Rights of foreign investors in Turkey
The Turkish government provides support in many areas of investment for foreign investors. Moreover, it preserves the rights of foreign investors in Turkey as we will see in this article from Ebla Real Estate.
Rights of foreign investors in Turkey:
To be treated as Turkish citizens:
The Turkish government provided many facilities to foreign investors. It gives foreigners the freedom to choose the type, scope and quality of investment without discrimination between them and Turkish citizens. For example, it is possible to buy more than one property in more than one area with different prices.
Obtaining real estate residence in Turkey:
One of the most important rights of foreign investors in Turkey is the possibility of obtaining residency in Turkey in exchange for buying a property.
Investors who buy a property worth 75 thousand dollars onwards in major Turkish cities or 50 thousand dollars onwards in smaller Turkish cities can obtain real estate residence in Turkey. It is considered the best type of residence permit in Türkiye, as it can be easily renewed annually. It has many advantages, including:
- Real estate residency is granted to members of the owner’s family: wife and children under the age of 18.
- After 8 years of obtaining the continuous real estate residence permit in Turkey, the owner has the right to apply for a long-term residence.
- The possibility of renewing it every year as long as the foreigner owns the property.
- Moreover, it provides the possibility to enter Turkey without the need to obtain a travel visa (Visa).
- Furthermore, real estate residence provides the ability to travel and move between Turkish cities and regions without the need to obtain a travel permit
- The possibility of obtaining an education opportunity in Turkey’s schools and universities.
Obtaining Turkish citizenship:
Foreign citizens have the right to apply for Turkish citizenship if they fulfill one of the following investment conditions:
- Buying a property in Turkey worth 400.000$, provided that it is not sold for 3 years.
- Deposit 500,000$ in a Turkish bank, or buy government bonds of the same value.. Provided that they remain for three years.
- Investing in a Turkish company with a value of at least two million dollars.
Reductions and tax exemptions:
As a support and encouragement for foreign investors in Turkey, the Turkish government has provided many privileges to foreigners, including tax exemption on real estate.
Tax exemption includes value-added tax, which is the most expensive tax among real estate taxes and fees.. Its value in residential real estate ranges between 1_8_18%, while its value in commercial real estate is 18%.
The right to bequeath:
The Turkish Inheritance Law allows foreigners to bequeath their real estate. In the event of the death of the foreign investor, his property is bequeathed to the relatives, as stipulated in the inheritance laws in the deceased’s country of origin or in Turkey, according to the agreement of the heirs. Taking into account the priority of the will, if any.
Thus, these were the most prominent rights of foreign investors in Turkey.
Edited by: Ebla Group Real Estate
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