Investor Residence Permit Update

Provincial Immigration Administration made a  change in October 2023 regarding the required documents requested in "Investor Residence Permit" applications. According to the new information we have received;

1. In investor residence permit applications for acquiring citizenship by investment, a “Criminal Record Certificate” obtained from the investor’s own country and showing the criminal record will be required.
2. The original document, approved by the apostille or the Turkish consulate, must be submitted in the residence permit application.
3. This document must have been obtained within the last 6 months before the date of the residence permit application.
4. This change is expected to be applied to other types of residence permits in a very short time.
5. It is possible to apply without this document for the currently available investor residence permit applications, and this document will need to be completed within 30  days after the application.
6. We have been informed that this document will also be requested from investors whose residence permit application has been made but has not yet been approved. Investors whose residence permit has been approved or whose citizenship application has been made will be exempted from this change.

Can I still get a Turkish Residence Permit if I Open an LLC Company in Turkey?

While opening an LLC company in Turkey doesn't automatically guarantee a Turkish residence permit, it can certainly facilitate the process in several ways:

1. Work Permit Exemption: As an owner of an LLC in Turkey, you are exempt from the requirement to hire five local Turkish employees in the first year of operation, which is typically a condition for obtaining a work permit. This makes it easier to meet the work permit criteria.
2. Residency Application: You can apply for a residence permit based on your employment with your own company. This pathway is generally smoother than other residency categories.
3. Minimum Capital Requirement: However, there is a minimum capital requirement of TRY 100,000 (approximately USD 5,300) for companies applying for work permits for their foreign shareholders. This means your LLC needs to have sufficient funds to qualify.

Additional Factors:

• Investment Amount: Some sources consider a higher investment amount (e.g., TRY 500,000) more favorable for securing residency approval.
• Business Activity: The type of business your LLC engages in, its economic contribution to Turkey, and potential job creation may also influence the application outcome.
• Professional Assistance: Consider seeking advice from immigration lawyers or consultants specializing in Turkish residency permits for foreign business owners. They can guide you through the complex process and maximize your chances of success.

What Documents do I Need Now to Apply for the Turkish Residence Permit by Opening a Company? 

To get a detailed description of the types of residence permits, check out our blog. For now, we will recap the documents needed when you apply for the Turkish Residency with the updated documents: 

• Residence permit application form from this website. 
• Four biometric photographs according to Turkey's requirements.
• Original passport.
• Notarized copy of the passport or travel document.
• Notarized copy of the rental contract in non-restricted areas, you can check out the restricted areas and state in this link. 
• Evidence of Health Insurance.

There are several ways to get a residence permit in Turkey and one is through buying a property in Turkey, if you are looking to ensure a smooth purchase and investment in real estate in Turkey, send us your details on this link and we will contact you within the hour.