Extended residence permits for owners of property in Turkey are being introduced by the Turkish government in a move to attract further foreign direct investment.
“This is a welcome and logical move by the Turkish government,” says Suleyman Akbay, MD of the property firm who exclusively specialise in property sales along its popular Aegean and Mediterranean coastline and now Istanbul.
“Spurred by the encouraging effects of the reciprocity law removal which has since seen foreigners purchase some 11,000 properties in Turkey (Source: Turkish Environment and Planning Ministry), and which produced an astounding fourfold increase in acquisitions in the immediate month following enactment, the government is rightly acknowledging that the laws and procedures concerning residency in Turkey are a significant hurdle for foreigners considering investing here”, adds Akbay.
Turkish Law already permits citizens of many countries to obtain a residence permit, but the new ruling recognises ‘property ownership’ as a means for qualifying for longer periods of stay. Formerly, property buyers were subject to tourist visa limitations where they could only stay for three months out of every 180 days before having to apply separately for residency.
The latest ruling adds to a string of favourable law changes being introduced to ease barriers to investment in the country. Last year’s relaxation of restrictions on the amount of land a foreigner could buy and the removal of reciprocity conditions, which had stipulated only citizens or firms of countries in which Turkish nationals could buy property could do likewise in Turkey, has proved the most significant for Turkey's property industry.
“Noting the increasingly prominent march of the Turkish economy which is already conspiring to attract significant foreign investment, we’re confident that this latest announcement will add yet more spring to our overseas investors’ steps – and that’s before we note the fantastic climate, favourable rental opportunities and low cost home ownership options”, concludes Akbay.
The new property residency law is expected to come into force in early 2014.
Oceanwide Properties is currently offering a selection of luxury two, three and four bed frontline sea view villas in Kalkan with an exclusive limited time pre-completion purchase offer and £99 inspection visit, valid until 30 June 2013. The development is located within 90 minutes of Dalaman International Airport and is due to complete in 2014.
“This is a welcome and logical move by the Turkish government,” says Suleyman Akbay, MD of the property firm who exclusively specialise in property sales along its popular Aegean and Mediterranean coastline and now Istanbul.
“Spurred by the encouraging effects of the reciprocity law removal which has since seen foreigners purchase some 11,000 properties in Turkey (Source: Turkish Environment and Planning Ministry), and which produced an astounding fourfold increase in acquisitions in the immediate month following enactment, the government is rightly acknowledging that the laws and procedures concerning residency in Turkey are a significant hurdle for foreigners considering investing here”, adds Akbay.
Turkish Law already permits citizens of many countries to obtain a residence permit, but the new ruling recognises ‘property ownership’ as a means for qualifying for longer periods of stay. Formerly, property buyers were subject to tourist visa limitations where they could only stay for three months out of every 180 days before having to apply separately for residency.
The latest ruling adds to a string of favourable law changes being introduced to ease barriers to investment in the country. Last year’s relaxation of restrictions on the amount of land a foreigner could buy and the removal of reciprocity conditions, which had stipulated only citizens or firms of countries in which Turkish nationals could buy property could do likewise in Turkey, has proved the most significant for Turkey's property industry.
“Noting the increasingly prominent march of the Turkish economy which is already conspiring to attract significant foreign investment, we’re confident that this latest announcement will add yet more spring to our overseas investors’ steps – and that’s before we note the fantastic climate, favourable rental opportunities and low cost home ownership options”, concludes Akbay.
The new property residency law is expected to come into force in early 2014.
Oceanwide Properties is currently offering a selection of luxury two, three and four bed frontline sea view villas in Kalkan with an exclusive limited time pre-completion purchase offer and £99 inspection visit, valid until 30 June 2013. The development is located within 90 minutes of Dalaman International Airport and is due to complete in 2014.
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