As someone who has called the beautiful shores of Akbük home for the last two decades, I have seen firsthand how securing a Turkish residence permit, or Ikamet, can completely transform your expat journey. Whether you are looking to retire in our tranquil bay, start a business, or simply enjoy the Aegean lifestyle, understanding the ins and outs of the residency process is your first step to a secure life in Turkey.
Every year, Turkey issues over one million residence permits to foreigners, allowing them to live, invest, and in some cases, work within this vibrant country. With the transition to online applications, the Turkish Migration Service has streamlined the process, which now typically takes between one and three months. From short-term tourist permits to long-term residency, the options are designed to accommodate various lifestyles. Let’s dive into the major benefits and requirements of securing your residency here.
The Business and Investment Landscape in Turkey
Turkey’s unique geographical position bridging Europe and Asia makes it a goldmine for entrepreneurial expats. Over the years, I’ve watched key sectors like the pharmaceutical, chemical, food, textile, leather, and construction industries experience massive growth. The country is home to global giants such as ENKA (renowned for major international construction projects), the famous Efes group, and the massive industrial conglomerate Koç Holding.
To encourage foreign investment, the Turkish government has greatly simplified the business registration process. To set up your own company here, you will need a Turkish Tax Identification Number (TIN), your passport, a company charter, a receipt for the state registration fee, and a bank statement showing your initial capital. The entire application is submitted to the local Chamber of Commerce and Industry, and you must open a corporate bank account in person.
Unbeatable Cost of Living Compared to Europe
One of the primary reasons so many of our fellow British expats choose Akbük and Didim is the remarkably low cost of living. According to global database Numbeo, which compares consumer prices, rental costs, utilities, and transport across 139 countries, Turkey ranks an incredibly affordable 130th. To put that in perspective, Switzerland leads the index as the most expensive, while France ranks 19th, Germany 34th, and Russia 101st.
Renting and maintaining a home here is significantly cheaper than in the UK or the EU. While city centre apartments in Istanbul or Izmir average between $210 and $380 per month, coastal regions like Akbük offer exceptional value for money, allowing your pension or foreign income to stretch much further.
Securing Mortgages and Property (TAPU) as a Foreigner
For those looking to transition from renting to owning, foreign residents holding a valid Ikamet can apply for mortgages under Turkish law. Data from the Turkish Statistical Institute indicates a steady rise in foreign property ownership, particularly among European, Middle Eastern, and Russian buyers.
Turkish banks offer various mortgage structures. For instance, Halk Bank provides housing loans for up to 15 years, while Deniz Bank offers options with a 20% down payment and terms stretching up to 25 years. To secure a mortgage and obtain your official title deed, known locally as the TAPU, you will need to present your TIN, a notarized passport copy, bank statements from the last three months, proof of income, and an independent property valuation report.
World-Class Healthcare and Medical Tourism
Turkey’s healthcare system is highly advanced, with the government allocating around 5% of its annual GDP to healthcare services. This has turned the country into a major hub for medical tourism. Many top-tier clinics hold the prestigious Joint Commission International (JCI) accreditation, proving they meet the highest global standards.
Expats have access to elite institutions such as the Koç University Hospital, which specialises in complex cardiovascular and musculoskeletal treatments. Other leading facilities include the massive Medipol University Hospital in Istanbul and the private Liv Hospital network in Ankara and Istanbul, which is famous for its state-of-the-art robotic surgeries and oncology departments.
Who Can Apply for a Short-Term Residence Permit?
If you plan to stay in Turkey for more than the standard 90-day tourist visa limit, you must apply for a short-term residence permit, which is typically valid for up to one year. This option is perfect for those exploring the country, receiving medical treatment, learning the Turkish language, or conducting initial business negotiations.
The most common route is the Tourist Residence Permit. To apply, you must submit a detailed travel itinerary, proof of accommodation (such as a rental contract or hotel bookings), and pay an administrative card fee of approximately 356 TL, alongside a country-specific tourist tax. If you are applying for medical reasons, a formal contract with your treating clinic and proof of payment will be required to secure your stay.