Turkey is known as a popular destination for foreign property buyers. So far, one of the main advantages of buying property in this country has been obtaining residency for buyers with an investment in property worth $200,000. However, many property residencies have been invalidated without notice to individuals. Stay with Sands & Sands to understand the reasons for the invalidation of Turkish property residency by the government.
Recent Changes in Turkish Property Residency
In the latest changes to Turkish residency law, the government of this country has imposed new restrictions on obtaining residency through property purchase. According to these changes, property buyers must reside in their property. The Turkish government now also scrutinizes residency addresses precisely, and if residency is issued on a property, it is expected that the buyer resides in that property.
Consequences
Since residency is invalidated if not residing in the specified property, buyers must be aware of this issue. Failure to comply with these regulations may result in heavy fines or even deportation from the country. Therefore, buyers intending to obtain residency through property purchase must consider this matter carefully and reside in the specified property.
Recommended Actions
Given the recent changes in Turkish residency law, property buyers are advised to receive reputable legal and financial advice before making any decisions. Furthermore, ensuring a full understanding of the laws and regulations related to residency and investment in Turkey is crucial. Additionally, maintaining documents related to residency and property purchase to provide them to the relevant authorities if necessary is of great importance. These actions will help buyers stay informed about legal changes and prevent problems that may arise in the future.
Conclusion
Ultimately, buyers must carefully study the conditions and regulations related to residency and investment in Turkey and take all necessary measures to comply with laws and regulations. It is also recommended that if residency is issued on a property, they must reside in that property to ensure their legal status. By following these guidelines, property buyers can benefit from the advantages of residency in Turkey and prevent any problems resulting from legal changes. For further information, contact our experts in Turkey if needed.
