Residence Permit in Turkey

Foreign citizens coming to Turkey for tourist purposes have the right to stay from 30 to 90 days, depending on bilateral agreements between countries. For long-term residence and official employment in the country, a temporary residence permit known as “ikamet” is required.

Ikamet holders have the right to stay beyond 90 days, as well as free entry and exit from the country. This status provides most civil rights, excluding participation in elections. Ikamet holders can open bank accounts, take out mortgages, enroll children in educational institutions, and work officially.

This year, Turkey has become a key destination for the relocation of foreign nationals, as it offers reliable opportunities for obtaining a residence permit and second citizenship.

Specifics and Advantages of a Residence Permit in Turkey

An important advantage of a residence permit in Turkey is access to the global financial system, including the ability to open foreign accounts and bank cards. For foreign nationals limited in access to international markets, this is particularly relevant. Turkey’s geopolitical position and business ties also play an important role.

Encouraging real estate purchases is another advantage, supported by government measures, including lower mortgage interest rates.

How to Obtain a Residence Permit in Turkey

The process of obtaining an ikamet is regulated by Turkish Law No. 6458. There are several categories of residence permits: short-term, long-term, family, student, humanitarian, and for victims of human trafficking. Each type has its own requirements and conditions.

Ikamet for Renting or Buying Real Estate

Renting a property for more than a year entitles you to obtain a residence permit. When buying real estate, foreign citizens must spend at least 6 months a year in the country. After five years of residence permit residency, the opportunity to apply for citizenship opens up.

Documents for Residence Permit Application

Required documents include an application form, biometric photos, a copy of a foreign passport, medical insurance, marriage and birth certificates, proof of financial solvency, as well as a rental agreement or property ownership certificate.

Turkish Citizenship Through Investment

Turkey offers an accelerated path to citizenship through the purchase of real estate worth $400,000. This option includes the possibility of renting out the property and selling it after three years. The Turkish passport provides ample opportunities for travel and doing business.

Choosing Real Estate in Turkey

The Turkish real estate market offers a variety of housing, from studios to luxurious villas. There is high demand for apartments and coastal villas, especially in the resort areas of Bodrum, Fethiye, and Antalya. In Istanbul, the suburbs are actively being developed with attractive investment offers.

We are ready to assist you in selecting suitable real estate that meets your requirements, as well as provide the opportunity for a virtual tour or organize property viewings.

Turkish Citizenship Program

Turkey is one of the popular countries where the investment citizenship program is very comfortable for foreign investors. To obtain a Turkish passport, it is enough to purchase real estate worth $400,000 or more – one or several properties.

Main Advantages of Turkish Citizenship

Global Mobility

The Turkish passport provides visa-free access to 111 countries around the world, including South Korea, Singapore, and Japan. Turkish citizens can also obtain a 5-year C-2 Schengen visa and a B1-B2 US tourist visa valid for up to 10 years.

Ability to Retain Citizenship

Turkey allows dual citizenship, so foreign investors will not have to renounce their current passports. However, they should notify the authorities about obtaining the new status in their home countries if required.

Investment in a Growing Market

The Turkish real estate market is experiencing a real surge in demand from foreign investors. The analytical platform Endeksa evaluated the real estate data for September 2023, published by TUIK. The annual increase in housing sale prices across Turkey as of September was 109%. The average square meter sale price for housing in Turkey is 23,031 TL ($818.61), and the average housing price is 2,994,030 TL ($106,419).*

Access to the Banking System

A significant advantage of obtaining a second passport is access to international banks. Foreign investors can access global banking services, save on fees and currency exchange, and access profitable deposits and inexpensive credit facilities. This opens up new opportunities for conducting international business.

Reduced Geopolitical Restrictions

Some global financial institutions perceive certain nationalities as a risk factor. Turkish citizens face fewer restrictions in obtaining visas, opening accounts, and accessing financial services compared to other nationalities affected by geopolitical tensions.

Business Opportunities

Turkey is an international hub for air travel and transportation flows. Its advantageous geopolitical position and openness to foreign investment attract businesspeople worldwide. Having citizenship simplifies the process of opening companies. The Turkish authorities stimulate foreign investment through various benefits and concessions, up to exemption from certain taxes. Currently, there are 18 free zones in Turkey where there are no income tax, corporate tax, real estate and property tax, or stamp duty.

Education for Children According to European Standards

The higher education system in Turkey is relatively young but rapidly developing and modern: it currently ranks 43rd in the world according to the QS Higher Education System Strength Rankings. Turkey has more than 200 universities, numerous schools, and colleges. Educational programs are offered in various languages, making education accessible to international students. Scholarships and exchange programs with educational institutions abroad, including EU and US universities, are available for the most talented students.

“Little House” by the Sea – The Nuances of Living in Antalya

Geography and Toponymics of Antalya

Antalya encompasses both the city and the province, including Alanya, Kemer, and Kaş. The city’s districts, such as Konyaaltı, Lara, and others, have their unique characteristics.

Climatic Conditions

Antalya is renowned for its mild winter and hot summer. The weather here is comfortable almost all year round. The swimming season lasts from May until late autumn, and the city’s green streets are adorned with citrus trees.

Attractions and Entertainment

Antalya offers numerous museums, archaeological sites, and natural attractions. The Lycian Trail, ideal for hiking, is located near the city.

Combination of City and Village

Antalya combines village seclusion and metropolitan conveniences, with an airport, shopping malls, and various entertainment facilities for children.

Real Estate Market

Real estate in Antalya ranges from affordable rentals to elite residential complexes, with the possibility of obtaining Turkish citizenship through investment.

Cultural and Technological Peculiarities

Patriarchal traditions may influence daily life, and technological aspects such as heating and cooking may differ from what you’re used to.

Obtaining Residency

Difficulties in obtaining residency may arise due to limits on the number of foreigners in some areas, but there are alternative paths to citizenship through investment.

Turkey 2023: The New Leader in Global Property Price Growth

In 2023, Turkey stood out on the global stage as the country with the most significant rise in property prices. A comparison of Eurostat data shows that the price growth in Turkey exceeded similar indicators in European countries by nearly twenty times. Reports from the local agency Endeksa.com confirm that residential property prices soared by 110% over the year, with the average property value exceeding $100,000, and the investment payback period increasing to 16 years. The cities of Antalya, Istanbul, and Mersin became leaders in sales to foreign investors.

Supply and Demand in the Turkish Real Estate Market In October 2023, despite an 8.7% decrease in sales volumes compared to the previous year, demand remained high, especially in the secondary market. Interest from foreign buyers, predominantly from Russia, Iran, and Germany, although declining by 40%, still remained significant. Events such as earthquakes, political elections, and changes in the citizenship investment program influenced market trends.

Factors Affecting Property Prices in Turkey

  • Materials and Layout: Rising construction material costs and unique layout features impact property values.
  • Location and Infrastructure: The property’s location and accessibility of infrastructure play a key role in determining the price.
  • Floor Level and View: The floor level of the apartment and the view characteristics significantly affect the cost.
  • Construction Stage: Unfinished properties are offered at lower prices, with the possibility of savings in the early construction stages.
  • Additional Options: The presence of amenities such as a “smart home” system and air conditioning increases the value.

Square meter prices vary significantly depending on numerous factors, including the city and district location, as well as the specific features of the property. These data provide a comprehensive look at the dynamic and multifaceted Turkish real estate market.

SEE MORE INDICATORS IN OUR PROPRIETARY REPORT

Expenses for Buying, Maintaining and Selling Real Estate

Choosing real estate in Turkey requires a balanced approach to assessing the associated financial expenses. These expenses include not only the initial purchase costs, but also the subsequent maintenance costs and possible taxes upon sale.

Expenses When Buying Real Estate

Purchasing real estate incurs the following expenses:

  • Registration fee of 1% of the cadastral value.
  • Title deed transfer tax – 4%, usually split between buyer and seller.
  • Real estate agent commissions – from 2 to 5% of the transaction value.
  • VAT, ranging from 1 to 18%, depending on the property type and area.
  • Additional expenses include notarizing the contract, obtaining the technical passport (ISKAN), and compulsory earthquake insurance (DASK).

Expenses When Selling

Sellers of real estate face a capital gains tax if the property has been owned for less than 5 years. The tax is calculated as the difference between the cadastral values at purchase and sale, with a progressive rate from 15 to 35% for individuals.

Ongoing Maintenance Expenses

Annual expenses include:

  • Property tax of 0.1-0.3% (and 0.2-0.6% in major cities).
  • Earthquake insurance and utility bills, which vary depending on the location and size of the property.

Rental Expenses

Owners renting out properties must include rental income in their overall taxable income. Income tax in Turkey has a progressive rate of up to 40%.

Additional Tips When Buying Real Estate in Turkey

In addition to the expenses mentioned above, you should also consider other potential costs such as:

  • Legal due diligence costs for the property documents.
  • Repair and maintenance costs for the property.
  • Possible management and service fees in residential complexes.

Carefully analyzing and planning these expenses will help optimize the overall cost of owning real estate in Turkey, as well as provide a clearer picture of the profitability of investments in this region.

Advantages for Investors

The real estate market in Turkey guarantees foreign buyers a large pool of options to choose from – from modern studios and apartments to luxurious mansions with their own gardens and pools.

Stable Growth in Value

Turkey has been a world leader in rising property prices over the past few years. And even now, when the market is stagnating after epidemiological and geopolitical events, real estate investments are highly predictable. A project with well-developed infrastructure for residents, good finishes, meeting all energy efficiency and seismic resistance requirements, and with good transport accessibility will retain its liquidity.

We offer investors exclusively new projects whose legal transparency and construction quality we can guarantee. These are elite and modern complexes with their own grounds, five-star hotel infrastructure, and designer finishes.

Financial Freedom

The Turkish government provides one of the most liberal foreign capital regulations. Real estate in Turkey can be purchased in any currency in the world, as well as in cryptocurrency. Proof of source of funding is not required.

Favorable Tax System

Turkey has some of the lowest tax rates in Europe. The property purchase tax is only 4%, and the property ownership tax base rate varies from 0.1 to 0.6% of the cadastral value of the property.

Investment Opportunities

According to forecasts, the annual potential from renting out the project is from 5% to 7%, and up to 14-15% for seasonal tourist rentals.

The resale potential is 20-30%, taking into account the Turkish lira’s exchange rate decline, the inflation rate, and the fact that the property’s cost is much lower at the initial construction stages than the final cost.

Simplified Property Purchase Procedure

To formalize real estate, you will only need: a foreign passport and a Turkish tax number. The real estate registration process takes from 2 to 5 days. The transaction can be carried out remotely by power of attorney with your immigration lawyer.

Constant Demand

Turkey attracts millions of tourists, guaranteeing high demand for rental housing. Over the past two years, Turkey has become one of the key destinations for the relocation of qualified young professionals from CIS countries interested in long-term rental of real estate in areas with well-developed infrastructure and transport accessibility.

The Process of Obtaining Turkish Citizenship

We offer high-quality service for obtaining Turkish citizenship in the shortest possible time. The entire process is carried out under the guidance of qualified lawyers. Step by step, we will guide you through the entire citizenship application procedure – from selecting real estate and legally reviewing the properties you have chosen, to properly preparing and filing the citizenship application and obtaining the passport.

3 – 4 Days

Consultation

Consultation with Astons’ Immigration Specialist

Our immigration programs specialist will study your situation in detail and offer the most suitable investment options. The main applicant can add their spouse, children under 18, and children with disabilities of any age to the application.

30 – 60 Days

Document Processing

Document Preparation

We will develop a detailed list of documents required for your application. Experienced immigration lawyers will help prepare all documents and check each one for compliance with the program requirements.

Required Documents:

• Valid passport;
• 4 passport photos for each family member;
• Birth certificate;
• Residence permit or valid tourist visa for Turkey;
• Marriage certificate, children’s birth certificates – if mentioned in the application;
• Copy of Turkish ID card and address of the applicant’s relative in Turkey – if available;
• Receipt for payment of the fee;
• Documents confirming the investment.

Investment

Before applying for citizenship, you need to open an account at a Turkish bank and complete the investment process, i.e., formalize the paperwork for the purchased property, open a deposit, complete the purchase of government bonds, and so on. Astons’ experts will guide you through the entire investment process, from selecting suitable options to completing the transaction.

30 – 60 Days

Obtaining Residence Permit

Obtaining Residence Permit

To apply for citizenship, you need to have a valid residence permit in Turkey. However, you do not need to reside in the country. The residence permit is issued immediately after making the investment.

Citizenship Application

After obtaining the residence permit, the investor can immediately apply for citizenship. The applicant’s physical presence is not required, and no additional interviews are conducted.

Obtaining a Turkish Passport

Once you have obtained a second passport, you will be able to enjoy all the advantages of Turkish citizenship. You can also start the process of moving to the USA according to the special visas available with a Turkish passport.

Istanbul: A Picturesque City at the Crossroads of Cultures


Istanbul, the capital of Turkey, is one of the most picturesque and culturally rich cities in the world. Its wealth of history, fusion of Eastern and Western cultures, architectural wonders, and captivating views of the Bosphorus attract numerous tourists. Istanbul is also known as one of the most dynamically developing cities, attractive for real estate investment. According to Endeksa, by mid-2023, the growth in real estate prices in Turkey reached 109%, with Istanbul leading the market.

Istanbul and Its Districts

Istanbul, uniquely located between Europe and Asia, is historically divided into two parts – Rumeli (European side) and Anatolian (Asian side), separated by the Bosphorus. With 39 administrative districts, the city offers diversity from modern to traditional areas, each with its unique features and opportunities.

Elite Districts of Istanbul: The European Side

The European side, with its historical monuments and developed infrastructure, is particularly attractive to foreign investors. Districts such as Başakşehir, Beşiktaş, Beyoğlu, Beylikdüzü, Sarıyer, Kağıthane, and Fatih stand out as leading places for housing and business.

Arnavutköy: Potential and Accessibility

The district of Arnavutköy, located in both Beşiktaş and the northwestern part of the city, is attractive for its history, culture, and transportation accessibility. It promises to become a key investment area due to the new airport and the planned sea canal.

Beşiktaş: A Blend of History and Modernity

Beşiktaş, one of the oldest and most prestigious districts, combines historical palaces and modern skyscrapers. It offers elite residential complexes and business centers, attracting both tourists and the business community.

Sarıyer: Luxury and Natural Beauty

Sarıyer is known for its summer residences, high-rise buildings, and beautiful natural landscapes. It draws attention for its transportation accessibility and diverse real estate.

Beylikdüzü: European Standards and Infrastructure

Beylikdüzü stands out for its modern infrastructure and excellent landscaping. The district offers a variety of housing and commercial properties, making it popular among investors.

Beyoğlu: The Cultural Heart and Tourist Paradise

Beyoğlu, famous for its cultural attractions and tourist appeal, offers elite real estate and high rental income.

The Asian Side: Tranquility and Traditions

The Asian side of Istanbul, known for its traditional way of life and relaxed pace, differs from the more dynamic European part of the city. This region is rich in both business and trade centers, as well as historical attractions. With well-developed infrastructure, the districts on the Asian side attract those seeking a peaceful life in a family setting. Among the most notable districts here are Kadıköy and Üsküdar, both of which have a rich history and culture.

Beykoz: Idyllic Seclusion

Beykoz, located in the northwest of the Kocaeli peninsula and adjacent to the Bosphorus and the Black Sea, is famous for its green and environmentally friendly areas. Known as a resting place for Ottoman sultans, today it is one of the most prestigious districts where luxurious villas and elite residential complexes can be found. Beykoz attracts those seeking tranquility and seclusion, offering full infrastructure for a comfortable life.

Kadıköy: Authenticity and Cultural Heritage

Kadıköy, the oldest district on the Asian side of Istanbul, is a unique blend of the atmosphere of the real Istanbul, historical streets, authentic shops and boutiques, and cultural richness. The district is famous for its yacht marinas, such as Kalamis and Fenerbahce Marina, and the popular Moda quarter, where rare antiques can be found. Kadıköy offers a variety of housing, from middle-class to exclusive complexes with views of the Bosphorus.

Üsküdar: The Heart of Asian Culture

Üsküdar, a significant district on the Asian side, is located at the junction of the Bosphorus Strait and the Sea of Marmara. This area, rich in historical and cultural monuments, is an important educational and medical center of the city. Üsküdar offers a variety of real estate options at more attractive prices compared to the European side of Istanbul.

Adalar: The Exclusivity of the Princes’ Islands

Adalar, an archipelago in the Sea of Marmara, is known as one of the most exclusive places in Istanbul. These islands, accessible only by water, attract global celebrities and local elites with their unique atmosphere, beautiful views, and luxurious real estate. Relaxation on the Adalar is characterized by tranquility, natural beauty, and elite services.

Turkish Citizenship through Investment

Investing in Istanbul real estate opens up opportunities for obtaining Turkish citizenship, providing numerous advantages, including freedom of travel, access to international markets, and a high standard of living. Astons’ experts will assist in selecting suitable real estate for participation in this program.

Best Destinations for Buying Real Estate in Turkey

Main Criteria for Choosing a City to Buy Real Estate in Turkey:

  • Market activity: how easy it will be to resell the property;
  • Distance from areas with increased militarization and military facilities;
  • Restrictions for foreigners when purchasing real estate, related to residency and citizenship, to avoid excessive concentration of foreign citizens;
  • Price category per square meter, return on investment, tourist flow;
  • Availability and quality of infrastructure;
  • Ethnic and demographic composition of the region, attractiveness for certain groups, for example, European retirees

Istanbul: Istanbul leads in investments in the region with a 12.8% share, as indicated in the report by the Association of Young Businessmen of Turkey. The average price per square meter ranges from $1000 in the suburbs to $1900 near tourist spots. In Kadikoy, small studios can bring up to 9% income per year, while in other areas, profitability may be 3-4%.

Kocaeli: Located in the Asian part, not far from Istanbul, Kocaeli attracts with its affordability and picturesqueness. The cost per square meter here is around $640.

Ankara: As the capital and economic center, Ankara offers high returns on investment. The cost per square meter ranges from $700 to higher prices in the center.

Bodrum: This resort town is known for its premium real estate, with prices up to $2300 per square meter. However, due to military zones, accessibility for foreign buyers is limited.

Izmir: Located on the Aegean coast, Izmir offers a variety of prices and high investment income, especially in the Konake district.

Alanya: This place is popular among first-time real estate buyers in Turkey due to affordable prices and high profitability.Bursa: Known for its nature and convenient location, Bursa is an attractive choice for investors. The cost per square meter starts from $350.

Why Turkey?

karakoy-bridge-turkey

Turkey is one of the most attractive markets for foreign investors looking to purchase real estate. Its unique geographical location at the crossroads of Europe, Asia and the Middle East, status as a popular tourist destination, key transportation role in the modern world, picturesque natural landscapes, diverse terrain and mild climate attract millions of tourists every year. Moreover, thanks to economic and infrastructure growth over the past two decades, Turkey offers excellent investment opportunities for international business and comfortable living.

Cultural and Historical Heritage

Turkey represents an amazing blend of natural beauty, ancient history and deep cultural traditions. Exploring Turkey’s monuments allows one to immerse themselves in the chronicle of world history, as key events on two continents – Europe and Asia – are reflected here. The opportunity to live near great monuments, ancient cities and feel a connection with world history is truly valuable. Different peoples, their cultures and customs merge in Turkey. And the magnificent Turkish cuisine, saturated with the aromas of eastern spices, is considered a separate heritage of the Republic.

High Standard of Living

Over the past decade, Turkey has undergone tremendous changes. The state has actively modernized: new urban facilities, bridges, fast roads and world-class airports have emerged. Global corporations are establishing offices, educational institutions, medical centers and IT companies here. The Turkish medical field is becoming popular among foreigners, including residents of Israel and Germany. Turkish universities are recognized as among the best in the world, and many private schools offer programs in English, German, Arabic, Russian, Ukrainian and other languages, facilitating comfortable adaptation for immigrant families with children. The construction sector is developing at a rapid pace. Modern residential complexes offering five-star hotel infrastructure are appearing in major cities. Luxury golf clubs, yacht marinas and world-class restaurants have become symbols of modern Turkey.

Unique Landscape

Turkey is a country of four seas: the Mediterranean, Black, Aegean and Marmara, each famous for its climatic features, beaches and resorts.

The Mediterranean Sea delights with a plethora of sunny days, warm water temperatures and a long resort season (April to October), while the Marmara Sea attracts diving enthusiasts with the beauty of its coral reefs.

The Black Sea coast impresses with its natural landscapes: lush greenery alternates with wild mountain gorges, and temperature-wise, summers are not hot, but the winter is mild yet snowy. The Aegean Sea, separating Turkey from Greece, is known for its picturesque bays and mountain panoramas of Central Taurus. The air on the coast is saturated with the healing aromas of coniferous forests and sea iodine.

Visa-Free Travel and Transport Accessibility

Turkey offers visa-free entry for tourists from many countries, including the CIS, and its convenient geographical location and transport links make it a global transport hub. This allows for easy travel between home and work in different countries, building logistics chains and doing business in international markets.

Ease of Adaptation

A large number of foreigners and the presence of various diasporas make adaptation in Turkey easier. Many institutions and companies offer services in different languages, simplifying communication and business relations. Major Turkish cities host consulates and embassies of practically every country in the world. Even the websites of most government agencies and large private companies (immigration service, court and gendarmerie, telecom, banks, etc.) are represented in several languages.

Growing Potential

In the context of geopolitical tensions, Turkey has indeed become a strategic destination for both relocation and preservation and transfer of capital from other jurisdictions, with Istanbul firmly taking its position as one of the largest aviation hubs. In addition to other factors, investors’ attention is drawn to the large-scale construction of premium real estate in the country, the development of urban infrastructure and a high quality of life.