Property ownership for foreigners in Turkey

Updated: Dec 13, 2019

Property ownership for foreigners in Turkey
Property ownership for foreigners in Turkey

Turkish law allows foreigners to own property in Turkey, whether it is in a residential, agricultural or industrial land. This property should be away from military areas or any land belonging to the state property in general, and the purpose of buying the property should be to build a residential, industrial or commercial project.

what are the conditions to own or buy a property in Turkey:

The area of the property to be purchased should not exceed 30 hectares and the foreigner can get more than twice as much, but only on condition that the owner submits the project for which he will buy the land within two years. It must also obtain approval from the security authorities, which usually takes one month. This clause does not apply to all lands, but only to lands near military zones. The foreign buyer should be fully aware of how much space is allowed for construction when making a determination. The price of land as the total construction area is the basis for determining prices.

Registration Fees for Transfer of Ownership Taxes:

Fees for obtaining the title deed in the name of the new owner as well as the fees for calling a sworn translator (Turkish-English) and that the translator must be registered with the Turkish Translators Syndicate. The passport must be translated and authenticated by the buyer to the Turkish language. The annual municipal fees are paid at the municipal palace of the municipality where the property is located each year in May for services related to civil organization.

A property ownership tax in Turkey is paid only once and is about 4% of the price of the property to be purchased. It is defended by 2% by the buyer and 2% by the seller as well upon receipt of the title deed. The seller then relinquishes the property to be sold for the benefit of the buyer. This is done at the real estate office. The latter receives the title deed and the property key and the foreign buyer becomes the owner of the property.

The foreign buyer who owns the title deed is also allowed to apply for a one to three-year residence permit from the Turkish Ministry of Interior. In order to sell the property they own, the seller must pay 15-35% of the value of the profit resulting from the value of the purchase and sale in a period not exceeding five years of ownership and excluding the value of 8000 TL from the value of the total profit and if not exceed this value does not need to pay No tax value.

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