Does the Turkish law allow foreigners to invest in Turkey Real Estate? What documents are required? Will I get a loan from a Turkish bank if I am a foreign national? These are some of the many questions that most foreign investors ask when investing in Real Estate Turkey. If you too are a foreign investor and are contemplating buying a property in Turkey then this post will certainly help. In this post, we answer some of the most important questions that every savvy investor has on their mind when purchasing a property in Turkey.
Besides the rural areas and the military zones, foreign investors can invest in any part of the country.
Yes, there are many freehold properties available in Turkey. All you need to do is confirm with your real estate consultant or the property seller before you buy one.
As a property buyer one needs to submit their passport and passport-sized photographs for initiating the property buying process. Once the passport and the title deed are translated in Turkish, the notary public office sends them to the army for verification. The army then verifies all documents and ensure that the buyer has no criminal record and that the property they are buying does not fall in the proximity of any area that is being used (or is intended for future use) by the military.
Once the verification is complete and you receive approval to go ahead for buying the property you shortlisted, you (or your Power of Attorney) need to sign the transfer deed at the Registry Office. Once you are done with the procedure and have paid the property tax, you are become the legal owner of the property.
Yes, there are various other costs that you need to bear. For example, you need to pay the stamp duty, purchase tax, and the real estate consultant’s fee (in case you hired one).
No, you don’t have to pay double tax, provided Turkey has signed a treaty for the prevention of double taxation with your country.
You can set up a bank account in Turkey, and pay your bills directly to the Town Hall. Your lawyer (or your real estate consultant) can help you obtain a tax number for opening a bank account.