Dear friends,

We have learned about a legislative change in the Turkish market regarding temporary residence permits for foreign citizens obtained by acquiring property.

A regulation has been made regarding "Short Term Residence Permit Applications" for foreigners. According to this;

In applying for a short-term residence permit for real estate purposes on immovable properties with an acquisition (purchase) date of 16.10.2023 or later, the sales price on the title deed must be a minimum of 200,000 US Dollars in Turkish Lira, based on the Central Bank foreign exchange sales rate on the day the title deed was obtained (deed acquisition date) for all cities. It will be required to have lira currency. For title deeds obtained after 16.10.2023, the real estate valuation report will not be accepted and the sales price on the title deed will be taken as basis.

The application type (initial/transitional/extension) does not matter for this application. Applications made for real estate with an acquisition date before 16.10.2023 are not within the scope of this application. For real estate acquired between 26.04.2022 and 16.10.2023, the requirement of 75 thousand USD for metropolitan cities and 50 thousand USD for other cities will continue to be required, and a real estate valuation report will continue to be requested for these applications.

We present it for your information.