Who can buy property in Turkey?
While most of the world citizens are free to buy property in Turkey, there are a few who are not allowed to own property in Turkey, while some can buy with some restrictions applied.
Not Allowed: Citizens of Syria, North Korea, Cuba, and Armenia
Homeownership eligible with some restrictions: Citizens of Israel, Jordan, Fiji, and East Timor
Region restrictions: Russian, Greek, and Ukrainian citizens can not buy property by the Black Sea coasts. Greek nationals are also restricted from some Aegean region cities.
Land Restrictions: Citizens of Egypt, Latvia, and Morocco are not allowed to purchase agricultural property in Turkey. Citizens of Albania can only buy residential and office properties in Turkey.
Property Restrictions for all Foreigners in Turkey
A foreigner can not buy any more than 30 hectares in all of Turkey.
A foreigner can not buy more than %10 of a district that has defined borders.
The property or land can not be the close proximity of a military zone.
Using Lawyers
Things can get lost in translation! Therefore, having a good translator is more important than you think. Your lawyer may be able to translate the documents needed, however, problems can occur if they are not good enough, after all, that is not their profession. The agency you are working with should also have a list of good and trustworthy translators. Instead of risking the entire process which is already quite challenging to deal with, hire a translator who can eliminate the possibility of having any problems with your documents.
Translators During Property Purchase in Turkey
Things can get lost in translation! Therefore, having a good translator is more important than you think. Your lawyer may be able to translate the documents needed, however, problems can occur if they are not good enough, after all, that is not their profession. The agency you are working with should also have a list of good and trustworthy translators. Instead of risking the entire process which is already quite challenging to deal with, hire a translator who can eliminate the possibility of having any problems with your documents.
Appointing a Power of Attorney
According to your wish, you can legally give power to a person or an organization to act on your behalf through the document called "Power of Attorney" that will include handling the sale transaction on your name. This will require extra fees like translator and PAO fees but it’s a good and reliable solution when you can't be present in Turkey while signing the contract or fulfilling the other sale procedure steps.
This process is very easy and can be completed within a couple of hours. You can do it in the closest Turkish consulate or embassy in your country. Our consultants will be more than happy to guide you through this step.
Applying for Military Clearance
Since March 2019, a Military Clearance is no longer required for property purchases to foreigners!
Can I Become a Turkish Citizen through Property Purchase?
Yes! As long as the value of the property before taxes is $250.000 USD, you are eligible for Turkish Citizenship as long as you hold on to the property for 3 years. You are free to rent it out for extra profits, or live in your new home.
Taxes
There is a stamp duty tax during the documentation process that is priced at %4.4 of the total property price. If the property is a second-hand sale, the taxes are split between the seller and the new owner.
If you decide to sell your new home in the first five years of your ownership, a capital gains tax will be applied to your real estate.
This tax is calculated based on the gross income in TL and it changes according to the property’s function whether it’s residential or commercial. There are two different methods to calculate these taxes that you can choose the most appropriate for you.
First, you will take out 25% of your income, and you will pay the tax according to the remaining amount.
Can I work if I purchase a property in Turkey?
Buying real estate does not immediately grant you a work permit. You need to apply for it separately. If your purchase is more than $250.000 USD before taxes, you will be granted Turkish citizenship, which will grant you every benefit of a Turkish national.
Is Turkey Safe to Live?
As a country that experiences 4 seasons across its 7 regions, Turkey is also a magnet for tourism, and home of many ancient civilizations. Many foreign homeowners across the country choose Turkey for real estate, and the country continues to receive millions of tourists every year. Turkey is a safe country to live and visit as a foreigner.
