Whether you're looking to settle down, retire, or make an investment, Turkey might be the perfect place for you. Wonderful weather, numerous exciting cities, and stunning beach resorts can all be found in this enormous country. Affordable housing must be a major selling point.
Everything you need to know about buying real estate in Turkey as an international buyer is included in this comprehensive guide.
Turkey is a significant player on the international stage, attracting a growing number of foreigners. Turkey, situated between the East and West, practices the best of both cultures.
Turkey is not only one of the most popular countries for second citizenship, but its real estate market can also generate a significant return on investment. For example, consider Istanbul. New land developments in the suburbs and penthouses in some of the city's most desirable neighborhoods make it an attractive location for real estate investments.
Foreign nationals are attracted to the country's 'Asian' economic strength and 'Western' way of life. This combination renders Turkey an attractive investment opportunity.
Numerous modifications have been made to the legal systems, housing, and architectural styles of new construction in Turkey. The following are the benefits of purchasing property in Turkey:
The Turkish real estate market entered the global arena relatively late. As a result, housing costs attract expats and foreign nationals from a variety of countries.
Real estate prices in Turkey have the potential to generate a high rate of return for investors with a long-term outlook.
One of the primary reasons foreign nationals are eager to purchase real estate in Turkey is the wide selection of luxury and budget, new construction, off-plan, renovated apartments and villas, and resale properties. There are a variety of options, from opulent residences with sea views to simple and affordable apartments.
Turkey has a significantly lower cost of living than any European or North American country. The exchange rate between their currency and the Turkish Lira, which is higher than the average cost of living in Turkey, is being utilized by retirees. Moreover, fruits and vegetables are affordable.
In order to encourage investment in the real estate market, the government has taken the necessary steps to ensure that the process is streamlined. This is one reason why foreign investors enter the Turkish real estate market.
The issuance of a Turkish passport is one of the greatest advantages of purchasing real estate in Turkey. Therefore, many foreigners looking for a second home consider Turkey to be an excellent option. Expats can obtain Turkish citizenship within sixty days if they invest a minimum of $400,000 under the Turkish citizenship by investment program. For more information, please do not hesitate to contact us.
In order to purchase property in Turkey, neither Turkish citizenship nor residency is required.
Additionally, before beginning their property search in Turkey, foreign buyers must be aware of the following restrictions:
At this point, the most important question is how much will Turkish real estate cost. Property prices in Turkey are, in general, much cheaper than those in Europe or the United States, though this does vary depending on the type of property and its location.
Whether you're looking for a second home, a retirement haven, or a city apartment, your ideal real estate location will be different depending on your goals.
This bustling, vibrant city is one of the most popular locations for foreigners to purchase a new residence or investment property, with 44% opting for it. It has excellent transportation links, a plethora of restaurants and cultural attractions, and is home to some of the world's most affordable retail options.
Similar to other countries, Turkey offers a "Golden Visa" program that grants citizenship to foreigners in exchange for a minimum investment.
There are a number of ways to obtain Turkish citizenship through investment, such as establishing a business and depositing a certain amount in a Turkish bank.
However, if you invest at least $400,000 in Turkey, you can acquire citizenship and purchase a property (or the equivalent in other currencies). After purchasing a home, you will be issued a permanent residence card and can apply for Turkish citizenship immediately. Your Turkish passport could be obtained within three to six months.Power of Attorney
If the procedure is to be conducted by a third party authorized by an out-of-country power of attorney, the power of attorney must include specific authorization for the procedure. In addition, the power of attorney must meet the following requirements:
Additionally, the application must include a notarized and certified Turkish translation of the valid power of attorney.Legal Restrictions on Real Estate Acquisitions by Foreign Natural Persons
In Turkey, the inheritance rights of foreigners are protected. In the event of a foreigner’s demise, their real property will be transferred to their heirs. If the inheritor is eligible to acquire the real estate (based on nationality and the total limitation conditions per person and throughout the country), the inheritor may keep the property. If not, the person must transfer the property immediately. If not, the Ministry of Treasury and Finance shall sell the property and reimburse the inheritor for the proceeds.
Natural persons of foreign origin may acquire Turkish citizenship through exceptional procedures upon the purchase of real estate worth more than US$400,000.
In this regard, foreigners:
Once the land registry procedures have been completed, the foreign national may apply to the relevant administrations to claim the right of residence or citizenship by submitting the owner’s eligibility certificate.
Title deed process in Turkey (TAPU)
The scope and amounts determined by the new regulations that were published in the Official Gazette on September 18, 2018 are outlined below. Foreigners who meet any of the following requirements may be eligible for Turkish citizenship, subject to the President of the Republic of Türkiye’s determination:
Investing a minimum of USD 500,000 or foreign currency equivalent in fixed assets, as certified by the Ministry of Industry and Technology.
Acquiring a property with a title deed restriction on resale for at least three years, as attested by the Ministry of Environment, Urbanization, and Climate Change, with a value of at least USD 400,000 or its foreign currency equivalent.
As confirmed by the Ministry of Labor and Social Security, the creation of at least 50 jobs.
The deposit of a minimum of USD 500,000 or foreign currency equivalent in Turkish banks under the condition that it cannot be withdrawn for at least three years, as confirmed by the Banking Regulation and Supervision Agency.
Purchasing government bonds worth a minimum of USD 500,000 or equivalent foreign currency with the stipulation that they cannot be sold for a minimum of three years, as attested by the Ministry of Treasury and Finance.
Depositing a minimum of USD 500,000 or foreign currency equivalent in funds determined by the Insurance and Private Pension Regulation and Supervision Agency with the requirement that it remain in the private pension system for at least three years, as attested by the Insurance and Private Pension Regulation and Supervision Agency.
Purchasing real estate investment fund shares or venture capital investment fund shares worth a minimum of USD 500,000 or equivalent foreign currency with the stipulation that they cannot be sold for at least three years, as confirmed by the Capital Markets Board of Turkey.
*The easiest and most affordable way to obtain Turkish citizenship is to purchase real estate.
Required Documents and Application Procedures for Obtaining a Work Permit in Turkey
Every foreigner who wishes to work in the Republic of Turkey must apply to the Ministry of Labor and Social Security for a work permit, which grants foreigners the right to work and reside in Turkey. Without a work permit, it is illegal to work in any capacity in Turkey, and violators will face penalties.
Temporary, permanent, and independent work authorizations may be issued.
Permits to Work - Types
A foreigner whose application for a work permit is approved is initially granted a work permit for a maximum of one year, provided that he or she works in a specific workplace belonging to a real or legal person, public institution, or organization, or in a specific position at one of their workplaces in the same line of business, and that the term of the employment or service contract is not exceeded.
Foreigners who have held a legal work permit or long-term residence permit for at least eight years are eligible to apply for a permanent work permit. However, meeting the application requirements does not confer absolute legal rights on the foreigner.
Foreigners with permanent work permits enjoy the same rights as Turkish citizens, without prejudice to their acquired rights regarding social security, and are subject to the relevant legislation when exercising these rights, with the exception of special laws.
Work Permit Application Methodology
Applications for work permits are submitted through the E-Permit System. (https://ecalismaizni.csgb.gov.tr/eizin) The foreign national's passport, photo, and a copy of the employment contract are required for all applications.
Foreigners who intend to extend their stay in Turkey beyond the time specified on their visa, as well as those who require a visa exemption or plan to stay for more than ninety days, are required to obtain a residence permit.
Foreigners who own real estate in Turkey or intend to establish a business or make business connections in Turkey must submit the following documents to the relevant Provincial Directorate of Migration Management (l Goc Idaresi Müdürlügü) after submitting an application through the e-residence system for short-term residence permits. (e-ikamet.goc.gov.tr)
Principal short-term residence permits are issued for a maximum of two years. However, foreigners who intend to invest in Turkey in amounts and scopes attested by the Council of Ministers may be granted a five-year temporary residence permit, along with their spouses and children. In addition, these investors are eligible to apply for Turkish citizenship or a long-term residence permit.
Foreigners who have continuously resided in Turkey for at least eight years must submit the following documents to the relevant Provincial Directorate of Migration Management (il Göç idaresi Müdürlüğü) for long-term residence permits. Since long-term residence permits are issued indefinitely, no extension request is necessary.Turquoise Card
The Turquoise Card is a document that grants foreigners the right to work indefinitely in Turkey, as well as the right of residence to his or her spouse and dependent children, in accordance with the provisions of the law. The foreigner also enjoys the rights associated with an indefinite work permit.
The Turquoise Card is issued for an initial transitional period of three years. At the conclusion of this period, the foreigner's application results in the removal of the transition period record from the Turquoise Card, which is then issued indefinitely. This application will be submitted beginning 180 days before the end of the transition period, and in any case before the end of the transition period. After the transitional period expires, the request to remove the transitional period record is denied, and the Turquoise Card becomes invalid.
In the Turquoise Card procedure, qualified foreigners are defined as those with internationally recognized academic credentials, prominence in a field deemed strategic for Türkiye in science, industry, and technology, or those who have made or are expected to make a significant contribution to the national economy in terms of export, employment, or investment capacity.