Turkey

residencies.io/residency/turkey/temporary-residency/tr5

Residence permit
If you wish to settle in Turkey and start your business or purchase a property, you may
apply for a Residence Permit.

There is no minimum investment amount required; you just have to prove that you own a
property or you are running a business, and that you have sufficient financial means to live
in the country.

Your dependents (spouse and dependent children) may apply for a family visa, once you get
your residence permit.

This permit is issued for a maximum of two years, extendable, provided that you are still
running the business or owning a property, have stayed in the country at least 184 days per
year, have been a tax resident and you have enough income to support yourself and your
dependents.

After 8 years of legal residency, you may apply for a long-term residence permit, which will
allow you to live in the country indefinitely. To be eligible, you must have not received any
social aid from governmental institutions in the last 3 years prior to application, have
sufficient and sustainable financial resources, and have a clean criminal record.

Instead of a long-term residence permit, after just 5 years of legal residency with a total
interruption of less than six months, you may apply for citizenship. You must prove ties to
the country, not have been convicted of any crimes, not have any serious disease and have
sufficient income to support yourself and your dependents. In addition, you must attend an
interview to prove your ability to speak Turkish.

Requirements

- Declaration regarding sufficient and sustainable financial resources for the duration of the
stay (stated in the application form; the authority may request supporting documents.)
- Official document regarding the applicant’s ownership of the residence (if applicable).
- An invitation letter or documents of such written by the person or companies to be
contacted (if applicable)
- Valid medical insurance by a document facilitating health services in Turkey within the
scope of bilateral social security agreements, or provision of a document issued by the
1/5
Social Security Institution or document regarding the application made to the Social Security
Institution that will be covered by the general health insurance or a Private health insurance.

Restricted Nationalities

No nationality is officially restricted

dual citizenship

Dual citizenship is recognized in Turkey. You are not required to renounce your previous
nationality to become a citizen of Turkey.

Documents Required

Original and photocopy of passport

Proof of income
Four passport-size photos
Evidence of purchasing property (if applicable)
Invitation letter by the company (if applicable)
Evidence of Health Insurance
Original or Certified copy of Marriage Certificate (if applicable)
Original or Certified copy of Birth Certificate (if applicable)

dual citizenship Yes

Family members included Yes
land ownership Yes
Physical residence required No
Personal visit required No
Language skills required No
Interview required No

Investment Single -
Investment Family 4 -
Minimum annual income
Time to citizenship 60
Time to permanent residency 96
Visa-free countries 105
Financing available No
2/5
Fees

The Republic of Turkey is a transcontinental country located at the crossroads between

Europe and Asia, extending across the Anatolian and Thracian peninsulas into the Balkans
area. It borders Georgia to the northeast, Armenia to the east, Iran and Azerbaijan and
Russian territorial waters in the Black Sea to the north, to the northwest with Bulgaria and
Greece, to the west with the Greek islands of the Aegean sea, to the south with Cypriot
waters, the Mediterranean Sea and Syria, and to the southeast with Iraq.

Due to its strategic position, located between Europe and Asia as well as between three
seas, Turkey is a historical crossroads between Eastern and Western cultures and
civilizations. Its territory has been home to several great civilizations such as the Persian
Empire, Ancient Greece, the Roman Empire, the Byzantine Empire and the Ottoman Empire,
among others.

The country is inhabited by 80 million people. Its capital is Ankara, although its most
populated city, as well as financial, cultural and commercial center, is Istanbul. Its official
language is Turkish and its official currency is the Turkish Lira (TRY).

Visa Free Travel

With your new passport from Turkey you'll be able to access 105 countries visa free

Taxes

To be a tax resident in Turkey, an individual must have their legal residency in Turkey or stay
at least 6 months per year in the country. Persons who stay more than 6 months due to a
temporary assignment, may be considered as non-residents.

Residents are subject to tax on their worldwide income, while non-residents pay taxes on
their Turkish-source income.
Personal income is taxed at progressive rates up to 35% on income exceeding TRY110,000.

Capital gains are subject to personal income tax. This excludes gains from the sale of real
property held for more than 5 years. Certain gains derived from the sale of shares and
capital market instruments may be tax exempt.

Dividends received from local entities are usually 50% tax-exempt; those from non-resident
entities are fully taxable. A minimum tax-exempt threshold may apply.

3/5
Interest income is taxed between 0% and 18% depending on its nature. Rental income is
considered taxable income, but an exemption may apply subject to certain conditions.

Turkey has enacted controlled foreign companies (CFC) rules. This means that profits
retained in foreign entities owned and/or deemed to be controlled by tax residents, may be
attributable if certain conditions are met.

Real property tax is levied at rates that range from 0.1% to 0.3%, depending on the type of
property. Both buyers and sellers of real property are subject to a transfer tax of 4% (2% for
each party).
Gifts are taxed at progressive rates from 10% to 30% and inheritances between 1% and
10%.

There is no wealth tax in Turkey.

V.A.T. is levied at a 18% rate. Reduced rates of 8% and 1% may apply for certain goods and
services.

With regard to corporate taxation, resident entities are subject to a 20% income tax on their
worldwide income. To learn more about the Turkish corporate legal framework, taxes and
tax treaties, check out incorporations.io/turkey.

This should not be construed as tax advice. Flag Theory | Passports.IO has access to a global
network of qualified attorneys and accountants who can give you the proper advice for your
particular circumstances. Contact us for further information.

Property tax Yes

Transfer tax Yes
Inheritance tax Yes
Net worth tax No
CFC law Yes

Tax residency days 183

Personal income tax rate 35%
Capital Gains tax rate 35%
Investment income tax rate 17.5%
Territorial taxation No

Procedures

Flag Theory | Passports.IO and our attorneys in Turkey, will guide you through each step of
the process to ensure that it is as fast, efficient and pain-free as possible.

First, we will carry out a due diligence check on you to ensure that you are eligible.
4/5
If required, we will provide you access to our network of developers and real estate agents
in Turkey in order to find the property that best suits your needs. We may introduce you to
banks in order to open a bank account and transfer your funds.

Alternatively, we may incorporate your company and introduce you to banking options, so
you can start your business.

Once you have purchased the property or set up your business, we will prepare all the
documentation required to apply for the residence permit and handle all paperwork with
the Ministry of Interior. We will send you the application forms, and provide assistance to
complete the questionnaires.

After that we will submit your residency application to the Ministry of Interior.

The application should be processed in a maximum period of 3 months. After your

application is approved, you will receive your residence visa. Then, you will need to travel to
Turkey within 6 months of its issuance, otherwise it may be cancelled.

For further information on the Turkish Residence permit, contact us for a free private
consultation.

5/5