Turkish property law is one of our areas of expertise in which we provide boutique services to our foreign clients who are intending to buy a property in Turkey.
Are foreigners eligible to buy property (real estate) in Turkey?
Turkish property law allows foreigners to buy property in Turkey subject to a permission granted by Ministry of Defense. However; it should be noted that this is procedural in almost all of the cases except some cities and defined areas. In addition, there are very few countries whose citizens are not allowed to buy a property in Turkey on the basis of reciprocity. Please contact us at firstname.lastname@example.org check whether you are eligible to buy a property or not.
What should foreigners be aware before buying a property (real estate) in Turkey?
Foreigners who will buy a property in Turkey is strictly advised to use a law firm in Turkey advising in real estate law. It is important to carry out the below due diligence before buying a property (real estate) in Turkey.
- To check the validity (whether it is free or clean) of the title before the relevant land registry Office
- To check the relevant documents before the municipality,
- Getting a report including the evaluation of the property
- Reviewing the sale contract,
CA Law Firm provides property law advice in Turkey and also represent foreign clients in meeting with sellers and handling the legal issues until the transaction is completed. Our Turkish lawyers are also attending at the transfer of title deed before Land Registry.
Can a foreigner buy a property without coming to Turkey?
Yes. Foreigners can buy property in Turkey without being present but providing a power of attorney to our CA Law Firm.
What are the tax implications for foreigners buying a property in Turkey?
There are three main taxes that should be known by foreigners before purchasing a property in Turkey.
First one is the stamp dutywhich is payable at the time of the purchase. Stamp duty ariseswhen the ownership of the property changes. That is; such tax is payable at registration of title deeds. This tax is 4.4% of the assessed value of the propertyand is legally paid by buyer and seller in equal amounts. However, in Turkish practice it is part of the negotiation and usually in practice paid by the buyer.
Second one arises on a yearly basis after the ownership is obtained. It is called annual property tax. This tax is between 0.6% and 1% of property value
The third one arises as an income tax. Even if a foreigner is not resident in Turkey, still s/he will be subject to an income tax arising from the profit made by the sale of property or from a renting out a property.
Our Law Firm COSAR & AKKAYA advises to foreign clients on Turkish Property Law matters at all stages. Please contact us on email@example.com