divide the investment into several objects; it is important to purchase one object for the specified amount.
The minimum value of real estate for obtaining a residence permit in Turkey has changed
It is important to note that to determine the value of real estate, it is not the cadastral value that is considered, but the value according to TAPU - a document confirming ownership of real estate in Turkey. This is important to consider when choosing an investment property.
Obtaining Turkish citizenship:
However, the new law will not have retroactive effect, and all transactions made before October 16, 2023 will be considered under the old rules. Thus, if you have already completed a real estate transaction to obtain a residence permit before this date, you need to seek advice to find out your options and rights.
It is worth noting that obtaining Turkish citizenship is possible on the same basis. However, the minimum investment in real estate to obtain citizenship is $400,000. If you are considering other options, such as investing in a Turkish business, deposit, purchasing government bonds or investment fund shares, then the minimum threshold is $500,000.
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