Turkey is one of the few countries that issue a tourist residence permit. The reason is clear: if you come here for a week, you are likely to decide to stay here for months or even years.
Turkish residence permit: types of permits and how to get them
In Turkey, there are two options for a residence permit (Ikamet):
1. Short-term (Kısa Dönem Ikamet Izni);
2. Long-term (Uzun Dönem Ikamet Izni).
There are several ways of obtaining a Turkish residence permit for foreign citizens:
– official employment;
– marriage with a resident of Turkey;
– starting a business;
– family reunification;
– purchase of real estate.
Currently, the highest number of submitted applications falls on the last two options.
Tourist residence permit
It is issued to those tourists who want to stay in the country for more than 3 months. The document is valid for one year and cannot be extended: you must either leave the country or choose any other method of re-obtaining a temporary resident card.
Residence permit for the purchase of property
In Turkey, the purchase of any property implies obtaining a residence permit. Such a document does not allow a foreigner to work on the territory of the state. This residence permit is valid for 1-2 years and can be extended. After 5 years, a foreigner can apply for a Turkish passport.
Turkey real estate industry offers housing for the following purposes:
– passive income from renting out;
Procedure of obtaining a residence permit
It may take a few weeks to obtain a residence permit. To get it, you need to:
– get a tax number;
– prepare all the necessary documentation;
– open an account in a local bank (if necessary);
– submit a TAPU (annual rental agreement);
– get insurance.
We note that all the documents must be translated into Turkish.
Restrictions and additional requirements
There are some restrictions for foreigners regarding the purchase of housing:
1. The total area of purchased real estate must not exceed 30 hectares in total throughout Turkey and 10% of the district area where private property is allowed.
2. If the apartments for sale in Turkey are a part of the Special Security Zone, you will have to get the permission of the local authorities.
The buying process
Regardless of whether the buyer cooperates with a realtor or is engaged in a transaction on their own, they will be required to:
1. Sign a purchase and sale agreement;
2. Prepare documents;
3. Make a payment;
4. Get ownership rights;
5. Get a TAPA;
6. Enter into a contract for the payment of utilities.
Documents required for real estate transactions in Turkey
A foreign citizen needs the following documents to purchase real estate in Turkey:
– Tapu — an official document that shows who is the owner of a property.
– DASK — a mandatory earthquake insurance policy.
– A property valuation report issued by an organization that has a valuation license from the SMB (Capital Markets Board of Turkey).
– A certificate of the current market value of the property issued by the relevant municipality.
– ID card or passport (provided together with the translation, if necessary).
– Photos — 1 photo of the seller and 2 photos of the buyer taken within the last 6 months (size 6×4 cm).
– Sworn translator (required if there is a non-Turkish speaking party). A translator must be authorized by the regional commission on Justice.
– The original or a certified copy of the power of attorney together with its translation (if the transaction is concluded under a power of attorney issued abroad).
How to get Turkish citizenship by investment?
To obtain a Turkish passport as soon as possible, a foreigner is required to invest at least 250,000 US dollars in commercial or residential real estate. Requirements:
– To meet the required sum, it is allowed to buy several properties that are subject to the same requirements for the period of ownership — at least 3 years.
– The entire amount must be transferred to the seller’s bank account.
– The officially estimated value of the property must be at least 250,000 US dollars at the exchange rate on the date of conclusion of the purchase and sale agreement.
– If you get a mortgage to buy real estate, the cost of the property for sale is taken into account with the deduction of interest on the loan.
– A spouse and minor children can apply for citizenship too.
– You can obtain citizenship in 2 to 6 months, depending on the number of family members.
Moreover, a foreign national can acquire Turkish citizenship on the basis of family reasons (marriage) or after a 5-year stay in the country.
1. Make a deposit of 500,000 US dollars in Turkish banks.
2. Buy government bonds of at least $ 500,000.
3. Register your company in Turkey and employ at least 50 Turkish citizens.