Investing in real estate in Turkey has become an attractive option for many foreign investors due to the country's growing economy, strategic location, and affordable property prices. To encourage property investments, Turkey offers a Property Investment Residence Permit for foreign investors. In this article, we will guide you through the necessary steps, requirements, and key considerations when applying for this type of residence permit.

Understanding the Property Investment Residence Permit

The Property Investment Residence Permit is designed for foreign investors who purchase real estate in Turkey with a minimum value of $50,000 (in big cities, this limit is $75,000) or the equivalent in Turkish Lira. This residence permit allows you to reside in Turkey. You can apply for 2-years residence permit and it is renewable as long as you keep the property.

Investing in Turkish Real Estate

To qualify for a Property Investment Residence Permit, you must purchase one residential property with a value of at least $50,000 in small cities and $75,000 in biog cities. Follow these steps to make your investment:
a. Research the Turkish real estate market and identify potential investment opportunities.
b. Engage a reputable local real estate agent to help you find suitable properties.
c. Obtain a tax identification number from the Turkish Tax Office.
d. Open a bank account in a Turkish bank to facilitate the property transaction.
e. Complete the property purchase, ensuring that the transaction is properly registered with the Turkish Land Registry.

Applying for the Property Investment Residence Permit

Once you have completed your property investment, follow these steps to apply for the Property Investment Residence Permit:

a. Register on the e-Residence system (e-ikamet.goc.gov.tr) and complete the online application form for the Property Investment Residence Permit (Türkiye’de Taşınmaz Malı Bulunanlar). Then, schedule an appointment

b. Prepare the required documents, which include:
- Copy of residence permit application form
- A valid passport, copy of visa and latest entry stamp
- Four biometric photos taken within the last six months
- Proof of health insurance coverage valid in Turkey
- Proof of sufficient financial means to cover your stay and property investment expenses
- Receipt of residence permit tax and card fee
- Title deed (tapu) and numarataj document
- An appraisal report proving the value of the property to prove that it values more than the limit

c. Attend the appointment and submit the required documents.

Important Considerations

Keep in mind the following points when applying for a Property Investment Residence Permit:
The initial Property Investment Residence Permit is valid for two years and can be extended provided that you still own the property or properties.
Your spouse and children under the age of 18 can also apply for the same residence permit if their name is written on the title deed. Otherwise, they can apply to touristic residence permit.
If you decide to sell your property, your Property Investment Residence Permit may be canceled.

Conclusion

By following these steps, you can successfully obtain a Property Investment Residence Permit in Turkey. Make sure to carefully prepare all the required documents and follow the application processes accurately to ensure a smooth and stress-free experience. We wish you a successful investment and a comfortable stay in Turkey.