Turkish Residency via Investment: Turkey Sets Value of Minimum Real Estate to $200,000

Turkey is one of the few countries that offers foreign nationals “a golden visa”, a program designed to fast track residency and citizenship via investment. Via this investment program, foreign nationals are able to acquire residence permits as well as Turkish citizenship in around three to six months.

As of 2023, the minimum of investment Turkey required from foreign nationals to obtain Turkish citizenship is $400,000. As for obtaining residency, the current amount ranges from $50,000–$75,000.

However, it seems that Turkey is looking to make requirements for this program more competitive, and is seeking to increase the amount required for residency. It will also be scrapping regional price differences.

In this article, we’re going to explain what has changed with the newest updates on how to obtain a residence permit in Turkey via real estate purchases, as well as touch on how to acquire Turkish citizenship by investment.

Obtaining residency in Turkey via real estate

One of the quickest ways to secure a residence permit in Turkey is to invest in real estate.

Apart from the citizenship via real estate investment program, Turkey also offers foreign nationals the chance to get residence permits by buying properties across the country.

One important point to note is that there used to be different minimum amounts for different cities. The minimum property value to fast-track a Turkish residence permit was $50,000 for most cities and smaller cities in Turkey.

However, for those who wanted to invest in any real estate in the metropolitan cities of Turkey to get a residence permit, this amount was set at $75,000. Such cities include Istanbul, Antalya, and Ankara.

This was true for purchases made between April 26, 2022, and October 16, 2023.

After this date, and as of now, the minimum value has increased to $200,000 across all cities in Turkey. Although there is no official announcement as of yet, calling 157 (The Turkish Foreigners’ Communication Center) can confirm the new rules.

Will this spell trouble when renewing a Turkish residence permit?

Before April 26, 2022, Turkey did not require a set value on the property. However, it now requires that the TAPU (title deed of the property) is date-stamped before this date. This is one of the documents Turkey will require as proof in your application for a residence permit.

Turkey requires foreign nationals to maintain the title-deed of the property purchased for such purposes for all years past or present. Provided this condition is met, you should expect no issues with the Turkish Presidency of Migration Management (Göç İdaresi Başkanlığı).

The new $200,000-minimum for Turkish residency will not affect purchases made before October 16, 2023, so renewals for residence permits obtained before then should not be impacted.

All other residency programs will remain the same, and their renewal will not be affected by this change.

Can I get Turkish citizenship instead of residency via real estate investment?

Turkey’s citizenship by investment program was officially launched in early 2017 to give the slumping real estate sector a jump start and attract more foreign direct investments for the country. It also gave foreign investors the chance to gain access to European and Asian markets in a more beneficial and cost effective way.

Although the original minimum value set by Turkey was around $1 million, around 2018-2019, the government lowered this amount to $250,000 to attract more investors.

Turkey had stipulated an investment of $250,000 to acquire Turkish citizenship

by purchasing real estate in Turkey in September 2018. However, later in May 2022, with an announcement published in the Official Gazette, it raised this amount to $400,000.

As of October 2023, the valuation for all properties bought in Turkey for the purpose of acquiring citizenship is still the same minimum — $400,000.

One thing to consider when applying for Turkish citizenship via real estate investment is that such applications need to contain valuation reports for the property.

Turkey only accepts properties whose values have been determined by a valuation company authorized by the Capital Markets Board of Turkey.

It is also important to note that you must retain the property you purchased as part of this citizenship by investment program for at least three years.

Does my real estate investment qualify for Turkish citizenship?

To ensure that the property you are planning to purchase meets the conditions of this citizenship via investment program, the listing price of the real estate should be more than $400,000 at the Turkish Tapu Dairesi (the office of the register of deeds) and your payments to the central bank should also show more than $400,000.

You will not need to show a separate valuation report for the property this way.

Where to invest in real estate in Turkey

Although the ultimate answer will depend on your objectives, such as buying a family home or holiday villa, making capital gains, or acquiring residency or citizenship, there are a few cities in Turkey that stand out when it comes to real estate investment.

The five metropolitan cities of Istanbul, Izmir, Muğla, Ankara, and Antalya are great places to start your search. And although the price per square meter is typically higher for these cities, return on investment and quality of life is higher, which is an important point to consider.

Turkey allows purchases of lands, villas, apartments etc. as part of this program.

If you’d like to read more about why you should invest in real estate in Istanbul, for example, check out our blog.