Interesting matters related to the acquisition of Turkish citizenship, and that is for Taxes needs to be paid when buying a property, also the conditions for exemption from VAT, who will inherit the property and also some regulations about real estate insurance, these are all hot matters you need to check if you think about getting Turkish citizenship.
Is a foreign property owner taxable and what are the conditions?
A real estate owner in Turkey has to pay real estate ownership tax. Such tax is payed annually. And its calculated according to the value of the real estate. If the real estate is leased also annually a real estate income tax is payed.
What will be the law of inheritance if the owner of the property loses his / her life?
If a real estate in Turkey is subjected to inheritance Turkish law shall apply. The general rule of Turkish inheritance law is the property will be divided between the wife or husbands and the kids.
Is there a VAT exemption to foreigners? In which conditions are there?
Yes there is. The main condition of VAT exemption is the money should be transfer to Turkey from abroad
How does the legal procedure works in the case of changes, decorations and renovation of the real estate?
The owner does not need any permission for miner decorations but if this modifications or decorations effects the main layout then the municipality's permission needs to be obtained.
Is there any insurance for properties?
Yes there is. The earthquake, the nature disaster policy is compulsory. However investor can also obtain other optional insurance policies.