Foreign Buyers in Turkey Property Will Be Rewarded with One Year Residency

The Turkish government has removed barriers for foreign investors by extending residency permits from three months to one year, in an aim to increase foreign direct investment.

Foreign Buyers in Turkey Property Will Be Rewarded with One Year Residency

Source: New Initiative is set to boost the amount of foreign direct investment.

Foreign buyers will receive a new one-year residency following a recent government announcement which was first published in the Official Gazette.

Prior to this ruling, residency permits were a large obstacle for foreigners buying Turkish properties as they only allowed buyers to reside in the republic for three months, they would then have to leave the country for three months before returning.

Since the reciprocity law was passed almost 11,000 properties have been bought by foreigners across Turkey

This initiative further reduces the barriers for foreign investors following the reciprocity law which came into effect nine months ago. This law removed the condition of reciprocity which once meant that only foreign citizens or firms could obtain a property in Turkey if Turkish nationals could do the same in the buyer’s country of origin; it also eased restrictions on the sale of land and real estate to foreign citizens and firms.

Since the reciprocity law came into effect almost 11,000 properties have been bought by foreigners across Turkey.

Extract adapted from Hurriyet news.


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