purchase of real estate in turkey by foreign nationals : the purchase of real estate by a foreign national is allowed based on the existence of mutuality between the two countries. however there are restrictions as to the location of the property to be bought... the law states that you cannot buy property if it is located within a particular distance of military sites or strategically important areas. many places along the coastline are covered by this law. it is therefore essential to check with the military authority to see if the property is affected by these restrictions. firstly, you have to apply to the local land registry office who will carry out the necessary searches and checks after which they will transfer the title to the new owner. a solicitor or notary is not required in turkey as the land registry office performs these duties, however you may wish to use the services of a solicitor for your own peace of mind. we can recommend good bi-lingual solicitors to you. buyer and seller must both go to the land registry office and sign in person. it is possible for a third party to buy the property by power of attorney which must be notorized. the land registry office then issues a tapu ( tapu is deed ) as proof of ownership to the buyer. the entry in the land register must be checked very carefully before purchase to make sure the seller is legally entitled to sell. someone who obtains property by inheritance, execution of debts, or judicial decision actually becomes the legal owner before the ownership title is transferred in the land register. therefore the registry may not reflect who the legal owner actually is. the seller may also have an obsolete proof of ownership. when you buy a property here, there is 1.5% stamp tax, to be paid by both buyer and seller. the seller will very often insist that the buyer pays his half of the stamp tax. this of course is negotiable before the contracts are signed. there is also an annual property tax, collected by the municipalities ( i.e. local governments ) at the rate of 0.3 per cent for private buildings. the newly built properties are exempt 1/4 amount of the annual property tax for 5 years. all properties are subject to revaluation for every year for tax purposes. the acquired property may be resold or rented out and the proceeds may be transferred out of turkey, different regulations apply when a property is purchased for business related purposes. you cannot live in turkey if you have a criminal record for a serious offence. before making any payment for a property in turkey, we can provide local assistance in resolving the following important questions: there are legal fees to be paid to any notary , interpreter fee and local planing project office fee, to start conveying deed on a foreign citizen name which is approx. £ 200.- at time of purchase, the buyer and the seller pay a 3% tax on the official purchase in case of foreign buyers, the waiting period is roughly 3/4 months. the registration office launches an official inquiry into whether the property is in a military zone. once the reply from the military administration is received, registration can be completed within one day. you have to be accompanied by an official interpreter. you pay 0.2% of the declared value to the municipality. within 4 weeks of registration you also have to register with the local municipality for annual taxation. everyone tries to sell homes to foreigners. you will find waiters, bar staff and everyone else inviting you to view their uncle's,sister's,friend's house, very cheap. doing the legal work is not always their priority. you will have heard the horror stories! in turkish law, the person who holds the deeds to a property is not necessarily the owner. the entry in the land register must be checked very carefully before purchase to make sure the seller is legally entitled to sell. someone who obtains property by inheritance, execution of debts, or judicial decision actually becomes the legal owner before the ownership title is transferred in the land register. therefore the registry may not reflect who the legal owner actually is. our expert team of agents, check every single detail to ensure that the property you are buying has no debts attached to it, that the seller is legally entitled to sell and a myriad of other legal details. we can arrange your bank account opening at a one of the well known bank in turkey. after opening the account we can arrange the bank to send you the account book's faxes, you will then know your accounts numbers. you may transfer the money straight into your already opened bank account.( it may be joint account if you wish ) as you know ; once the seller and buyer agree on the price they then go with the agent to the title deed office with the necessary documents which will be prepared by the estate agency, the estate agency do the survey and propery search for you. once all the documents have been prepared, the title-deed office will send a petition to the army HQ for clearance and checking the property is not in a military area. once you get clearance from the army the title-deed office will issue the new title deed in the name of the new owner. this period takes approx. 3 months. 3% total purchase tax it is paid ; normally half and half by buyer and seller. but most of the sellers dont agree with that, this means genarally the buyer pays the purchase tax. to reduce the cost of the purchase tax and annual councel tax , property values are low compare to the reality in turkey. as the buyer, you also pay the equivalent of approx. £ 85.- in education tax and documentation fees. we deal few insurance companies,compulsory property insurance which is aprox. £ 35. voluntary property insurance is varies depending on the properties real worth and contents. ( our other costumers pay between £ 100 to £ 400 for per year, inc. risks of floods, fire, earthquake, hurracane etc. on depending how big the property is) we do charge you 3% agents fee that includes valuation of the property. citizens of the following countries are free to acquire the real property in turkey : the real property acquisition of the natural people who are citizens of the following countries residence in turkey a) residency Permits are obtained AFTER arrival in Turkey. formal application must be made to the police authorities of the province in which you reside, or to the Aliens department of the Police in Ankara, if no fixed abode in Turkey is intended. HOWEVER, well BEFORE your departure from the UK, you should contact the Turkish Embassy in London for information on requirements for residency and for information about importation of your household goods or car. please access the website www.turkey.org/consularservices/forms/. for further details. b) A RESIDENCE PERMIT IS AN ABSOLUTE NECESSITY BEFORE YOU CAN CLEAR ANY PERSONAL GOODS/CAR FROM TURKISH CUSTOMS. THEREFORE AN APPLICATION FOR A RESIDENCE PERMIT MUST BE MADE in Turkey within one month from the date of your arrival to Turkey. c) On first application, residence permits may be issued for a two-year period, thereafter for a maximum of five years at any one time. d) Recent changes in method of calculating of fees for a Turkish resident permit has resulted in the following changes: Up to one month 6.40 YTL per day (this will not be less than (11.70 YTL and not more than 59.10 YTL for the first month) 39.30 YTL for each subsequent month. e) Turkish work permit fees are: 255.60 YTL for six months work permit, 491.40 YTL for one year work permit, 963.00 YTL for two years work permit and 2,377,80 YTL for 5 years work permit. please access the british embassy website for further details if you rent your property and get a rental income how is it taxed?
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