How to Get Turkish Residency by Buying a Property

Introduction

Turkey, with its rich historical soil, unique cultural blend, and strategic geo-location between Europe and Asia, has always been an appealing destination for expats worldwide. This article serves to guide you on obtaining Turkish residency via property procurement, a relatively seamless and prolific investment path.

Why Turkish Residency is Attractive

There is an array of reasons why one would consider settling down in Turkey. The country boasts an impressive historical heritage and vibrant culture, offering its residents a daily life spiced with enthralling experiences. The cost of living, when compared to many Western countries, is significantly lower without compromising the availability and quality of amenities.

Foreigners are increasingly seeing Turkey as an ideal investment haven due to its burgeoning property market and favorable investment opportunities. Its geo-strategic location, serving as a gateway between Europe, Asia, and the Middle East, adds to its attractiveness for business-minded individuals.

Understanding the Turkish Property Market

Buying property in Turkey as a foreigner has never been easier. Turkey offers a healthy property market with a broad range of options ranging from an apartment in an urban locale, a beachfront villa, or even a lavish country house.

Property prices vary across the nation, with Istanbul housing the priciest real estate due to its economic significance. However, affordable and luxury housing options are available nationwide, including in cities like Antalya, Izmir, and Ankara. The blend of modern and traditional architectural styles also adds to the variety in the property market.

Legal Framework for Foreign Property Ownership

Turkey has a welcoming posture towards foreign property investors. The reciprocity law, which demanded an agreement between Turkey and the buyer’s country for property purchase, was annulled in 2012, relieving many restrictions on foreign ownership. Today, nationals from most countries can own Turkish property, highlighting the country’s open-door policy towards international investors.

Process of Buying Property in Turkey

The process of buying property in Turkey is straightforward, requiring the following steps:

1. Choosing the Property: You can either visit Turkey or use online databases to find the property that best suits your needs and preferences.
2. Getting a Turkish Tax Number: Necessary for any financial transaction in Turkey, it can be obtained from the local tax office upon submitting your passport.
3. Opening a Turkish Bank Account: With your tax number, you can open a bank account in Turkey, which will ease the transaction.
4. Property Transaction: Once your account is ready, you can make the payment. Make sure to obtain proof of this transaction.
5. Title Deed Transfer: This can be done at a local Land Registry Office and may require a certified translator.

Residency By Investment Program

Turkey offers a residency by investment program that allows foreign investors who buy real estate in Turkey worth at least $250,000 to apply for Turkish residency. This program opened in 2018 and swiftly propelled Turkey into one of the world’s top real estate destinations.

Eligibility criteria include owning property worth $250,000 or more and keeping it for at least three years, among other standard requirements like being of age and having a clean criminal record.

Application Procedure for Turkish Residency

After fulfilling the eligibility criteria, the next step is to prepare for the residency application. The required documents include a passport, property appraisal report, and proof of clean criminal record, among other necessary personal and banking documents.

Upon submission of these documents, they will be cross-checked with your application form, and a background check will be carried out. Finally, an appointment will be arranged to collect your residency permit.

It is important to note that you can apply for your family members (spouse and dependent children) to obtain Turkish residency simultaneously. They would have to provide the necessary documentation, including proof of familial relation.

Helpful Tips for Smooth Procedure

To ensure a problem-free residency application:

• Choose the Right Property: Ensure that your property investment aligns with program regulations and your long-term goals. Compare the available options and consult professionals if necessary.
• Seek Legal Advice: Collaborate with a local attorney familiar with Turkish laws and residency application procedures. This will help avoid common challenges throughout the process.
• Prepare Comprehensive Documentation: Collect and prepare all necessary documents meticulously and keep both original and digital copies on hand.

The Path to Citizenship

For expats interested in gaining Turkish citizenship, the Turkish Citizenship by Investment program offers an opportunity for those who maintain real estate worth at least $250,000 for three years. The application process is similar to obtaining residency, including documents and eligibility criteria. The advantages of being a Turkish citizen include visa-free travel to 110 countries, full property rights, and access to a robust healthcare system.

Conclusion

Turkey offers remarkable potential for a prosperous life and lucrative investment opportunities for foreign investors. By purchasing property worth at least $250,000, any eligible candidate can obtain Turkish residency for themselves and their family. Investing in Turkish property has proven to be a successful and secure method for obtaining Turkish residency and, potentially, Turkish citizenship.

Though the entire process is relatively uncomplicated, it’s crucial to have a comprehensive grasp of the legal framework and necessary procedures. Diligence in property selection, documentation, legal advice, and adherence to local regulations will provide a smooth path to residency and enjoying the best Turkey has to offer.

Reference and Legal Assistance

For further inquiry into the residency program or seeking professional opinion, consider contacting King Property Real Estate Agency.

By following this step-by-step guide, your dreams of owning a beautiful Turkish property and enjoying the Turkish way of life while retaining a secure, profitable investment are well within reach.