Costa Coffee: Franchise Opportunity

In the past, owning property in Turkey was not an element of qualification to get a Turkish residence permit . Foreign nationals were previously allowed to stay for 90 days without a residency permit . Following the revision in the law governing residency rules and regulations for foreigner’s property buyers from other nations are granted a year-long residency permit that could be extended indefinitely if the individual remains in the possession of the property acquired in Turkey . Among this new law, Turkish Government extended the duration of the initial residence permit from the three months to up to one year for foreigners buying property in Turkey . This legislation is, in a way, a supplement to the law concerning the sale of real estate to foreigners, eliminating the reciprocity requirement and, at the same time, increasing the limit on the size of land that foreigners are able to buy to 30 hectares. Presently, citizens of 183 nations can purchase property in Turkey . Among these countries are Russia, the Gulf States and the republics of Central Asia. The serious rise in real estate purchases by foreign nationals which has been expected in the sector is now considered to be imminent with the introduction of this new residency permit . Now, foreign nationals are be able to stay in the properties they have bought for long periods. The law states as follows: Residency permits of 1 year will be given to foreign nationals owning property in Turkey .This 1 year residency permit will be extended for periods of 1 year at a time subject to the property not having been sold. Individuals who wish to take advantage of this permit will be required to provide details of the property they have purchased and the address where they will reside.Individuals may be requested to bring details of their police record from their own country. There are several kinds of residence permits in Turkey . The foreigners need to apply for a Short Term Residence Permit when they buy a real estate in Turkey . The duration of the Turkish Short Term Residency is 1 year. Regarding the reciprocity principle the Foreign Ministry of Turkish Republic have right to change the duration of the residence permit . The residence permits should be renewed 1 month prior to the expiry date and not later than 15 days after the expiry date of the existing residence permit . Foreigners from different countries have bought so many properties across Turkey since the reciprocity law came into effect. The government aims to boost foreign investments in the real estate sector further by backing the reciprocity law and expanding the period of staying in Turkey with a tourist visa as well as easing the procedures for a residence permit .

The TRNC has the same legal system as Great Britain, making it comfortable and comprehensible place to purchase property. It is necessary to hire a local solicitor in Northern Cyprus when buying property, as he or she will need to submit certain applications for you as a foreign purchaser. Most foreigners are approved quite easily, after a complete criminal record check has been performed. There are many reputable solicitors, including those recommended by the British Residents Association here in Northern Cyprus. The solicitor’s role is to advise you, provide checks on the company you are buying from, to apply for your permissions to buy a property in the Turkish Republic of Northern Cyprus as a foreigner, act as your Power of Attorney in your absence, confirm title deeds and all governmental documentation and ensure a proper Contract of Sale is made between Buyer and Seller that is in your best interest. There are two main types of title deeds: (1) Turkish Title Deeds This is a Northern Cyprus property Turkish Cypriots owned prior to 1974. This is an internationally recognised title deed free from any claims. Foreigners are limited to one dönüm per person (husband and wife count as one person unless they have different surnames). There are a number of checks to be carried out by the Council of Ministers. (2) TRNC Freehold This is a freehold title deed recognised by Turkey and TRNC. It consists land that was either left in 1974 or exchanged with land in the South after 1974. When buying new property built after 1974 or is an off plan purchase, there is not a chance that your actual property can be claimed.