Here are the lawyers of Melares going to give information about useful tips for buying property Turkey, from whom to buy, exchange rate calculation, benefits of buying a property, some special rules which bring limitations for the foreign investment, important points about installment sales payment.
From whom can be taken apartments or cannot be?
According to the land register regulations the real estate which is subject of the application shall not be owned by another real foreign investor after the 11th of January 2017. In other words, the seller should not be another real foreign investor.
Can the transfer of the purchase amount be made in multiple transactions? How will be the exchange rate calculation?
The purchase price of real estate can be transferred with multiple transactions. The total transaction amount should be meet a minimum of $250.000. If the transfer amount in a different currency, on the transfer of title deed date the amount should be meet with $250.000 in exchange.
Are there any benefits of a property purchased for obtaining a residence permit?
In case the real estate is below $250.000 or the applicant has not applied for Turkish citizenship the real estate can still be used for a residence permit. In such case, the husband or the wife and the children below 18 years old can apply for a residence permit.
Does Turkish citizenship owner help other family members or relatives to get visas easier?
Investors who acquired Turkish citizenship can also invite their relatives via visa invitation letters.
Are there any restrictions for foreigners on real estate purchases?
Total area of the real estate purchase by the same individual foreign investor cannot exceed thirty hectares. There are also some other special rules that bring some limitations to foreign investment. For example, foreign investors cannot purchase any real estate on any military lands.
Is there any difference between purchasing real estate through a person or company?
The main difference between buying a property in a real person's name or a company name is the income tax. Income tax occurs when a property is sold, the rate of the income tax is applied to the difference between the final sale price and the previous purchase price. Normally, a company will have an exemption of income tax when the property is sold after 2 years. This period is 5 years for real persons.
How is the payment made on sales with installments? For the installment sales, how can the payment be? Are there any important points?
Buyers can use loans, mortgages from banks, or other financial instructions. Also, parties to this transaction can agree on which currency they will use on the transaction.