Turkey’s allure as a destination for property investment and residency is set to grow even more enticing with recent updates to its regulations. Starting from October 16, 2023, the Turkish government has adjusted the minimum property value required for obtaining a residence permit, extending this opportunity to a broader range of investors.
Residency Eligibility:
Property Value: The most significant change in the updated policy is the reduced minimum property value threshold. Now, foreign individuals can obtain a Turkish residence permit by purchasing property with a value of over $200,000 or its equivalent in other currencies. This change expands the possibilities for those seeking Turkish residency through property investment.
Property Types: The property purchased under this program can be of a residential nature, allowing investors to choose the type of property that suits their needs and preferences. However, it’s crucial to verify the specific property types that qualify, as regulations may vary.
Duration: A residence permit obtained through property investment typically holds a validity of one year and can be renewed annually, provided the property ownership is maintained. This renewal process offers a degree of stability for those who wish to make Turkey their second home.
Family Members: The program typically permits not only the main property owner but also their immediate family members to apply for residence permits. This provision makes it easier for families to enjoy the benefits of Turkish residency.
Please note that immigration policies and regulations can change over time, so it’s essential to stay informed about the latest updates. To get the most current and accurate information regarding Turkish residence permits through property investment, consult the official website of the Turkish Ministry of Foreign Affairs or seek guidance from a legal expert or immigration specialist.
Homıst advisors, we are here to assist you in finding the right property to meet the new residency requirements in Turkey. Our team can help you navigate the process and find the perfect property that aligns with your goals.