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Turkey

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 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, you 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 legally 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 of 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
to have not been convicted, not to have any serious disease and have sufficient income to support yourself and your dependents. In addition, you must attend to 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 document issued by the Social Security Institution or document regarding the application made to the Social Security Institution to 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

Country details

Turkey
TRY
90
Ankara
Asia
Turkish
77804122
The Republic of Turkey is a transcontinental country located in the crossroads between Europe and Asia, that extends across the Anatolian and Thracian peninsula in the Balkans area. It borders to the northeast with Georgia, to the east with Armenia, Iran and Azerbaijan, to the north with the Russian territorial waters in the Black Sea, to the northwest with Bulgaria and Greece, to the west with the Greek islands of the Aegean sea, to the south with the 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 has been 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, Roman Empire, 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

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Taxes

To be a tax resident in Turkey, an individual must have its 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 TRY 110,000.

Capital gains are subject to personal income tax, except 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 is usually 50% tax-exempt, those from non-resident entities are fully taxable. A minimum tax-exempt threshold may apply.

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 rules. This means that profits retained in foreign entities owned deemed to be controlled by tax residents, may be attributable if certain conditions are met.

Real property tax is levied at rates that ranges from 0.1% to 0.3%, depending on the type of property. Both buyer and seller of real property are subject to a transfer tax at 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 to 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 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, pain free as possible.

First, we will do a due diligence check on you to ensure that you are eligible.

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 should travel to Turkey within 6 months of its issuance, otherwise it may be cancelled.

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

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