Real Estate

5-year residence visa ‘Turquoise Card’ proposal for foreigners who buy property in Turkey

Real Estate International Promotion Association (GIGDER) submitted its “Turquoise Card Arrangement” proposal to the Ministry of Environment and Urbanization, where foreigners can obtain a residence permit for a long time if they invest more than a certain amount.

According to the statement made by GIGDER, the association which announced Turkey’s first comprehensive research to the public in February, revealing the tendencies and expectations of foreign real estate investors, continues its efforts to increase the foreign investor potential in the sector.

Taking action to increase the potential of foreign investors in real estate, GIGDER made a new regulation proposal to the Ministry of Environment and Urbanization to pave the way for the sector.

GIGDER has proposals such as “preparing new reports investigating the immigration policies of rival markets”, “organizing a virtual roadshow in Iran” and “holding an ‘international real estate summit’ event every year in Istanbul” to increase its sales to foreigners.

GIGDER Chairman Omer Faruk Akbal, whose evaluations regarding the proposals in the statement, stated that they submitted a proposal to the ministry to make a regulation in which foreigners in Turkey can get a residence permit for a long time if they invest more than a certain amount.

Akbal said, “Our proposal is to ensure that a foreigner who invests a minimum of $100 thousand can obtain a 5-year residence permit with the Turquoise Card that they will obtain.” Akbal talked about the importance of granting a long-term residence permit to the investor, his spouse, and children under the age of 18.

“We aim to organize promotional activities for Asian and African countries”

Akbal stated that it is not possible to consider the promotional activities in the real estate sector apart from the promotional activities in many fields such as Turkey’s health, education, life, and culture, and therefore, they will concentrate on promoting activities in Turkey and encouraging the country.

Noting that they will examine the opportunities offered by countries such as Malta, England, and Spain in real estate sales with their research and reports, Akbal gave the following information:

“In the upcoming period, we will organize virtual fairs and roadshows for the markets where Turkey raises awareness. For example, we have a virtual roadshow plan for Iran. We aim to organize promotional activities in Asian countries such as India, Indonesia, Malaysia, and Pakistan, which are among the potential markets for Turkey, and Africa. And organizing an international real estate summit in Turkey. We will position this event in a way that will attract the attention of all international real estate players in the world to Istanbul and turn Istanbul into an international real estate investment center.”

Akbal stated that they wish to organize this event, where speakers and organizations of international importance in the field of real estate will be invited, under different topics every year.

Source: AA / Translated by Irem Yildiz

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