UNDERSTANDING
PROPERTY AND REAL ESTATE LAWS AND TAXES IN TURKEY AS A FOREIGNER
Introduction
Investing in property in Turkey can be an exciting
opportunity, but it’s essential to understand the legal and tax implications
involved. At Altun Legal, our English-speaking lawyers in Istanbul are here to
help you navigate the complexities of Turkish property laws and taxes, ensuring
a smooth and compliant investment process.
Legal Framework for Foreign Property Ownership
- Eligibility:
Foreigners from most countries can buy property in Turkey, except those
from restricted nationalities.
- Title
Deed (Tapu): The title deed is a crucial document proving ownership.
It must be registered at the Land Registry Office.
- Military
Clearance: Properties must be checked to ensure they are not in
military or restricted zones.
Key Legal Considerations
- Due
Diligence: Conduct thorough checks to ensure the property is free from
legal disputes or debts.
- Contract
Review: Engage an English-speaking lawyer in Istanbul to review the
sales contract to protect your interests.
- Legal
Representation: Having a lawyer is essential for navigating legal
procedures and ensuring compliance with Turkish law.
Understanding Property Taxes
- Purchase
Tax: A one-time tax of 4% of the property’s declared value is paid
during the title deed transfer.
- Annual
Property Tax: Property owners must pay an annual tax, ranging from
0.1% to 0.6% of the property’s value.
- Income
Tax on Rentals: Rental income is subject to income tax. The rate
varies based on the amount of income earned.
- Capital
Gains Tax: If you sell the property within five years of purchase, you
may be subject to capital gains tax on the profit.
How We Can Help
Navigating property laws and taxes in Turkey can be
challenging, especially with language barriers and legal complexities. At Altun
Legal, our English-speaking lawyers in Istanbul provide comprehensive support
to ensure a seamless property investment experience. We offer:
- Due
Diligence: Thorough checks on the property’s legal status.
- Contract
Review and Negotiation: Ensuring the sales contract is fair and
protects your interests.
- Tax
Advice: Guidance on tax obligations and strategies to minimize tax
liabilities.
- Legal
Representation: Representation in all legal matters related to
property purchase and ownership.
Why Choose Altun Legal?
Our team at Altun Legal has extensive experience in
assisting foreigners with property transactions in Turkey. We are committed to
providing personalized and professional legal services to make your investment
process as smooth and secure as possible.
Contact Us
If you are considering investing in property in Turkey,
Altun Legal is here to help. Contact us today to schedule a consultation with
one of our experienced English-speaking lawyers in Istanbul. We are dedicated
to providing the legal support you need for a successful property investment.
This article is intended for general informational purposes only and not intended as a substitute for the advice and counsel of an attorney. If you want to contact an English-speaking lawyer in Istanbul for more information, you can contact our office.
