Real Estate Residency in Turkey: Advantages and Disadvantages
Owning property in Turkey and obtaining real estate residency is like any other investment, with both positives and negatives. Most companies strive to highlight the advantages at all times while neglecting the downsides, presenting an unrealistic picture of real estate investment in Turkey.
At Turkey Real Estate Investment Company, we believe in the importance of transparency in sales, guided by the words of the Prophet Muhammad, as narrated on the authority of Abu Huraira that the Messenger of Allah (ﷺ) happened to pass by a heap of eatables (corn). He thrust his hand in that (heap) and his fingers were moistened. He said to the owner of that heap of eatables (corn):
What is this? He replied: Messenger of Allah, these have been drenched by rainfall. He (the Holy Prophet) remarked: Why did you not place this (the drenched part of the heap) over other eatables so that the people could see it? He who deceives is not of me (is not my follower).
For free legal advice on real estate residency, please contact us via WhatsApp by clicking the following number: +90 536 777 9442.
Disadvantages of Real Estate Residency in Turkey
Real estate residency in Turkey offers many benefits that attract many people, but it’s also important to be aware of some disadvantages that are often hidden by real estate companies to secure residency. Here are the main drawbacks:
- High Property Prices: Property prices in Turkey, especially in major cities and tourist areas, are quite high. Additionally, property taxes are imposed in Turkey, and residents must pay income tax on any income earned within or outside Turkey.
- Fees for Residency Application: There are fees associated with applying for and renewing real estate residency. Additionally, real estate residency does not automatically grant Turkish citizenship.
- High Living Costs: The cost of living can be high, especially in major cities. Initially, real estate residency is granted for one year, and it needs to be renewed annually.
- Conditions for Renewal: There are specific conditions to be met for renewing real estate residency, such as spending a certain amount of time in Turkey each year.
- Economic Factors: The Turkish economy can be affected by external factors, which could lead to a decline in property value and rising living costs.
- Political Challenges: Turkey faces political challenges that could affect its stability and security. Additionally, international relations can impact visa policies and travel restrictions.
Advantages of Real Estate Residency in Turkey
Many foreign investors dream of obtaining real estate residency in Turkey due to its unique and exceptional benefits, despite the hidden downsides. Some of the key advantages include:
- Legal Residency: Real estate residency allows you to live in Turkey legally, enjoying all the rights granted by the country.
- Family Inclusion: The residency includes your family, including your spouse and children under 18 years old.
- Easy Renewal: It is easy to renew your real estate residency every year, without complex administrative procedures.
- Freedom of Movement: You can move freely between all Turkish states without the need for special permits or visas.
- Education: You can register your children in Turkish schools and universities, benefiting from a world-renowned educational system.
- Healthcare: You have access to excellent healthcare services, either free or at very low cost in Turkish hospitals and medical centers.
- Permanent Residency: After eight continuous years of real estate residency, you can apply for permanent residency in Turkey.
- Turkish Citizenship: If you purchase a property worth $400,000 USD or more, you can apply for Turkish citizenship.
How to Avoid the Disadvantages of Real Estate Residency in Turkey
You can avoid many of the disadvantages of real estate residency in Turkey and enjoy a premium experience by following these steps:
- Do Thorough Research: Before investing, make sure to understand the residency requirements and choose the right location.
- Ensure Property Quality: Work with trustworthy companies and seek legal advice.
- Set a Realistic Budget: Make sure to plan your finances wisely and explore investment opportunities.
- Cultural Adaptation: After investing, focus on cultural adaptation by learning the language and respecting local customs.
- Stay Updated: Keep an eye on economic and political developments to avoid the potential downsides, and stay in touch with relevant authorities for up-to-date information.
Conditions for Real Estate Residency in Turkey in 2024
After understanding the hidden disadvantages, what are the conditions for obtaining real estate residency in Turkey and potentially qualifying for Turkish citizenship? Here are the key requirements:
- Purchase a Residential Property: The property must be worth at least $200,000 USD.
- Property Title Deed: You must own the property (Tapu).
- DASK Insurance: Obtain earthquake and disaster insurance for the property.
- Valid Passport: Your passport must be valid for at least 6 months.
- Translated and Certified Title Deed: The title deed must be translated into Turkish and certified, listing the names of the property owner, spouse, and children.
- Health Insurance: You must have comprehensive health insurance for all family members in Turkey.
Frequently Asked Questions
What is the difference between tourist residency and real estate residency in Turkey?
- Real Estate Residency:
- Annual Renewal is easy: Only proof of property ownership is required.
- Fewer requirements: No need to provide a reason for stay or fulfill additional criteria.
- Tourist Residency:
- Complex Renewal: You need to present a valid reason for staying each time.
- Repeated requirements: Proving financial capability, suitable housing, travel itinerary, and more.
How long is the duration of real estate residency in Turkey?
- Typically, it is for one or two years and can be renewed.
How long does it take to renew real estate residency in Turkey?
- Renewal usually takes between 21 to 35 days from the appointment date.
What is the fine for overstaying your residency in Turkey?
- If you overstay for more than four months, the fine is around $80 USD.
