|Thursday, January 12, 2023
The real estate market in Turkey has gained wide popularity in recent years, and Turkey has become the go.
Laws of foreign ownership of real estate in Turkey:
The real estate market in Turkey has gained wide popularity in recent years, and Turkey has become the preferred destination for Arab investors interested in searching for apartments for sale in Turkey or buying apartments in Istanbul. The foreign ownership of real estate in Turkey or any other country is a big step, and its owner must study the Turkish real estate market before entering the world of real estate investment and ownership.
The investor should familiarize himself with the laws of real estate ownership by foreigners in Turkey in order to protect himself and his money from falling victim to real estate fraud.
In this context, we highlight everything an investor needs to know about the laws of foreign ownership of real estate in Turkey.
Real estate inheritance law for foreigners:
The real estate inheritance laws in Turkey depend on their principles on the location of the property, that is, the law applies to real estate within the borders of Turkish lands, real estate, and immovable property, while the laws of the deceased's country are applied to his movable property.
Turkish law determines the heirs of real estate property in Turkey according to the following:
The first heirs are the children and the husband or wife. In the event that the deceased had no children, the father and mother are identified as the heirs of the deceased. If the father and mother are not alive, his brothers inherit from him. As for the grandchildren, they are identified at the end of the list.
In the event that there are no heirs to the deceased, all his property goes to the Turkish government. It is worth noting that the Turkish government relies on the official will, if any. And the inheritance is distributed after the deceased has been cleared of his obligations (bank debts, installments, mortgages).
According to Turkish law , the wife inherits half of what the husband left and the other half goes to the children, and the male and female shares are equal.
With regard to the inheritance tax, the foreign heir must pay the inheritance tax, and the tax is between 1-10% of the value of the property, and the tax value is determined according to the value of the property
For example, if the price of the property is 570,000-240,000 Turkish liras, the percentage is from 1-3%.
57000-1270000 The tax rate is 5%
1270000-2200000 the percentage is 7%
2200000-4280000 tax is 10%
Inheritance tax is relatively low in Turkey compared to other countries.
Documents required to transfer ownership of the property to the heirs:
A family statement showing the heirs and the degree of kinship, certified and translated into Turkish.
- The tax registry in Turkey and obtaining tax numbers for all heirs.
- A valid passport and personal photos.
Real Estate Appraisal Law:
Earlier, the Turkish Ministry of Housing issued a decision requiring the presence of a real estate expert recognized by the Ownership Department (Tabu Department), whose task is to evaluate the price of the property.
This law came to protect investors from some weak souls who manipulate real estate prices and target the foreign investor because he does not know the real value of the real estate.
The report of the evaluation committee depends on the location of the property in the first place, as real estate prices in Istanbul differ according to the regions. Each region has a specific price. For example, real estate prices in Sisli, the central district of Istanbul, which is the highest price, differ from real estate prices in Beylikduzu. The total area of the apartment, the age of the building and its type (commercial, residential) are also taken into account.
Obtaining residency by owning a property:
Real estate residency is granted by owning real estate in Turkey for a period of two years, subject to renewal. It is also given to anyone who establishes a business or company and owns real estate in the name of the company. As for registering the property in the name of the company, the beneficiaries of this law are the nationals who are not allowed to own real estate in Turkey under their name, such as the Syrian nationality . The law allows them to benefit from owning apartments in Turkey , registering them in the name of the company, and obtaining real estate residence .
Real estate residency is given to the family members of the owner of the property according to the title deed itself. The real estate residency procedures are very simple and it takes a maximum of one month to respond to the residency request from the date of submission. It is considered the most secure real estate residence permit, as the owner of the property and his family guarantee its periodic renewal. Some types of residence permits are rejected or refused to be renewed.
When buying apartments in Turkey , you can submit a residence permit application with documents showing your ownership of the property, and your application will be approved as the owner of apartments in Turkey .
An investor interested in buying apartments in Turkey can obtain Turkish citizenship by purchasing real estate in Turkey with a value of $250,000 or more.
Turkish citizenship is granted to the investor's wife and children under the age of 18
Documents required to obtain Turkish citizenship:
A copy of the passport, translated by the sworn translator, and certified by the notary (valid).
4 personal photos ( for each family member)
A document showing the civil status (proving the property owner's relationship with the wife and children), the marriage contract, and the children's birth certificates.
Residence permit in Turkey
A copy of the Turkish residency and the address of an acquaintance or relative in Turkey, if any.
A document proving the purchase of the property in Turkey and its ownership (Tapu papers, the purchase contract registered with the notary)
Valuation expert's report ( the evaluation committee is tasked with evaluating and evaluating the property)
A bank document of the transfers that were paid to pay the price of the property through the bank.
The investor must bring with him all the documents mentioned above to apply for Turkish citizenship .
Frequently Asked Questions:
Is a foreigner entitled to buy more than one property in Turkey?
The Turkish government has made many amendments to the decisions of foreign ownership of real estate, as it lifted the ban on some Arab nationalities that were not entitled to own property in Turkey and facilitated the purchase process for investors and the possibility of owning more than one property.
Can the property be resold ?
A foreign property owner can sell his property at any time he wants. We advise our valued customers, when they intend to sell the property, to coordinate with a trusted real estate company or office
Is a foreigner entitled to buy a property in any Turkish city ?
Foreigners have the right to own real estate in all Turkish cities, and we advise our customers who wish to buy real estate in Turkey to choose Istanbul , as it is the economic and tourist capital of Turkey and has the ingredients for successful investment.
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