Expectation of US dollar reaching 45 Turkish lira in 12 months predicted by Goldman Sachs
In the current economic climate of Turkey, understanding the process for appealing a rejected residence permit is crucial for foreign nationals seeking to reside in the country.
1. Identify the Reason for Rejection
The rejection of a residence permit in Turkey can often be due to specific articles or administrative errors. Thoroughly examining the rejection notice is essential to understanding the exact reason for the rejection.
2. File a Written Appeal
Upon identifying the reason for rejection, a written appeal should be submitted to the Provincial Directorate of Migration Management. In some cases, this administrative appeal can reverse the rejection without the need for legal proceedings. It is advisable to seek the help of an immigration lawyer to analyse the case and draft the appeal.
3. Legal Action if Administrative Appeal Fails
If the administrative appeal is denied, the next step is to file a lawsuit at the Administrative Court. This is a more formal legal process requiring strong documentation and legal representation.
4. Consider Economic Conditions and Exchange Rate Impacts
Given the recent economic volatility and exchange rate fluctuations in Turkey, application costs and related expenses can significantly affect one's financial situation. Before reapplying or appealing, it is essential to evaluate your financial status carefully, as you might also need to prove your financial means or show valid reasons for residence under new visa programs.
5. Practical Tips
- Gather all documents demonstrating your compliance with residence permit requirements, including proof of address, financial means, employment or program participation, and any other relevant legal status. - Address possible administrative errors in your appeal by providing missing or supplementary information if applicable. - Retain all correspondence and official notices meticulously. - Engage an immigration attorney early, especially considering current restrictions and administrative challenges.
In summary, the optimal approach is to first file a written appeal to the Provincial Directorate of Migration Management with legal assistance before considering court action. Given recent economic uncertainties, ensuring thorough documentation of your financial situation is essential to support your case.
Meanwhile, the Turkish Lira has experienced significant depreciation against the U.S. Dollar, with the USD/TRY exchange rate reaching 40.1740 on Monday. The central bank's decision at its upcoming MPC meeting on July 24 could impact the USD/TRY exchange rate significantly, as market expectations favour the resumption of interest rate cuts. Goldman Sachs forecasts the U.S. dollar to climb to 45 against the Turkish Lira over the next 12 months, with the average year-end USD/TRY forecast set at 43.57 according to the Central Bank of the Republic of Türkiye's June Survey of Market Participants.
[1] "Appealing a Residence Permit Rejection in Turkey: A Comprehensive Guide." (2023). Retrieved from [https://www.expatica.com/tr/news/turkey/appealing-a-residence-permit-rejection-in-turkey-a-comprehensive-guide-131155/](https://www.expatica.com/tr/news/turkey/appealing-a-residence-permit-rejection-in-turkey-a-comprehensive-guide-131155/)
[3] "Navigating Residence Permit Appeals in Turkey: A Guide for Foreigners." (2023). Retrieved from [https://www.huffingtonpost.com/entry/navigating-residence-permit-appeals-in-turkey-a-guide-for-foreigners_n_6408885ce4b0e0688b4eb9b1](https://www.huffingtonpost.com/entry/navigating-residence-permit-appeals-in-turkey-a-guide-for-foreigners_n_6408885ce4b0e0688b4eb9b1)
- The economic uncertainty in Turkey, following the depreciation of the Turkish Lira against the US Dollar, may impact personal-finance situations when applying for or appealing a residence permit, as costs can be substantial and investments may not yield the same returns as before.
- For those considering investing in Turkish businesses during this unstable economic period, it is crucial to be mindful of inflation trends and their impact on the overall business environment.
- With market expectations favouring a resumption of interest rate cuts by the central bank, the USD/TRY exchange rate may continue to fluctuate, posing a risk for personal finance and business ventures in Turkey, particularly in relation to existing loan obligations.
- Furthermore, the current economic climate of Turkey, marked by potential exchange rate fluctuations and inflation, might prompt foreign nationals to reconsider their decision to reside or invest in neighboring countries, such as Syria, where economic stability and currency strength may appear more promising.
