Turkey has become one of the most attractive destinations for real estate investment in recent years, thanks to the facilities provided by the Turkish government and the wide variety of available properties. Owning real estate in Turkey has become an ideal option for foreigners looking for a profitable investment or a new home to live in. Rumeli Real Estate Company offers comprehensive services to assist foreigners in the real estate ownership process in Turkey, ensuring a successful and smooth investment experience.
Modern Laws and Regulations for Real Estate Ownership in Turkey
The laws related to real estate ownership in Turkey have seen significant amendments in recent years to facilitate the process for foreigners. The process of real estate ownership in Turkey for foreigners is based on Article 35 of the Land Registry Law No. 2644, amended by Law No. 6302, which came into effect in May 2012. Here are the main points to consider:
- Abolition of the Reciprocity Principle: One of the biggest amendments to the law is the abolition of the reciprocity principle, allowing investors from 153 nationalities around the world to own real estate in Turkey without restrictions related to their nationalities.
- Simplified Procedures: The purchase and ownership procedures have been simplified, including reducing the time required to complete transactions and simplifying bureaucratic procedures. Foreign investors can now complete the property purchase process in a short time with clear and simple procedures.
- Legal Guarantees: Turkey provides a strong legal system to protect the rights of buyers, including property rights and transaction transparency. This ensures that foreign investors' rights are protected and prevents any potential legal issues in the future.
Types of Properties Allowed for Foreigners to Own in Turkey
The Turkish government offers significant facilities for foreigners regarding real estate ownership in Turkey. Turkish laws have defined the types of properties that foreigners can own under certain conditions. These properties include residential apartments, commercial offices, stores, villas, warehouses, and land suitable for construction and agricultural land. Additionally, properties used for tourism purposes, such as hotels, chalets, and cottages, can also be owned.
Advantages of Real Estate Ownership in Turkey for Foreigners
- Ease of Real Estate Ownership in Turkey: The process of real estate ownership in Turkey is characterized by simplicity and ease, requiring only a few documents and simplified procedures.
- Right to Live in Turkey: Real estate ownership in Turkey grants foreigners the right to obtain residential permits when purchasing property worth $200,000.
- Tax Reductions and Exemptions: The Turkish government provides tax reductions and exemptions under certain conditions on value-added tax.
- Inheritance Rights: Foreigners have the right to inherit the properties they own in Turkey.
- Obtaining Turkish Citizenship: By purchasing property in Turkey worth no less than $400,000, foreign buyers have the right to apply for Turkish citizenship for themselves, their spouses, and children under 18 years old.
- Benefit from Investment Returns: Foreign investors can enjoy significant returns through real estate investment in Turkey, as they can sell the property after three years of purchase and retain Turkish citizenship.
Required Documents for Purchasing Real Estate in Turkey for Foreigners 2024
Real estate ownership in Turkey for foreigners requires preparing a property transfer file, which includes the following:
Valid passport.
A translated and notarized copy of the foreign passport in Turkish.
Tax number for the investor.
Personal photos of the investor.
Real estate purchase contract signed by both the seller and the buyer and notarized.
Real estate appraisal report in Turkey.
Receipt of foreign currency sale to the Turkish Central Bank and its exchange for Turkish currency.
Receipt of property value transfer to the seller’s account in Turkish Lira.
Earthquake and disaster insurance policy in Turkey.
Receipt of payment of the 4% property transfer fee and a pre-booked appointment with the Turkish Land Registry and Cadastre Directorate.
Nationalities Prohibited from Owning Real Estate in Turkey
Despite the Turkish law allowing real estate ownership in Turkey, there are five countries whose citizens are prohibited from owning property in Turkey. They are:
- Syria.
- Cuba.
- Greek Cyprus.
- North Korea.
- Armenia.
Real estate ownership in Turkey for foreigners is an excellent option thanks to its numerous advantages and the facilities provided by the Turkish government. Investing in real estate in Turkey is not only an opportunity to achieve good profits but also a chance to enjoy a new life in one of the most beautiful countries in the world. With Rumeli Real Estate Company, you can benefit from our extensive experience in the Turkish real estate market and ensure a smooth and secure purchasing process. Do not hesitate to contact us to realize your dream of owning property in Turkey.
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