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Buyers Guide
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Giving information about anything you will need for buying property, lettings, managements, fees, legal advices, terms&conditions etc....
Already over 1200 European , U.K, Irish Citizens have bought Property in Kusadasi.
BUYERS GUIDE
The system of property ownership in Turkey is based on the title of the property being registered the Land Registry.
Who Can Own Property in Turkey?
First the ‘reciprocity principle’ must apply between the country of the person wishing to obtain acquisition of ownership. In other words, if a Turkish citizen can become the owner of real estate in the UK, then the same right applies to a UK citizen in Turkey.
Selling Property in Turkey
Capital gains made from the sale of a property will be taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for one year. In the UK capital gains may be taxable depending on the individuals situation. Current tax conditions were originally agreed in a double taxation treaty signed in 1986. These were amended in October 1988 and cover the reciprocal agreement in relation to income tax and corporation tax in Turkey and income, corporation and capital gains taxes in the UK.
Property Buying processes in Turkey for foreign citizens are straightforward:
1)
Once you have decided which property to buy you need to sign an "agreement" with the Estate Agency and pay minimum 10% of the price as deposit to reserve it, and stop it being sold by the property owner to somebody else, until the procedures are all done.
A photocopy of your passport, details of your mother's & father's names and 4 passport size photos are needed at this point.
2)
We go to the "deed office" to start the process of buying your property...
3)
In Turkish Republic, the Goverment needs 3-4 weeks to approve your permit to buy property.
4)
As soon as permission is received from the "deed office" we will let you know and you can arrange your flights and come to transfer the property into your name. The Agent + property buyer + property seller goes to the "deed office" to transfer the property with an authorized translator. After you pay the purchase tax ( %0,15 from buyer % 0,15 from seller) and earthquake insurance (these are required) the "deed office" transfers the property to you as the new owner of the property on the land register, and they give you immediately the "TAPU" in the land register which is signed on your name(s). This page in the land register proves you as an owner of the property
Usually transfer of registering is completed in 1-2 hours...
FEES FOR BUYER:
The purchase price specified in the sales contract is not entered in the page in the land register. In Turkey there is a so-called value mirror. This means that the minimum price can be entered in the title deed. This is a legal process which can save you money but of course the actual purchase price can be entered in the title deed if your desire (this means, however, that the vendor and yourself will have to pay a lot more tax on the sale). The entered minimum price does not have any significance in terms of a possible resale. You, as the owner, can determine the selling price.
Sworn interpreter
The presence of a sworn interpreter during the registration at the Land Registry Office is required by law. The translation is confirmed by the interpreter’s signature: Euro 50.-
THE TAPU IS ONLY ISSUED AT THE LAND REGISTRY OFFICE IN THE PRESENCE OF A SWORN INTERPRETER. NEVER ACCEPT A TRANSFER OF OWNERSHIP THROUGH A LAWYER, A NOTARY OR THROUGH SO-CALLED FRIENDS OR ACQUAINTANCES!
What nationalities can buy in Turkey?
Turkey has a reciprocal agreement for the purchase of land and properties with the following countries; Germany, Austria, Switzerland, Belgium, Holland, England, Ireland, Spain, Italy, Canada, Luxembourg, Norway, Australia, France, Greece, and some other African and South American states.
Where in Turkey can foreign nationals buy?
Freehold property or land may be purchased by the above listed foreign nationals, from a Turkish national or another foreigner, provided the property is in the local district.
What documentation will I need ?
Your passport is the only documentation you will need to purchase a property in Turkey.
Do I need to obtain citizenship before I buy ?
No, non citizens and non residents can buy a property in Turkey.
Do I need a visa entering Turkey ?
Yes, most nationalities require a Visa to enter Turkey. This can be obtained at Immigration once you arrive in Turkey - Visitors Visas currently cost € 10 for an Irish National and STG£ 10 for a UK Citizen. Prices vary depending on nationality, so if you hold another passport, please check with your local Turkish Embassy.
How long can I stay in Turkey on the normal Visitors visa?
Visitors Visas are valid for 3 months.
Can I obtain a Visitors visa for a longer period of time ?
Yes, longer term residency visas can be obtained from your local Turkish Embassy prior to travelling to Turkey. They are normally issued for periods of one year. Alternatively you can opt to take a day trip or overnight trip to a Greek Island towards the end of your 3 month period and purchase a new visa valid for 3 months on re-entry to Turkey.
Can I get a mortgage in Turkey to finance my purchase ?
No, Foreign Nationals are not eligible for mortgage or other financial borrowings.
How will I pay for my purchase?
Most customer arrange finance in Europe prior to travelling to Turkey or arrange it as soon as they return home. The most popular financing methods in our experience are re-mortgaging existing properties at home, personal savings or personal loans.
Do I need to open a bank account in Turkey ?
However, most people do open bank accounts so funds can be transferred prior to travelling and so funds are available for contract completion. Direct Debits can also be set up to pay utility bills.
As a property owner, do I need to register for Tax in Turkey?
Yes, but this is a very straight forward procedure which we can guide you through.
Can I get house and contents insurance in TurkeyText ?
Yes, many well known international insurance companies and local Turkish companies offer building and contents insurance. Earthquake Insurance is now compulsory in Turkey and is readily available and a straight forward transaction.
How will I set up Utility Services - Gas, Electricity, Telephone?
As part of the buying process we will assist you to do this. There are once off set up costs - please see our financial matters page.
Telephone Lines are not currently offered to non nationals but Mobile phones with Pay As You Go Cards are readily available.
How will I pay these bills when I am not in Turkey and if the property is being rented?
If you have not set up a bank account to pay utilities when you are not in Turkey, then we can provide this service for you at a small charge.
Is satellite TV available in Turkey ?
Yes, a wide range of satellite TV services are available in Turkey.
Will I be able to rent my property on long term or short term basis and if so what can I expect to get rental ?
Turkey is an ever increasing destination for Europeans, and resorts are also popular with Turkish tourists during the summer months.
Long term Rentals are normally on 6 month or 1 Year Basis. 6 month rentals would normally only be for summer months, so if you want to use your property then long term options would not be feasible.
Properties can also be let out on a daily and weekly basis. Prices are property and time of year dependent. We can give you an idea of what you could hope to achieve for your specific property and managed these rentals on your behalf for a management fee.
If I want to sell my property in Turkey, are there any restrictions and what are the costs ?
Resale costs would be approximately 5% comprising of sales tax, local documentation and legal fees. Property may be sold to Turkish, or foreign nationals without restriction. Because of the change in law (Decree 32 August 1989) the lira is now convertible so proceeds of the sale of a property can be converted to whatever currency and subsequently transferred to any country you choose.
What are the medical and dental care facilities in Turkey?
Yes, Turkey has both public and private facilities available. Private facilities are to a very high standard and costs are approximately 40-50% cheaper than other European countries.
Can we get private health insurance in Turkey ?
Yes, Private Health insurance is readily available in Turkey and costs again are considerably cheaper than at home. Individuals who are travelling to Turkey for 3 months or less and hold private health insurance at home should be covered, but please check this with your Insurer before travelling. For those looking to spend longer periods of time or retire in Turkey, then we would recommend that you explore the Global Policy currently on offer with VHI or are covered by an Insurer in Turkey.
Will I have to pay tax or charges when bringing funds into Turkey ?
There are no government charges for transferring funds but your bank at home will charge you transfer fees and receiving banks in Turkey normally have a small charge also. There are government tax charges when buying a property and annual property taxes also
If I sell my property, can I freely transfer my funds out of Turkey ?
Yes, Turkey has a very liberal investment climate, including free (international) movement of capital, profits, dividends and salaries, free-trade zones and subsidies. Again small bank charges may apply.
Can I will my property to my beneficiaries ?
You can make a Turkish Will and leave your property to your beneficiaries, however if you hadn't made a will, the property goes to your next of kin.
Is there capital gains tax charges or any other taxes if/when I sell my property in Turkey ?
Capital gains from the sale of a property is taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for one year.
Can I bring my pet to Turkey ?
Yes, currently you can bring one cat, one dog, one bird or ten fish to Turkey by obtaining a certificate of origin and a certificate of health not more than 15 days prior to travelling. Airlines will also need to be advised of your intention to bring a pet with you when booking your flights.
What legal representation should I have when buying a property in Turkey?
Under Turkish Law, no legal representation is needed when buying or selling a property in Turkey as all documentation issued by the Land Registry Office are legally binding in their own right. Baskent Estate Agents will manage the entire buying and selling process on your behalf but some individuals feel more comfortable having legal representation. We can recommend a number of independent lawyers to you if you wish to employ one. |
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