10 Important Questions About Property Residency in Turkey
Property residency is one of the most important types of residency in Turkey, especially in Istanbul, which is an international economic and cultural hub. This residency offers the opportunity to live legally in Turkey and enjoy many benefits provided by the state.
In this article, we will answer 10 frequently asked questions about property residency in Istanbul to provide accurate and detailed information for investors and residents.
1. What is Property Residency in Istanbul?
Property residency is a residence permit granted to foreigners who own a property in Turkey. The property must be residential, such as an apartment or villa, and must meet certain criteria, such as being registered with the Turkish land registry.
Conditions for a Property Eligible for Residency:
- The property must be residential.
- The minimum value of the property (the property must be worth at least $200,000 in major cities and $50,000 in smaller cities).
- The property must be registered in the applicant’s name.
Duration of Residency:
Property residency is usually granted for one year and is renewable as long as the property remains owned by the applicant.
2. Who is Eligible for Property Residency?
Any foreigner who purchases a residential property in Turkey can apply for property residency.
Eligible Groups:
- Families: The property owner can include their spouse and children under 18 years old.
- Individuals seeking long-term stability in Turkey.
3. What Are the Steps to Apply for Property Residency?
Steps:
- Purchase the Property: Ensure the purchase contract is documented and the ownership is transferred at the land registry office.
- Obtain Earthquake Insurance: This is mandatory for all properties in Turkey.
- Open a Bank Account: For completing financial transactions.
- Submit the Residency Application: The application is submitted through the Turkish Migration Administration or their website.
Required Documents:
- A translated and notarized copy of the passport.
- Tapu (property ownership document).
- Valid health insurance.
- Passport-sized photos.
4. What Are the Benefits of Property Residency?
Property residency grants the owner and their family several advantages, including:
- The right to reside legally in Turkey.
- The ability to renew the residency annually as long as the property remains owned by the applicant.
- Access to Turkish educational and healthcare services.
- Easier procedures for obtaining Turkish citizenship if the property’s value exceeds $400,000.
Comparison with Other Types of Residency:
- Tourist Residency: Short-term and less stable.
- Property Residency: Provides more stability and long-term investment opportunities.
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5. Can the Property Be Sold and the Residency Transferred?
Yes, the property owner can sell the property that the residency is based on, but:
- If the property is sold, the property residency becomes invalid.
- The new owner of the property needs to apply for residency on their own.
Tips When Selling:
- Keep the original property title deed to prove the period of residency.
- Consult with a real estate lawyer to ensure the legal transfer of ownership.
6. What Are the Costs Associated with Property Residency?
Property Costs:
- Property value (varies depending on location and size).
- Title deed registration fees (4% of the property’s value).
Additional Costs:
- Health insurance: Approximately 300-500 Turkish Lira annually.
- Residency application fee: Ranges between $80-150.
- Annual property taxes: Around 0.2% of the property’s value.
7. Does Property Residency Lead to Turkish Citizenship?
Yes, if the value of the owned property exceeds $400,000, the property owner is eligible to apply for Turkish citizenship.
Additional Conditions for Citizenship:
- The property must be owned for at least 3 years.
- The citizenship application must be submitted through the Migration Administration.
Benefits of Turkish Citizenship:
- The freedom to travel to many countries without a visa.
- The right to vote and own businesses.
8. Does Property Residency Affect Property Taxes?
Property residency does not exempt the owner from paying taxes on the property, such as:
- Purchase Tax: Paid once when registering the property at the land registry.
- Annual Property Tax: Ranges between 0.1% and 0.6% of the property’s value.
9. Can the Property Be Rented During Property Residency?
Yes, the property owner can rent out the property and earn additional income, but under certain conditions:
- The rental must be legally registered.
- Taxes related to rental income must be paid.
10. Do Property Residency Conditions Vary Between Turkish Cities?
Yes, some details differ depending on the city:
Major cities: The minimum property value requirement is $200,000.
Smaller cities:The minimum property value requirement is $50,000 .
- Some areas may be restricted to foreign buyers.
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Conclusion:
Property residency in Istanbul presents an attractive option for investors and residents looking for stability and new opportunities in Turkey. By understanding the correct conditions and procedures, residents can take full advantage of the many benefits offered by this residency. If you are considering relocating to Turkey, property residency might be the gateway you need.
