Turkey introduces a minimum cost of investment in housing for obtaining a residence permit 2022
Turkey introduces a minimum cost of investment in housing for obtaining a residence permit 2022

Turkey introduces a minimum cost of investment in housing for obtaining a residence permit

The Presidium of the Turkish Migration Board decided that, from 5.05.2022, foreigners can obtain a short-term residence permit in the country through the purchase of housing only if it meets a number of new criteria, including a minimum cost.

Investment housing purchased in one of the Turkish metropolises should cost a minimum of $75,000. 30 major cities are available to choose from, including Ankara, Mugla, Istanbul, Antalya, Mersin and Izmir, which are very popular among Russian-speaking investors. If the housing for a residence permit is purchased in a small Turkish city ( 51 locations are available to choose from), the property must cost at least $50,000.

How have the innovations changed the rules of the game?

According to Art. 31 of Act No. 6458 (LFIP), 2012 on Foreign Protection and Foreign Nationals, foreigners who own real estate in Turkey may apply for a residence permit.

Previously, until 5.05.2022, citizens of other countries could live in Turkey for up to 3 months. The exact period of time they were allowed to stay in the country depended on the type of real estate purchased. At present, the current legislation of the country allows foreigners who have purchased real estate here to obtain a residence permit for a period of up to two years.

Thus, if you want to get a residence permit for Turkey through the purchase of real estate for yourself and/or your family members, look for properties worth at least $75,000 if you are interested in metropolitan areas, and from $50,000 if you like one of the 51 small cities of the country.

Important! These criteria apply to all urban areas. That is, even looking for real estate in Fethiye or Bodrum, for a residence permit you need to buy a property with a value of at least 75 thousand, since these locations belong to the capital municipality of Mugla.

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