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Taxes In Turkey

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Taxes In Turkey

FAQ | Questions Answered About Property in Turkey

Question: If I buy property, will I get a residency permit in Turkey?

Answer: If a foreigner owns a property in Turkey, he / she obtains a residence permit which is renewed annually if he / she retains the property. For more information , please read the detailed Residence Permit page.

Q: Do I need a residency permit to buy a property in Turkey?

A: No! No. Without the residency permit you can buy property in Turkey.

Q: I’m going to buy an apartment soon. Which papers do I need to bring in from my country before?

A: We just need your passport. Afterwards, all the appropriate documentation will be prepared according to your passport upon purchase.

Q: I want to open a Turkish bank account. How do I get to open a bank account?

A: You need to have a tax number and proof of address. If you intend to come to Turkey, provide proof of address where your address and name are written on the bill. According to the banking legislation, an electric, water or internet bill that shows your address and name must prove your address.

Q: How do I obtain Turkish citizenship?

A: 1- Fast way to purchase property worth 400,000 USD or more

2- Buy any valued property and hold it for 5 years with your residency permit being renewed.

Q: How do I buy real estate in Turkey?

— Call Azad to arrange a tour rendezvous.

— Select the best option for tour viewing.

— Agree on the terms of sale.

— Pay an amount of token after signing a sales contract. Sales contract includes descriptions of the terms of payment, bank info, date of completion, main delivery, title deed delivery and general terms and conditions.

— Azad will keep track of your tapu delivery and all sales contract conditions.

— If your circumstances require, you may leave us the Attorney’s Office to finalise all the necessary paperwork.

Q: Are there lawyers in Turkey who speak English?

A: Indeed, Istanbul is home to independent English speaking lawyers. If you request, we can present them to you during your viewing trip.

Q: What amount of money do I need to spend excluding the price of the property?

A: When purchasing land, there are many costs. Check out this page on buying expenses.

Q: What maintenance fees will I expect to pay?

A: Repair costs vary from one complex to another. Please ask the estimated maintenance cost when buying a home.

Q: What sort of proprietary paper do I need?

A: In Turkey the title deed is referred to as TAPU.

Q: Who is permitted to buy property in Turkey?

A: Citizens of each country may purchase property in Turkey excluding countries which are not recognized diplomatically by Turkey (such as Armenia, North Korea and Syria)

Q: What is Tapu?

A: The Tapu is an official Turkish registry document. It proves you have rights of ownership over the land. This Register of Ownership is your Land Registry and Cadastre Directorate registry.

Q: What is the evaluation report?

A: The valuation report is a chart showing the real price of a property you buy or sell. When one buys a property, Land Registry and Cadastre requests a verified assessment report from CMB (SPK in Turkish) before the transfer of title deed to secure the deal against fraud. It takes 3-6 days for that process.

Q: Can I set up an investment business abroad on behalf of my firm?

A: Yes. We’ve experienced this already several times before. We have set up investment firms owned by your private company abroad in Turkey.

Q: How much tax do I have to pay?

A: You pay the municipality the ‘annual property tax.’ In addition , the water bills incorporate environmental tax and income tax.

Q: How do I safeguard my property?

A: Ask employees at Azad to help ensure your property is at maximum risk.

Q: What services is Azad offering?

A: You can visit the overview page before and after the sales services.

Q: Will my firm buy property abroad in Turkey?

A: Restrictions are imposed on selling the property to foreign companies. If you invest in a factory or industrial production you may own your foreign company. Foreign companies are not allowed if you only want to buy and sell a property. The province ‘s governor committee would determine whether a company will own property or not.

Q: Could foreigners in Turkey loan money?

A: Yes, in two respects. The bank loan or long-term payment contract from building firms where you can buy a home with credit without the paperwork being prepared. See all apartments for sale with plan of payment here

Q: How much deposit will be needed if I buy an apartment under construction? May I get to pay in instalments?

A: After signing the deal, you pay about USD 5,000 reservation fees. Most developers give on-stage payments such as the completion ratio of each stage of development. Circumstances may vary between one developer and another. You need to ask for a certain response to the payment plan table of each deal from our agent.

Q: Can anyone in Turkey sell real estate?

A: Okay. Sadly, in tourist regions of Turkey, hotel receptionists, waiters, taxi drivers, jewellery dealers are the most well-known property sellers!). Please be mindful that these hunters are tourists. Purchase real estate from professional agencies and established firms. Azad is a certified real estate firm with the Chamber of Commerce of Istanbul.

Q: What is the service fee for real estate agents?

A: If you purchase a property from a real estate broker, registered and licensed real estate agents are entitled to receive 2 per cent service charge over the property ‘s actual sale price separately from both the buyer and the property owner.

Q: Why do I need to use a real estate agent?

A: Purchasing an Azad apartment has several advantages: firstly; you see a wide variety of properties that suit your budget and standards of quality. Secondly; you consider the variations between different developers of property, and not just one construction company. Third: you get the advantage of our experience, safe purchasing process and excellent after-sales facilities.

Q: Is there the practice of negotiating to buy a property?

A: Bargaining depends on the behaviours of the officers. Because each property has different owners, some compromise and others do not. Many mega project owners in Istanbul aren’t bargaining on costs.