TURKISH PROPERTY INVESTMENT MADE SIMPLER WITH ONE-YEAR VISA
Residence permits for property buyers in Turkey will be extended from three months to one year, according to an announcement in the Official Gazette.
Foreigners who purchase urban and beachfront real estate in Turkey are now able to obtain residence permits of up to one year, which is consistent with a new legislation in the Law of Foreigners and International Protection.
This is welcomed news for all property buyers as residence permits have been a stumbling block for buyers in the past. According to previous regulations, foreigners could only stay in the country for a maximum of three months on a tourist visa and then had to leave the country for a further three months before returning. Property buyers now have longer to oversee their investment.
Not surprisingly, the sector has witnessed an increase in foreign real estate acquisitions since the passing of the bill last year. The reciprocity law meant that a foreign citizen or firm was only allowed to obtain property in a country if citizens or firms from that country can do the same in the buyer’s country of origin.
According to data from the Environment and Urban Planning Ministry, foreigners from various countries have purchased approximately 11,000 properties across Turkey since the reciprocity law came into effect nine months ago.
The government aims to boost foreign investments in the sector further by backing the reciprocity law and expanding the period of staying in Turkey with a tourist visa, as well as easing the procedures for a residence permit.
The recent changes in legislation will underpin the value of any property purchased in the resorts of Altinkum, Akbuk and Bodrum ensuring a simpler buying process for future investors.