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Legal information concerning property in Turkey

What are the property taxes in Turkey?

Legal information concerning property in Turkey All Turkish property taxes can be divided into three groups: so-called stamp duty (when a real estate object changes ownership), annual real estate tax, tax on income from property. The stamp tax is to be paid when you register a title deed (Tapu). Its rate is 4,4 percent from the cadastral cost of the property. This cost is usually lower...

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Can several people be the owner of a real estate?

Legal information concerning property in Turkey Purchasing property in Turkey share ownership is also possible. Buying share property is a new direction, which Turkish companies develop. You become the legal owner, saving considerably. This way is for those who want to use property periodically just for holidays. Buying property in shared ownership, you get the same rights as when buying...

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Is a resale property tax paid in Turkey? And, what are the rates?

Buying property in Turkey Legal information concerning property in Turkey Yes, the income earned from the resale of the property is taxed in the Turkish Republic. If the owner is a legal entity, this tax is 20%. As for individuals, they are not obliged to pay this tax, if they owned the property for more than five years. But the tax on acquisition of real estate, which is 4%, in any case must be paid in equal shares by...

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Do I have to insure the property in Turkey?

Legal information concerning property in Turkey There are two insurance types of residential and commercial real estate in Turkey: mandatory (Dogal Afet Sigortalari Kurumu (DASK) and voluntary. Mandatory insurance system appeared after the adoption in 1999 of the law № 587 "On compulsory insurance against earthquakes". This is valid for buildings within the territory of municipalities. To...

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Do I need written consent from relatives for buying real estate?

Legal information concerning property in Turkey No, you do not have to worry about it at all. If you really want to buy real estate in Turkey right now - you can do it without anybody’s permission. You do not need consent from relatives or your spouse to initiate buying procedure of any property you have chosen either a villa or a penthouse or an apartment. You are absolutely free to do as...

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What documents are required for opening an account in a Turkish Bank?

Documents Legal information concerning property in Turkey If you have decided to buy a property in Turkey it is not amiss to open an account at a local bank for more comfortable operations with money transfers, as well as paying bills for the purchased apartment, etc. As a bonus to the account you can get a debit card to use for shopping and cash withdrawal. In most Turkish banks accounts can be opened in...

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