Moving to Turkey is appealing for a number of reasons – affordability, climate, lifestyle and scenery, to name a few – but it’s also just got a lot easier, thanks to a revision to Turkish law.
Foreign buyers in Turkey now have the right to a year-long residency permit once they taken ownership of a Turkish home, regardless of how much they pay for their property.
The new law, which was published in Turkey’s ‘Official Gazette’, also enables homeowners to extend their residency permit after a year if they are still in possession of a property.
Until the law amendment, foreigners were allowed to stay in Turkey for just 90 days without a residency permit. While it has never been difficult for some foreign nationalities, including British people, to gain residency in Turkey, the new law will be especially beneficial to Russians, Middle Eastern and Asian homeowners.
The easing of its residency laws forms part of a broader initiative by the Turkish Government to make the country more attractive to foreign investors, at individual and corporate levels. In fact, foreign investment into Turkey is now at record levels, averaging around $10billion per year, making Turkey one of the countries with the highest rate of increase in foreign direct investments (FDI). Compare this to the years between 1992 and 2003, when Turkey attracted approximately $1billion FDI a year.
Prime minister Erdogan highlighted the progress Turkey has made, commenting in April that “today Turkey is considered a safe haven by foreign investors”, adding that creating confidence and stability was key to attracting foreign investors which, in turn, brings consumption, investments and employment to the country.