TURKIYEINFO.NET

• **Istanbul:** ~1,680 USD/m² (approx. 1,600–1,800 €). Economic centre, high demand, and earthquake risk.
• **Antalya:** approx. 1,200 USD/m². Tourism capital, popular among retirees and remote workers.
• **Izmir:** approx. 1,150 USD/m². Aegean coast, modern lifestyle.
• **Ankara and other inland cities:** ~900 USD/m² and below. Lower rental potential.
• **Luxury Villas (Bodrum, Kalkan):** Easily 400,000 USD+ or much more.

Pros and Cons

Pros: Attractive lifestyle (sunshine, beaches), lower cost of living (food, transport), investment potential in major cities.

Cons: Sales have stabilized, inflation and Lira volatility raise local costs (e.g., rents in Istanbul have increased sharply).

Currency Risk: Prices are fixed in foreign currency (favourable for purchase), but renovations and daily costs depend on the Lira (rapidly increasing). *Monitor the exchange rate: 1 € ≈ 49–50 TRY (December 2025).*

Requirement: Value must be **≥ 200,000 USD** (requires expert appraisal and Tapu value). Valid nationwide.

Duration: Typically 1 year, renewable. Grants the right to reside, **but not automatically the right to work**.

Process: Health insurance (state SGK or private) and proof of income required. Background check performed. Changes also apply to **existing owners** upon renewal.

Over 1,100 districts are closed to foreigners (e.g., Mahmutlar in Alanya, Hurma in Antalya, Fatih in Istanbul).

Consequence: Foreigners cannot obtain a **new RP** or **renew an existing one** in these areas. CHECK BEFORE BUYING!

A separate permit is required for work. The permit is applied for by the employer or company. Working without a permit is illegal, punishable by fines and deportation.

Requirement: Investment of **≥ 400,000 USD** in real estate. The property must be **locked for 3 years**.

Benefit: Passport for the whole family (spouse + children under 18) and full rights, including the right to work.

Timeline: The process takes 6–12 months.

Myth: Establishing a company automatically grants the right to work. The Turkish system is protectionist: Owning a company does not grant the right to work; daily work is prohibited.

Work Permit Conditions in a Company: Minimum capital and adherence to the **5:1 rule** required: 5 Turkish citizens must be employed per 1 foreigner.

Grey Area: You reside in Turkey with an RP and work for a foreign entity. An official "digital nomad" visa is still under development.

Tax Risk: If you stay in Turkey **for more than 183 days** a year, you become a tax resident. The Turkish tax authority may deem you economically active if you service local clients.

Due Diligence: 80% of problems arise from incomplete documents. A lawyer is essential!

• Tapu (Title Deed): **Red Tapu** is recommended for the Residence Permit.
• Iskan (Occupancy Permit): Proves the building complies with regulations. Without Iskan, utility contracts cannot be registered in your name.
• DASK (Earthquake Insurance): Mandatory to renew annually.

Purchase Costs (Notary and Taxes): Add **+5–8%** to the purchase price. Clarification: A lower declared value on the Tapu creates selling risks later.

Permanent Costs:

• **Aidat:** Monthly maintenance fee (50–200 €/month).
• **Capital Gains Tax:** Selling within <5 years – 15–40% tax. Tax-free after >5 years.

New Airbnb Law: Short-term rent (under 100 days) requires **100% consent from neighbours** and a license. One dissent is enough to halt rental activity.

Penalties: Fines are extremely high (100,000 TRY+).

Long-Term Rent: Renting for over 100 days is easier but yields lower returns. Tenants have strong protection; eviction can take 1–3 years.

Marriage: Marriage to a Turkish citizen grants a family RP, but not automatic work permit or citizenship (the latter possible only after 3 years).

Education: State schools are free and Turkish-speaking. International schools (IB, Cambridge) are expensive.

Culture: Turkey is a secular state, but local customs can be conservative. The language barrier is real – Turkish language skills are essential in official matters.

SGK (State Insurance): Cheaper. Private insurance is more expensive, especially for older people. Quality and accessibility vary by region. Translation of medical documents is bureaucratic.

Additional Insurance: Home insurance beyond DASK is recommended; liability insurance for landlords.

Vehicle Import: EU cars are subject to a **24-month restriction** while residing in Turkey. Additional taxes on vehicles are high (100–200%).

Transport: Car rental is more expensive than in Europe.

Opening an Account: Requires **Vergi Numarası** (Tax ID) and proof of residence (e.g., utility bill). Some banks require an initial deposit in EUR/USD, which is locked for 1–3 months.

Restrictions: Foreigners' accounts are under constant scrutiny. The Turkish government has placed restrictions on TRY transfers to other foreigners and the withdrawal/movement of foreign currency – be extremely cautious in financial planning and consult experts before acting.

Contracts: Obtaining utility contracts (electricity/water) in your own name is essential with **Iskan** (Occupancy Permit). Without it, contracts can only be in the landlord's name (risky).

Internet: Quality is good in major cities (Istanbul, Antalya) but unstable in rural areas. Fixed internet contracts are long-term (1–3 years) and early termination is costly.

Mobile Communication: Mobile phones brought from abroad are "locked" after 120 days if not nationally registered (taxes/registration fees required).

Crime: Turkey is generally a safe country, but petty theft and scams (e.g., with taxis) are common in major cities and tourist areas.

Natural Disasters: **Earthquakes** are a real risk, especially in the Istanbul and Aegean Sea regions. Comply with DASK requirements and be familiar with evacuation plans. Heavy rains cause seasonal flooding in coastal areas.

Yield: Rental yield is highly seasonal. In coastal areas, 80% of income is earned in the summer months. Long-term rental yields a lower but more stable return.

Income Tax Optimisation: With the help of property declaration, it is possible to deduct expenses (e.g., Aidat, maintenance, insurance) – consult a local accountant.