What Kind of Changes Might Turkey Faces in 2024?

Turkey will introduce an innovative type of property insurance.

In 2024, Turkey will introduce an innovative type of property insurance. The DASK policy will replace the mandatory insurance system called ZAS. This new policy provides extended coverage. ZAS includes compensation for natural disasters such as earthquakes, floods, landslides, fires, hurricanes, and more.

The cost of the new policy will depend on the package chosen by the owner: minimum or extended. The compensation amount will be calculated according to tariffs that are still being determined. It is known that the insurance cost will be subject to indexing according to inflation, making it more expensive compared to the DASK system.

Rules for evaluating under-construction properties in 2024 have been modified.

The evaluation will no longer consider the presumed market value of the completed project. The commission will assess the cost of housing based on its current state, such as the excavation stage, frame construction, etc. This significantly reduces the assessed value of unfinished properties, which may affect the ability to obtain residence permits or citizenship through investment.

Tax Increase

Starting from January 1, 2024, there will be an increase in taxes, fees, and fines in Turkey. The reassessment coefficient will be 58.46%. This will affect various taxes (income tax, corporate tax, VAT, SCT, stamp duty, property tax, inheritance and gift tax, vehicle tax), fees (passport fees, driver's license fees, property ownership certificate fee, transfer and registration fees, notary fees, emissions fees, and vehicle inspections), as well as fines for administrative violations and traffic rule violations.

New Tourism Regulations

New regulations are introduced in the tourism sector. To rent accommodation for tourist purposes, one must obtain a license before entering into an agreement. Renting for a period exceeding 100 days to a single tenant is prohibited. It is mandatory to display a sign with permission for tourist rentals issued by the Ministry of Culture and Tourism.

Residence Permit.

In Turkey, the minimum threshold for the cost of real estate required to obtain a residence permit has increased. Currently to obtain the residence permit is $200.000 but previously this amount was $75.000. Therefore, if you want to obtain a residence permit in Turkey, you need to purchase real estate at least $200.000.

Land Purchase Regulations.

In Turkey, it is no longer possible to obtain citizenship for the purchase of undeveloped land. While previously you could purchase a plot of land for construction or agricultural purposes for a minimum of $400,000 and apply for Turkish citizenship but this option is no longer available. To be eligible for Turkish citizenship, you must purchase a plot of land with buildings on it.