Not every excess/overpaid tax is recoverable
February 21, 2018Employing a Turkish personnel on your behalf
April 14, 2018Buying property in Turkey
Foreigners may freely acquire property in Turkey subject to certain limitations and approvals. There are also incentives for foreigners.
- Up to 10% of each precinct by area is available for sale to foreigners. Once that limit is reached, no more purchases by foreigners are allowed.
- A foreigner can purchase up to 30 hectars (300.000 m2 or 74 acres) of real estate in the aggregate.
- You do not have to reside in Turkey to acquire property.
- Foreigners purchasing land are required to develop real estate, and submit their development proposal within a period of 2 years.
- Foreigners are not allowed to purchase or rent property that is considered sensitive for national security or military purposes.
- Purchases of residential or commercial real estate by foreigners is exempt from VAT provided that the real estate is sold for the first time. So this incentive only applies to purchases from new real estate projects and not resale.
- You have to apply in advance for preliminary approval, and it may take up to a month for the bureaucracy to finalize.
- Title transfers are subject to 1.5 per mille title tax on the buyer regardless of the nationality of the buyer.
Contact us before acquiring property in Turkey so that we can make sure you do not lose any hard-earned money in the process.
