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Rules: Citizens and commercial corporate
entities of countries with which reciprocity agreements have
been signed and companies established in line with Foreign Direct
Investment Law No. 4875 in Turkey, may purchase real estate in
Turkey in their own names, provided that the property is not located
in military and security zones.
The acquired property may be resold or rented out and the proceeds
of the sale or the rental income may be transferred out of Turkey
freely.
Procedure: The sale procedure for foreigners is the same as
that for
Turkish citizens, except
for a search regarding the above
mentioned military
and security zones restriction. Once a sale is
agreed with the owner, an application has to be made to the
local Land Registry Office. The Land Registry Office then carries
out a search to ascertain that the property is
not in a restricted zone, through correspondence with the military
authorities in the area. As soon as the search is completed, the
Land Registry Office then transfers the title and issues the new
deed.
Taxes: Both purchaser and vendor
are liable for a 1.5% property transfer
tax, based on the declared price of the property. There is also a
municipal property tax which is based on
the declared value of the property, at a
rate per annum of 0.1%
for residential properties and 0.3% for land.
Newly built residential properties are
exempt from municipal
property tax for the first five years.
Who can buy real estate in Turkey?
Citizens and commercial corporate entities of the
countries with which reciprocity agreements have been signed and
companies established in line with Foreign Direct Investment Law
No. 4875 in Turkey, may purchase real estate in Turkey provided
that the property is not located in military and security zones.
Countries with which reciprocity agreements
regarding real estate acquisition have been signed are:
Andorra, Argentina, Australia, Austria, Bahamas,
Bangladesh, Barbados, Belgium, Belize, Benin, Bolivia,
Bosnia-Herzegovina, Botswana, Brazil, Cameroon, Canada, Central
African Republic, Chile, Costa Rica, Cote D'Ivoire, Croatia,
Denmark, Dominican Republic, Ecuador, El Salvador, Estonia,
Finland, France, Gabon, Germany, Ghana, Grenada, Guatemala, Guinea,
Guyana, Haiti, Honduras, Hungary, Ireland, Israel, Italy, Jamaica,
Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malawi, Malaysia,
Mali, Malta, Mauritius, Mexico, Monaco, Moritania, Mozambique,
Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Panama,
Paraguay, Peru, Philippines, Poland, Portugal, San Marino, Senegal,
Serbia and Montenegro, Singapore, Somalia, South Africa, South
Korea, Spain, Sri Lanka, Swaziland, Tanzania, Turkish Republic of
Northern Cyprus, United Kingdom, Uruguay, USA, Venezuela.
Countries whose citizens can buy a building
but not land, in
Turkey
Azerbaijan, Bahrein, Belarus, Chad, China, Egypt,
Georgia, Iran, Jordan, Kazakhstan, Kenya, Kyrgyz Republic,
Macedonia, Moldova, Morocco, Namibia, Romania, Russian Federation,
Slovenia, Tajikistan, Turkmenistan, Uganda, Ukraine, Uzbekistan.
What is the legal framework for property ownership?
The Constitution, the relevant provisions of the
Civil Code, the Title Deed Act, the Foreign Direct Investment Law
and the relevant legislation form the legal framework which enables
foreign people or corporate entities to buy real estate in Turkey.
Are Turkish citizens and foreigners treated
differently?
According to the legal framework mentioned above,
both Turkish citizens and foreign owners have equal
property-ownership rights.
General Information
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