10 Oct Real Estate in turkey: the opportunity of A Lifetime
More and more UK citizens are investing in a holiday or retirement home in Turkey, one of the most stable countries in the south-eastern Mediterranean. Turkish construction companies are regional leaders in designing and completing high quality residential developments in the Mediterranean and Aegean regions.
The legal procedures for the acquisition of property for non-Turkish nationals are rather complicated but our Consultancy has considerable experience in guiding potential purchasers through the bureaucratic procedures. The essential points to bear in mind if are you considering a real estate investment in Turkey are as follows:
• The introduction of new legislation in May 2012 makes it possible for non-Turkish citizens to acquire both residential and commercial property in any part of Republic of Turkey within certain specified limits.
• In practice comparatively low purchase prices combined with favourable exchange rates make it relatively easy for British citizens with lump sum savings to acquire property in Turkey.
• We can advise on variations in the cost involved, which are often depended on geographical location (for example, distance from the nearest airport or from the coast).
• Certain locations, for example in the vicinity of the military base, are barred for foreign nationals.
• In addition all applications by foreigners to acquire property in Turkey are subject to scrutiny by the military on security grounds before final approval can be obtained.
• If you are planning to invest in Turkish residential property as a source of rental income, you will be liable to pay Turkish taxes (the taxation system is complex and we will be happy to provide further guidance).
• The avoidance of Double Taxation Agreement between Turkey and UK means that rental income from Turkish property will not be liable for UK taxation.
• According to Turkish law transfer of ownership of a property has to be confirmed and registered at the local Land Registry Directorate (TAPU DAIRESI). The same procedure applies if the British citizen is selling a property in Turkey.
• A residence permit is not required for a British citizen who wishes to buy a property in Turkey. However once the purchases completed foreign residence are required to obtain Residence Permit from the District Police Departments Foreigners Offices responsible for foreigners.
• These arrangements are most suitable for retired people since work permits are only granted for foreigners in special circumstances.
If you wish to obtain further information or find out more about the legal services we provide, please contact seyran.uz@angloturkishlaw.com
DISCLAIMER: THE INFORMATION IN THIS SUMMARY IS PROVIDED FOR GENERAL GUIDANCE ONLY AND DOES NOT CONSTITUTE LEGAL ADVICE.
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