New Regulations for Turkish Residency Permits: Increased Investment Thresholds
Effective October 16, 2023, a significant change has impacted the process of obtaining a Turkish residence permit through property investment. This new regulation applies nationwide.
Higher Property Value Requirement
Under the new regulation, to qualify for a residence permit based on property ownership, the minimum cadastral value (as stated in the TAPU) must be at least $200,000 in Turkish Lira equivalent, based on the exchange rate on the day you acquire the TAPU (title deed). It’s crucial to note that this is the cadastral value, not the appraised value.
Grace Period for Previous Applicants
If you obtained your TAPU between April 26, 2022, and October 16, 2023, you’re fortunate. You can still apply for a residence permit under the old rules, which required a minimum appraised property value of $75,000.
Anticipated Impacts of the New Regulation
This new regulation is expected to have a twofold impact:
- Limited Property Options: The focus on cadastral value, rather than appraised value, may significantly reduce the number of properties eligible for residence permits.
- Location Restrictions: The property must also be situated in an area designated for residence permit applications.
Potential Increase in Citizenship Investment Threshold
The news doesn’t stop there. There are talks of raising the investment threshold for obtaining Turkish citizenship through investment programs. If you’re considering the “Turkish Citizenship by Investment” program, it’s advisable to act swiftly to finalize your transaction. Early reports suggest the investment threshold might increase to $750,000 or even $1 million.
By understanding these new regulations and potential future changes, you can make informed decisions regarding your Turkish residency or citizenship goals.
