FAQ about Ownership in Turkey- Everything You Need to Know
FAQ About Ownership in Turkey
FAQ about Ownership in Turkey- Everything You Need to Know
Table of Content
- Q1: Can Foreigners Own A Property in Turkey?
- Q2: What are the Steps for Buying a Property in Turkey?
- Q3: What is the Tax Number? How to Acquire it?
- Q4: Is it Possible to Buy a Property Bankrolled by an Islamic Bank?
- Q5: What is The Maximum Owned Properties Allowed in Turkey?
- What is the Period of Ownership of Property in Turkey?
- Q6: What are the Required Documents from Country of Origin to Own in Turkey?
- Q7: Do I Need a Visa to Enter Turkey? How Long is the Turkish Visa Valid?
- Q8: Is it necessary to obtain a residence permit before buying the property
- in Turkey?
- Q9: What is the Banking Method for Transferring Money from Country of Origin to Turkey?
- Q10: What is the Average Price of the Property in Turkey? Is There an Installment Method?
- Q11: Can you Authorize Someone to Manage Real Estate Affairs in Turkey?
- Q12: What are the Due Expenses Other than the Property Price in Turkey?
- Q13: Is there any Property Insurance Against Earthquakes in Turkey?
- Q14: How to Register for Gas, Water, Electricity and Pay Bills in Turkey?
- Q15: How to Benefit from the Property and Invest it When you are Abroad?
- Q16: What are the Procedures for Selling a Property in Turkey?
- Q17: Is it Possible to Bring my Car and Register it in Turkey?
Q1: Can Foreigners Own A Property in Turkey?
Yes, they do. The Turkish Parliament has issued a decree in September 2012, which gives the foreigners the right of ownership in Turkey, without taking into consideration the principle of reciprocity.
Q2: What are the Steps for Buying a Property in Turkey?
First: choose the right property and prepare the following documents:
- A copy of the land registry (title deed) or instrument.
- A legal location description or a copy of the property location from the municipality plan.
- (PIN) the property identification number in the municipality plan (for lands).
Second: get a tax number from the tax department, and that is a very easy process.
Third: translate the passport into the Turkish language, authenticate the translation at the notary, and get 4 personal photos.
Fourth: sign the purchase contract with the seller and pay a deposit, which prefer not to be more than 25% of the purchase value conditioned by the approval of the security authorities. The paid deposit is often 25% of the property value, while the remaining amount is paid after finishing the transfer process of ownership to the buyer through the competent authorities and after getting the buyer the approval of the region management and the security agencies.
Finally: apply for transfer land ownership request to the security authorities and please know that the approval of the security takes a period of time that ranges from 1 to 45 days. We advise not to pay the full amount before receiving the Title Deed, and never before that. Go with the seller to the Land Registry Department (instrument) when the approval is issued, and it is better to take an interpreter with you to make sure of the validity of the data, the property identification number (PIN), and the area of the property.
The payable expenses by the customer and the seller are the buying and selling tax, which is almost about 3% of the property value in addition to the tax of exchange for a bill of the property value, which is 1% of the property value and this is paid by the buyer.
Q3: What is the Tax Number? How to Acquire it?
Tax number in Turkey (vergı numarsı) is a number of your own; you are sometimes asked for it in legal and official transactions or when opening a bank account in Turkey. You can get this number, regardless of the existence of the residence permit in Turkey, easily through the following:
- You must get a copy of your passport and provide your address in Turkey.
- Go to the nearest tax directorate (vergı müdürlüğü) in your region and ask for a tax number.
- In the tax directorate, they will enter your data into the system and give you a card with a tax number of your own on it.
Q4: Is it Possible to Buy a Property Bankrolled by an Islamic Bank?
Yes, it is possible if the bank in your country accepts to buy the property and then pays in installments to the owner in Turkey.
Q5: What is The Maximum Owned Properties Allowed in Turkey?
For the citizens of the Arab Gulf countries, the number of properties is unlimited. Moreover, more than one person can own the same property.
What is the Period of Ownership of Property in Turkey?
Concerning the period, on average, after choosing the right property, the purchase process does not take more than 3 days, yet the transfer of the ownership to the buyer needs two months at most.
Q6: What are the Required Documents from Country of Origin to Own in Turkey?
Only your passport.
Q7: Do I Need a Visa to Enter Turkey? How Long is the Turkish Visa Valid?
Yes, you do. You can get a visa either at the airport or when you go to the Embassy of the Republic of Turkey in your country.
The visa lasts for three, subject to renewal, months. Moreover, you can get a six-month residence permit, which is also subject to renewal.
Q8: Is it necessary to obtain a residence permit before buying the property
If you are planning to buy a property immediately, there is no need to get an official residence permit because you can get a two-year, subject to renewal, residence permit after owning the property, and that would be for you and for each of your family (Wife and children aged under 18 years). However, if you stay more than three months and you did not buy a property, you can get a six-month, subject to renewal, residence permit.
Q9: What is the Banking Method for Transferring Money from Country of Origin to Turkey?
You may open an account at any Turkish bank very easily and then transfer money. You also may open an account at any Gulf Turkish participation bank such as the Kuwait Turkish Participation Bank (Kuveyt Türk Participation Bank) or in its branches such as Kuwait Finance Bank in Kuwait, and then you may ask for money as if you are in your home country.
Q10: What is the Average Price of the Property in Turkey? Is There an Installment Method?
The price of a property varies from one city to another and from a district to another within the same city, but on average, it is fair to say that you can own a good apartment for 60,000 $. And yes, the installments system is available in Turkey.
Q11: Can you Authorize Someone to Manage Real Estate Affairs in Turkey?
Yes, you can by authorizing your attorney in your country, translating the authorization (sworn translation) and getting it authenticated by the Turkish Embassy in your country.
Q12: What are the Due Expenses Other than the Property Price in Turkey?
The owner shall pay the real estate broker 3% of the property value, and also shall pay the purchase tax, paid for one time, which is 3.9% of the total value of the property.
Q13: Is there any Property Insurance Against Earthquakes in Turkey?
Yes, they are. Property insurance against earthquakes is available by international branches of known insurance companies.
Q14: How to Register for Gas, Water, Electricity and Pay Bills in Turkey?
You have to go to gas, water, and electricity companies, pay a nominal amount insurance, and register meters respectively on your name. We, in Imtilak real estate may help you through real estate management service.
Q15: How to Benefit from the Property and Invest it When you are Abroad?
You may either rent the property or offer it for real estate investment, and the renter can transfer the monthly payments to you via the bank.
Q16: What are the Procedures for Selling a Property in Turkey?
If you wanted to sell your property before five years from the date of purchasing, you have to pay a tax that is about 20% of the net profits for the Turkish tax department. However, if you wanted to sell it after five years, there are no taxes. Procedures also vary if the property owner is a company, not an individual investor.
Q17: Is it Possible to Bring my Car and Register it in Turkey?
Yes, but the car entrance shall be through either land border crossings or seaports. That would happen without paying any taxes, on condition that the car leaves Turkey within six months. Otherwise, you have to pay a tax.
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