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Buying Property in Turkey: A Quick Guide

  1. General Procedure:
  • Choose your desired property and ensure it has the necessary legal qualifications.
  • Open a Turkish bank account for the purchase funds.
  • Get a property valuation and approval from a Turkish government expert.
  • Transfer the property deed at official “Noter” offices.
  • Deposit funds into the seller’s account and receive your title deed.
  • Based on the property value, you can apply for temporary residence and eventual Turkish citizenship.
  1. Key Property Buying Rules:
  • No purchases in military or security zones.
  • Foreigners can own up to 30 hectares.
  • A property worth $400,000 grants a two-year renewable residence permit. Ownership can also lead to permanent residence and citizenship.
  • Foreigners can buy a maximum of 10% of real estate in any specific region.
  • Land bought for construction must be developed within two years.
  • Property purchase agreements must be made in official Turkish consulting offices.
  • Ensure your home country is eligible for property purchases in Turkey.
  • To aim for permanent residence and citizenship, buy property from a Turkish national.
  1. Essential Documents:
  • Passport and photos (two 3×4).
  • Proof of residence from home country.
  • Turkish bank account and local tax code.
  • For property deed transfer: original and translated passport, photos of both parties, district municipality documents, earthquake insurance papers, and official translator if needed.
  1. Taxes & Fees:
  • Transfer fees: 2% by both buyer and seller based on declared property value.
  • VAT: Generally 18%. Properties under 150 sq.m. attract 1% VAT.
  • Stamp duty: 0.15% – 0.75% based on the contract value.
  • Rental Income Tax: Scaled from 15% – 35%.
  • Property taxes: Residences (0.1%), Other buildings (0.2%), Land (0.1%), Farming land (0%), and Vacant land (0.3%).
  • Capital Gains Tax: Marginal rate of 15% – 35% for properties owned post-January 1st, 2007, and held for over 5 years.
  • Inheritance Tax: Ranges from 1% – 30% based on asset value.

Ensure to consult with a legal professional for the most up-to-date information and personalized advice.