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ABOUT BUYING IN TURKEY
What nationalities can buy in Turkey?
Turkey has a reciprocal agreement for the purchase of land and properties with the following countries:- Germany, Austria, Switzerland, Belgium, Holland, England, Ireland, Spain, Italy, Canada, Luxembourg, Norway, Australia, France, Greece, and some other African and South American states.
Where in Turkey can foreign nationals buy?
The above listed foreign nationals may purchase freehold property or land from a Turkish national or another foreigner, provided the property is in the local district.
What documentation will I need?
Your passport and 4 passport-sized photographs, which should not be more than 6 months old. Also some brief family details are required for purchasing a property in Turkey. You will also need to obtain a tax number, a very straightforward process, which entails a brief visit to the Tax Office whist in Kusadasi and, with which we will assist you.
How long does the whole process take?
Once contracts have been signed it takes between 6 & 10 weeks to receive the title deeds on a resale property. A full and final TAPU for properties under construction cannot be issued until the property is complete but a Land TAPU and/or deeds of assignment are issued to you for our own development projects.
Do I need the services of a lawyer to purchase in Turkey?
Under Turkish law, no legal representation is needed when buying or selling a property in Turkey as all documentation issued by the Land Registry Office is legally binding in it’s own right. The Title Deeds Office ensures that all bills are paid and debts discharged on the property before it is allowed to change hands for a resale property. Checks are also undertaken to ensure correct planning permissions are in order before a property is cleared for change of title deed.
For new developments, Oceanic Holdings carry out all legal work on your behalf. Our booking form and contracts are legally binding and protect the interest of the purchaser under Turkish jurisdiction.
We will manage the entire buying process on your behalf but some individuals feel more comfortable having legal representation. We can recommend a number of independent lawyers to you if you wish to employ one.
Are Property Surveys carried out as part of the Buying Process:
A law was recently passed in Turkey where all new buildings must be independently surveyed before they are offered to the market (Yeni Dentemi). However, this is not the case for resale properties.
Do I need to obtain citizenship before I buy?
No, non-citizens and non-residents can buy a property in Turkey.
Do I need a visa entering Turkey?
Yes, most nationalities require a visa to enter Turkey. This can be obtained at immigration once you arrive in Turkey - visitors visas currently cost STG£ 10 for a UK citizen. Prices vary depending on nationality; so if you hold another passport, please check with your local Turkish Embassy.
How long can I stay in Turkey on the normal Visitor’s visa?
Visitors’ visas are valid for 3 months.
Can I obtain a Visitor’s visa for a longer period of time?
Yes, longer-term residency visas can be obtained from your local Turkish Embassy prior to travelling to Turkey. They are normally issued for periods of one year. Alternatively you can opt to take a day trip or overnight trip to a Greek island towards the end of your 3-month period and purchase a new visa valid for 3 months on re-entry to Turkey.
ABOUT FINANCE
Can I get a mortgage in Turkey to finance my purchase?
No, foreign nationals are not currently eligible for mortgage or other financial borrowings but these guidelines could change as Turkey moves close to joining the EU.
How will I pay for my purchase?
Most customers arrange finance in their country of residence prior to travelling to Turkey or arrange it as soon as they return home. The most popular financing methods in our experience are re-mortgaging existing properties at home, personal savings or personal loans.
Do I need to open a bank account in Turkey?
No. Oceanic Holdings Corp. has international bank accounts in Turkey and The Isle of Man so your funds to purchase can be transferred through these. However, most people do open bank accounts so that funds can be transferred prior to travelling and are available for contract completion. Direct debits can also be set up to pay utility bills.
ABOUT TAX and INSURANCE
As a property owner, do I need to register for Tax in Turkey?
Yes, but this is a very straightforward procedure which we can guide you through.
Will I have to pay tax or charges when bringing funds into Turkey?
There are no government charges for transferring funds but your bank at home will charge you transfer fees and receiving banks in Turkey normally have a small charge also.
Are there capital gains tax charges or any other taxes if/when I sell my property in Turkey?
Capital gains from the sale of a property are taxable in Turkey if the owner is a company. Individuals do not have to pay capital gains, provided they have owned the property for one year.
Please note that new taxation agreements with Turkey are in the course of negotiation. We recommend that you consult with a tax expert in your country of residence on this matter prior to selling your property.
Can I get house and contents insurance in Turkey?
Yes, many well-known international and local Turkish insurance companies offer building and contents insurance. As with many parts of the world, earthquake insurance is now compulsory in Turkey,is readily available and is a straightforward transaction. Insurance depends on square metres (eg. 100m2 house in Kusadasi - € 100 per annum approx)
ABOUT ONGOING COSTS
How will I set up Utility Services - Gas, Electricity and Telephone?
As part of the buying process we will assist you to do this. There is a one-off set up cost when the bills are changed to your name - this is approximately 500 Euros.
Telephone landlines are not currently offered to non-nationals but mobile phones with pay-as-you-go cards are readily available.
How will I pay these bills when I am not in Turkey and if the property is being rented?
By simply setting up a Turkish bank account and organising direct debits to pay the utility bills. Turkish banks operate in exactly the same way as all other European banks in this respect.
Are there any other annual costs I need to be aware of?
Yes, property tax of 0.1% of declared value of your property. Remember that the ‘declared’ value is usually significantly less than the actual price you pay – this is normal practice in Turkey and many other European countries and saves you tax! Maintenance charges for your complex, compulsory insurance, rates (€40 approx. correct as at 2004) and a community charge of € 25 for education.
ABOUT GENERAL QUERIES
Is satellite TV available in Turkey?
Yes, a wide range of satellite TV services is available in Turkey.
What are the medical and dental care facilities in Turkey?
Turkey has both public and private facilities available. Private facilities are of a very high standard and costs are approximately 40%-50% cheaper than many other European countries.
Can we get private health insurance in Turkey?
Yes, private health insurance is readily available in Turkey and costs again are considerably cheaper than in the rest of Europe. Individuals who are travelling to Turkey for 3 months or less and hold private health insurance at home should be covered but please check this with your insurer before travelling. For those wishing to spend longer periods of time or to retire in Turkey, then we would recommend that you purchase a private health policy in Turkey.
Can I leave my property to my beneficiaries in my will?
You can make a Turkish will and leave your property to your specified beneficiaries; however, if you haven’t made a will, the property automatically refers to your next of kin.
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