The Advantages Of Real Estate Residency In Türkiye And The Way To Have It
Advantages of Real Estate Residency in Türkiye
The demand for real estate residency in Türkiye is increasing day by day, due to its advantages that make it preferred by investors wishing to work and reside in Türkiye for certain periods of time. These advantages make it ahead of other residency permits granted by the Turkish government to foreigners in the country.
In this article, we will discuss real estate residency in Türkiye, ways to get it, and its most important advantages, in addition to addressing the advantages of real estate investments in Türkiye.
The Concept of Real Estate Residency
Simply put, a real estate residency is a document granted by the Immigration Department of Türkiye to foreign citizens wishing to live in the country for a specific period of time, and through which it guarantees them the right to live, learn in schools, and enjoy health services.
Real estate residency is granted according to several basic conditions; the most important of which is the purchase of a property worth $50.000 in small Turkish states and $75.000 in large Turkish states such as Istanbul, Ankara, and Antalya, to name a few.
The Way to Get a Real Estate Residency
Foreigners can apply for real estate residency in Türkiye after fulfilling all the conditions set by the Turkish Immigration Department, which we will highlight to you in detail as follows:
- The property's title deed (tabu), provided that the property value exceeds $75,000 in big cities.
- Earthquake insurance for the property.
- A passport valid for at least 6 months.
- A family statement for the children, translated into Turkish and certified by the Turkish embassy in the applicant's country.
- Health insurance provided that it is issued by a Turkish company for each family member.
Real Estate Residency Requirements in Türkiye
As for real estate residency requirements, they include:
- The application paper for real estate residency.
- A valid passport for a period of not less than 6 months.
- A visa registered with the entry stamp to Türkiye.
- The existence of what is known as DASK, the property's earthquake insurance.
- Medical insurance paper, which is obtained from Turkish insurance companies.
- The family registry, translated into Turkish and certified by the Notary in the country.
- The title deed registered in the name of the property's owner.
- 4 personal photos.
- Having a fixed monthly income of at least $500 per month.
- A bank account.
Procedures Related to Obtaining Real Estate Residency in Türkiye
As for residency procedures, they include the following:
- Buying a property in one of the Turkish states with its title deed.
- Booking an appointment online for real estate residency.
- Preparing the necessary papers to obtain real estate residency.
- Attending the interview at the Immigration Directorate in person or under an official power of attorney for the applicant.
- Handing over the required papers and documents to the directorate.
- Paying the fees imposed for real estate residency in Türkiye.
- Waiting for the approval of granting real estate residency by the Immigration Department in the state to which it was applied.
- Sending the real estate residency card through one of the postal services to the investor's home address, which was recorded when the papers were handed over.
The Fees of Real Estate Residency
The costs of applying for real estate residency are simple and easy, as they are limited to health insurance, the value of which varies according to the age group, and other fees. The cost of residence depends on the property value purchased inside the country; as real estate ownership fees are nearly 9.7% of the total property price.
As for the other fees, they are related to the title deed, earthquake insurance, health insurance, and other documents related to issuing the two real estate appraisal documents, and the identity card for real estate in Türkiye. In addition, other tax fees relate to residency in Türkiye, which is paid for every person who gets a real estate residency, whether the property owner, his wife, or one of his children.
The Duration of a Real Estate Residency
Turkish law authorizes the General Immigration Department in the states to give foreigners wishing to obtain real estate residency a residence valid for 1 or 2 years at most. Still, real estate residency is usually granted for a period of 1 year. The husband/wife and children under the age of 18 are also entitled to residency permits as the property owner's family.
The Right to Invest in Real Estate
Real estate residency in Türkiye offers many advantages, including ease of renewal and granting its owner the right to invest in the country. Also, the husband/wife of those who get a real estate residency and their children, under 18 years of age, are granted the right to reside and study in the country; as long as the property is in their name.
Real Estate Investment in Türkiye
Real estate investment is one of the most important investment fields in the country; especially since the construction sector is an important pillar in the Turkish economy. In light of the continuous increase in the number of residents and tourists in Türkiye, urban projects have become a distinct choice for investors.
Some many different ways and areas can be invested in within the country, whether it is a short or long-term investment. We review a group of approaches in which investments in the country can take place:
- Financial investment: This investment relates to participating in a part of a project or making an investment in a bank inside the country. It is an alternative to buying and selling products directly, establishing a company, etc. This investment approach has always been considered a favorite for investors.
- Buying stocks: This investment is represented in buying shares of companies offered for sale or are present in the stock market. The investor earns profit from these stocks, either through selling them or through profit distribution, which takes place after the company calculates the gains collected by the shares.
- Investment through production: This investment is through building a new facility from scratch or purchasing an existing and productive facility. This approach is very common; especially, with the low tax rate in Türkiye and government facilities for investment.
- Investment through banks: This approach takes place by depositing an amount of money in the bank, and then collecting profits through interest revenues that are on the money saved.
Likewise, options vary when wanting to invest in real estate inside Türkiye; particularly, with the ongoing construction taking place in the country, which was an important driver for the economy that has achieved remarkable growth in recent years. Below, we learn about the types of real estate investment in Türkiye:
- Investing in residential real estate: This type of real estate investment is concerned with residential properties, represented in houses and villas. At a time when the Turkish population is constantly increasing, it is highly recommended to invest in this type; especially, with the rapid growth witnessed by this type and the financial returns obtained when investing in it.
- Investing in commercial real estate: This type is represented in the purchase of commercial real estate, whether these properties are allocated for shops, offices, or hotels. Likewise, real estate prices are low in Türkiye compared to other neighboring countries. Therefore, investors achieve unique returns when investing in this type.
Therefore, as the Homeland Real Estate Company team, we are ready to provide free real estate consultations to fulfill your desire to own a distinguished property. Do not hesitate to contact us at +905377793006.