Guide

• Real Estate: Information for a Comprehensive Guide
• 5 reasons renting a villa is more advantageous than a Hotel
• Acquiring Turkish Citizenship by Investment

Some banks in Turkey lend mortgage loans to foreign individuals who reside in Turkey.

Employees:

Can ask for a loan for up to 65% of the bank appraisal value. Must declare the money paid in cash by putting it in their bank account. Apart from the documents below, a tax ID number is required to open a bank account, which we provide for you.

1. Passport
2. Certificate of residence
3. Payroll documents for the last 3 months
4. Tax ID number
5. Tax ID number (Can be obtained from the tax office.)

Employers and business owners:

Can ask for a loan for up to 50% of the bank appraisal value. Must declare the money paid in cash by putting it in their bank account.

1. Passport
2. Certificate of residence
3. Payroll documents for the last 3 months
4. Their financial data for the last 2 years
5. Tax ID number (Can be obtained from the tax office.)

Buying Property in Turkey Guide

1. Can foreign nationals own property?
- Foreign nationals can own all kinds of immovable properties (housing, office, vacation property, villa, land, field etc.) provided that legal limitations are obeyed.
2. From where and which governmental agencies can they carry out the transactions?
- According to the regulations that are in force in Turkey, the transfer of immovable properties can be carried out with authenticated contracts and registration by Directorates of Land Registry.
It is possible to sign a preliminary sales contract before a notary public. But it is not possible to gain the ownership of a property with a preliminary sales contract or an external sales contract.
3. Is there any legal limitations regarding the ownership of property by foreign nationals, and if so, what are they?
- A foreign national can only buy up to 30 hectares of immovable property and have limited real right. It is not possible for foreign nationals to own property or rent without permit in prohibited military zones and security zones.
4. How to apply for the purchase
The owner of the real estate or their authorized representative needs to pre-apply to the Directorate of Land Registry. (Applications are usually made by taking a number at the Directorate of Land Registry before the lunch break.)
Required Documents
a) The title deed of the property or the document/s that contain its village/neighborhood, block, plot, building or detached section information,
b) ID card or passport (with their translations if required),
c) "Real Estate Value Statement" from the respective municipality,
d) The mandatory earthquake insurance policy (DASK) for buildings (housing, office, holiday villa etc.),
e) 1 photograph of the seller and 2 photographs of the buyer (6 by 4, must be taken in the last 6 months),
f) A certified interpreter if one or more of the parties doesn't speak Turkish,
g) If a procuration document that was drawn up outside Turkey is used for the transaction, the original procuration document or its certified copy with their respective translations.
Financial process:
a) Both the seller and the buyer pays a title deed fee that is calculated on the basis of the selling price. (In accordance with the Act of Fees No. 492, the title deed fee rate is determined to be 2%. The fee will be calculated on a rate of 1.5% until September, 2017.) The fee cannot be less than the "Real Estate Value Statement" (going rate) obtained from the respective municipality indicates.
b) A locally adjusted circulating capital charge is paid. (A maximum of 90.5 x 2.5 TL for 2017.)
c) In conveyance transactions which are done in accordance with Article 35 of the Land Registry Law no. 2644 and which creates debt; a fixed service fee, in addition to the determined circulating capital charge, is collected by the Directorate of Land Registry during the transaction. (422.50 TL for 2017.)
Other matters that foreign nationals should pay attention to if they wish to buy property in Turkey:
- You should check certain matters through the Directorate of Land Registry, such as if there is any problem preventing the property from being sold or if it is seized or hypothecated etc.
- If your application to own property is denied, an appeal can be made to the regional directorate that is affiliated with the Directorate of Land Registry to which the application was made.
- You should avoid working with people and companies that are not known to be experts or trustworthy.
- A foreign national is not required to have residence permit to own property in Turkey.
- You should make sure that the property you are buying has no outstanding debt to the community it is located in (fees, common costs etc.) by contacting the intermediary firm or the management of the community.