Investors from all over the world have shown significant interest in Turkey, especially in the real estate market. Due to its deep history, favorable geographical location, as well as promising market growth, the country provides several benefits to global buyers. However, one of the often-asked questions is: Do you have the ability to apply for a (PR) Permanent Residency status in Turkey by property ownership?
This blog for Turkey citizenship through property investment will elaborate on the fundamental aspects of Turkey property investment concerning whether it is possible to acquire permanent resident status through property ownership in that country as well as other advantages such as getting Turkish passports.
Is It Possible to Acquire Permanent Residency by Purchasing Property in Turkey?
The short is, of course – Yes, buying real estate in Turkey will facilitate residency acquisition, although not, for the time being, the enduring one. The residence permission in the Turkey real estate investment application is granted to the foreigners who invest in real estate in this country.
1. Short-Term Property Residency Status in Turkey
Purchasing real estate in Turkey presents the opportunity for one to acquire a short-term resident status more popularly known as a "property owner residence permit." This status is payable in fluent Turkish for a period not more than 2 or 3 years, depending on one’s ability to reside in Turkey, and has a maximum of two periods of validity.
Who Can Apply:
This residency permit can be obtained by property owners who have purchased houses.
Validity:
Should there be continuous ownership of the property, its validity may be prolonged for up to two years without any property ownership change. Bearing in mind the Unrestrained Residencies Act, after eight years, you are allowed to remain in the country indefinitely even with a residency card.
2. Permanent Residency Status in Turkey
Upon completion of one’s temporary residence of 8 straight years, one can seek a long-term residency status of which he is entitled to all the citizenship benefits except the right to vote and other political services.
Eligibility:
Eight years of uninterrupted physical presence in the country
Validity:
Forever and is of no further concern until death and/ or renunciation. Benefits: These include the above-mentioned public services; working with no work permit and use of foreign health insurance.
Simply Purchasing Properties Does Not Equate To Turkish Citizenship?
While buying property enables residence, acquiring Turkish nationality is a different story as it involves a much more expensive investment. Despite the above, the proposition comes with real estate investment. Evidently, Turkey has the Citizenship by Investment Program (CIP) making it possible for one to become a Turkish national by means of purchasing real estate properties, however, it is similarly associated with monetary limits.
1. Citizenship by Investment via Real Estate
The program provides citizenship to foreign nationals buying any property in Turkey worth at least four hundred thousand dollars. Upon satisfying the condition, you become eligible to apply and receive Turkey citizenship which comes with all privileges including but not limited to the right to vote, work, and travel within the borders of Turkey.
Investment Bonafide:
In real estate dollars equivalent to $400,000.
Time limit:
The Investor has to keep the properties for about three years minimum.
Waiting Duration:
The waiting period for citizenship application averages between three and six months.
This program encourages many overseas investors because it is easy and straightforward.
Advantages of Obtaining Residency or Citizenship via Property Investment
The numerous advantages associated with permanent residency and citizenship in Turkey pose a great investment potential for foreign buyers:
1. Geographic Benefits
Turkey is strategically located almost at the center of Europe and Asia which makes it a central point for international businesses, trade, and travel. PR or Citizenship gives one easy access to the dynamic world in this region.
2. Visa-Free Travel
Citizens of Turkey are entitled to visa-free or visa-on-arrival travel to more than 100 countries. While the PR holders do not enjoy this privilege, the promotion as a citizen of Turkey will open great travel opportunities around the world.
3. Access to Turkish Healthcare and Education
Permanent residents and citizens can access public healthcare in the Republic of Turkey and are entitled to send their children to public schools in this country, which brings notable benefits for families.
4. Right to Work and Conduct Business
When you become a permanent resident or a citizen, you do not need a different work permit to work or start a business in Turkey, this ease of access promotes engagement in the local economy.
Conclusion:
The purchase of property in Turkey does indeed provide some way of attaining a temporary status which in turn can be upgraded to permanent status after eight years. In addition, for everyone ready to spend no less than $400,000, acquiring a Turkish passport is beneficial in another way that it speeds the naturalization process/ Full inclusion into the life of the Turkish state.
Thanks to its favorable location and relatively cheaper property market along with a growing economy, Turkey is one of the preferred countries for property investors across the globe. Whether you are looking for a holiday house, an investment property, or migration to another country, the possibilities present in Turkey are vast.
