Why should you invest in property in Turkey?
Turkey is now one of the world’s top emerging economies and the country’s economy has gone from strength to strength. Investor confidence is at an all time high thanks to high influx of investors, immigrants and property buyers, a high GDP and a young, property-hungry population. Mediterranean property in Turkey and Istanbul real estate is now some of the most sought-after in the northern hemisphere.
How should you buy property in Turkey?
The Turkish government has recently taken steps to make the Turkish property buying process faster and easier faced with growing numbers of overseas buyers, it’s best to be armed with the latest up-to-date information to guide you through the steps you’ll need to take to buy property in an unfamiliar country, although it’s easier than ever before to buy a home in Turkey. To ensure your purchase goes without a hitch, our step-by-step guidance to buying real estate in Turkey will show to you exactly what you’ll need to do. answer.
Who Can Buy Property in Turkey?
Thanks to a game-changing amendment to legislation which lifted restrictions and increased the number of nationalities who can now buy homes in Turkey to 129, Turkish real estate is now available to the citizens of more countries than ever before. The relaxed laws have prompted an increase in overseas buyers of property.
What are the costs of buying property in Turkey?
Stamp duty, solicitor fees, the agency fee and other miscellaneous costs of buying property in Turkey can add up. Allowing for an extra 7% on top of your property value is recommended.
How to get citizenship by investment in Turkey?
Foreign buyers are now eligible for Turkish citizenship with every purchase of a $250,000 property. Business owners and investors have other options too.
Essential information on Turkish Title Deeds (TAPU)
One important document denoting ownership of the property is a Turkish title deed, known in Turkey as a TAPU. They include information about both the property itself and the owner. The Tapu and Cadastre General Directorate supplies, registers, and archives them. You can find out all you need to know about Turkish title deeds here.
Taking care of your new home in Turkey – how much will it cost?
You need to know how to go about managing and maintaining it now that you have happily bought your new home overseas. A poorly maintained property, like any other asset, will lose its value faster than you can imagine, while a well managed property appreciates in value. But good news! Management & maintenance of holiday homes in Turkey is not expensive. You can appoint professional management companies, these will provide necessary services from as low as Euro 600 per annum for apartments,
How do you buy property in Turkey through a company?
Due to certain advantages, a number of people choose to buy a Turkish property through a foreign company. Others take this route if they’re not from one of Turkey’s recognised reciprocal countries. Either way, if you choose to take this option you’ll need to carefully consider the implications of operating a limited liability company in Turkey and the steps you’ll need to take. Read our guide for more information.
Should you use a solicitor to buy property in Turkey?
By simply hiring a solicitor most people who find themselves victims of property scams in Turkey could’ve avoided financial stress and ruin. You will not only save time and ease the way towards completing your property purchase by employing a reputable solicitor, you can avoid the pitfalls many buyers fall into. Read our guide to find out how to find a reputable professional and the full advantages of hiring a solicitor in Turkey.
Granting your solicitor power of Attorney in Turkey?
It will be necessary to grant your solicitor power of attorney to complete the property buying process from your home country. Acting on your behalf, your solicitor will take the necessary steps to complete your property purchase.
Permits for residence in Turkey
Turkish home buyers are now granted an automatic year-long residence permit in Turkey as part of the government‘s bid to ease the buying process for overseas property buyers. You can renew your permit after your initial year is completed and then you can obtain a permit lasting as long as five years. The process to obtain a residency permit is relatively easy and simple. We can process the same for you.
Permits for work in Turkey
If they wish to work in Turkey, all foreigners must obtain a work permit. Your company is required to sponsor your work permit, but it‘s possible to get started while you‘re still at home. To find out which jobs and professions are restricted for overseas workers, as well as the process by which a work permit is obtained, discuss with us.
How you should set up a business in Turkey
Growing numbers of entrepreneurs are combining their Turkish home purchase with new business ventures and Turkey is attracting large amounts of foreign investment. Setting up a business in a new country can be troublesome. You will need to do your homework concerning how Turkish laws, taxes and culture differ from your own. We can guide you how to set up a limited liability company and our tips are helpful for easing your transition to working in a new country.
Should you bring your car into Turkey
Costs of your vehicle, including fuel and road tax can reach eye-watering proportions, costing around three times the amount you‘re paying back home, hence cars are considered a luxury item in Turkey. Many overseas property buyers think they can drive their cars for use in Turkey from their home country to Turkey. This is generally not the case however. Weigh up the pros and cons of buying a car in Turkey or importing one from home.
How to calculate income tax on Turkish property?
You‘ll need at least a working knowledge on Turkish income tax laws, and how they apply to you as a foreign buyer if you're buying Turkish real estate. It‘s essential you have some understanding of tax law if you‘re setting up a business in Turkey or planning to earn rental income from your property. To understand the different categories of tax in Turkey you need to discuss with us.
Capital gains tax when you sell Turkish property
If you sell your property within five years of the purchase date you’ll incur the capital gains tax. After the sales value is declared you will be taxed on any profit you make. Find out whether there are any exemptions or clauses you need to be aware of before you sell your home as well as the ins and outs of this tax from our guide.
VAT exemption if you buy property in Turkey
When buying in Turkey Value Added Tax (VAT - known in Turkey as Katma Deger Vergisi) can be a considerable expense for foreign investors. Currently, there is a concession in place that means foreigners do NOT have to pay VAT on their Turkish real estate investments.
A Turkish property inspection trip is a chance for you to not only discover if Turkey's culture and way of life is suitable for you and your family, but to find your dream home. We'll introduce you to the best possible properties for your budget and help you to explore the local area. Our insider knowledge and experience will assist us to give you up-to-date and accurate information on not only ins and outs of the local economy and lifestyle but the area‘s real estate.
Virtual Property Tour
For those who want to view properties from the comfort of their own homes thanks to advances in modern technology, we are now pleased to be able to offer Virtual Property Tours. This service includes legal matters needed to get your property purchase completed online, a consultation, virtual trip to see the sights of the city, a guided walkthrough of carefully selected properties, and all.