FREQUENTLY ASKED QUESTIONS:

Foreign nationals are increasingly interested in purchasing property in Turkey particularly along the southern and western coasts. Turkey is becoming a very popular holiday destination with its immense unspoiled coastline and Mediterranean climate, which offers all-year-round sunshine. Not only this, but buying property in Turkey is seen as a good future investment considering the fact that Turkey is on the verge of becoming a member of the EU and has one of the fastest growing emerging markets in the world. Below please find some answers to frequently asked questions.

1. Can anyone buy property in Turkey ?
2. Which areas in Turkey can foreign nationals buy ?
3. What documentation is required ?
4. How long does it take to get the title deeds ?
5. Do I need a Turkish solicitor ?
6. Should I get the property surveyed ?
7. Can there be more than one name on the title deeds ?
8. Do I need a visa entering Turkey ?
9. How long can I stay in Turkey on the normal Visitors visa ?
10. Can I obtain a Visitors visa for a longer period of time ?
11. Can I get a mortgage in Turkey to finance my purchase ?

    FINANCIAL QUESTIONS

12. Are mortgages available in Turkey ?
13. Can I open a bank account in Turkey ?
14. As a property owner, do I need to register for tax in Turkey ?

    TAX & INSURANCE

15. Will I have to pay tax or charges when bringing funds into Turkey ?
16. Is there capital gains tax charges or any other taxes if/when I sell my property in Turkey ?
17. Can I get house and contents insurance in Turkey ?

    ONGOING COSTS

18. How will I set up Utility Services - Gas, Electricity, and Telephone ?
19. How will I pay these bills when I am not in Turkey and if the property is being rented ?
20. Are there any other annual costs I need to be aware of ?

    RENTING YOUR PROPERTY

21. Will I be able to rent my property on long term or short-term basis and if so what can I expect to get rental ?

    SELLING YOUR PROPERTY

22. If I want to sell my property in Turkey , are there any restrictions and what are the costs ?
23. If I sell my property, can I freely transfer my funds out of Turkey ?

    GENERAL QUERIES

24. Is satellite TV available in Turkey ?
25. What are the medical and dental care facilities in Turkey ?
26. Can I get private health insurance ?
27. Can I “will” my property to my beneficiaries ?
28. Can I bring my pet/s ?
    

1. Can anyone buy property in Turkey ?
Turkey has a reciprocal agreement for the purchase of land and properties with the following countries: Germany , Austria , Switzerland , Belgium , Holland , England , Ireland , Spain , Italy , Canada , Luxembourg , Norway , Australia , France , Greece , and some other African and South American States .

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2. Which areas in Turkey can foreign nationals buy?
Provided the property is within the boundaries of the local government and not in a sensitive area, the above listed foreign nationals may purchase freehold property or land, from a Turkish national or another foreign national.


3. What documentation is required?
Full name and address, passport, 4 passport sized photographs (less than 6 months old) and a tax number (a very straightforward process, which entails a brief visit to the Tax Office whist in Kusadasi. This can be done by your solicitor in Turkey ). As a part of the purchase process, a state approval is sought for a property, which will be bought by a foreign national.

4. How long does it take to get the title deeds?
Once contracts have been signed it takes between 2-3 months to receive the title deeds on a resale property. If, however, the property in question is already under a non-Turkish ownership, or is a part of a complex where one or more units are already under foreign national ownership, then the completion can be quicker. For off-plan properties the delivery of title deeds will be on the date of completion.

5. Do I need a Turkish solicitor?
According to Turkish Law, it is not a requirement to have legal representation during the purchase or sale process of a property. It is the responsibility of THE TITLE DEEDS OFFICE to ensure that correct planning / extension permissions are in place, all bills are paid, debts discharged and there is no lean or interest on the property before it allows a change of ownership on the title deeds. All documentation issued by the Title Deeds Office is legally binding. However, especially for off-plans investments, it is advisable to hire the services of a Turkish solicitor.

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6.Should I get the property surveyed:
According to new building legislation all new buildings must be independently surveyed. The developments under construction must also undergo regular independent surveys. However, this legislation does not apply to already existing properties.

7. Can there be more than one name on the title deeds?
There is no restriction on the number of the names that can appear on the title deeds. Same documentation will be required for each name.

8. Do I need a visa entering Turkey ?
Yes, most nationalities require a Visa to enter Turkey . This can be obtained at Immigration once you arrive in Turkey – Visitors’ Visas currently cost €10 for an Irish Citizens and STG£10 for a UK Citizen. Charges vary depending on nationality; so if you hold another passport, please check with your local Turkish Embassy.

9. How long can I stay in Turkey on the normal Visitors visa?
Visitors’ Visas, which also allows multiple entry are valid for 3 months.

10. Can I obtain a Visitors visa for a longer period of time?
Yes, longer-term residency visas can be obtained from your local Turkish Embassy prior to traveling to Turkey . They are normally issued for periods of one year. Alternatively you can opt to take a day trip or overnight trip to a Greek Island towards the end of your 3-month period and purchase a new visa valid for 3 months on re-entry to Turkey.

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FINANCIAL QUESTIONS

11. Can I get a mortgage in Turkey to finance my purchase?
No, Foreign Nationals are currently not eligible for mortgage or other financial borrowings, but these guidelines could change as Turkey moves closer to joining the EU.

12. Are mortgages available in Ireland?

Mortgages are now available for up to 80% of the purchase price or valuation of the Turkish property for Irish & UK citizens. 

13. Can I open a bank account in Turkey?
Yes you can, most people do open bank accounts so funds can be transferred prior to traveling and so funds are available for contract completion. Direct Debits can also be set up to pay utility bills.

TAX & INSURANCE

14. As a property owner, do I need to register for Tax in Turkey?
Yes, but this is a very straightforward procedure which we can guide you through.

15. Will I have to pay tax or charges when bringing funds into Turkey?
There are no government charges for transferring funds but your bank at home will charge you transfer fees and receiving banks in Turkey normally have a small charge also. There are government tax charges when buying a property and annual property taxes.

16. Is there capital gains tax charges or any other taxes if/when I sell my property in Turkey?
Capital gains from the sale of a property are taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for four years. If your normal place of residence is Ireland and you are categorized as a normal tax resident, then capital gains may be taxable in Ireland . Where a double taxation agreement does not exist with a particular country, there are provisions within the Irish Taxes Acts, which allow unilateral credit relief against Irish tax for tax paid in the other country in respect of certain types of income (e.g. dividends and interest). (Source The Irish Revenue Commissioners Web site). Please note that New Taxation agreements with Argentina , Turkey and Ukraine are in the course of negotiation. We would recommend that you consult with a tax expert in Ireland on this matter prior to selling your property.

17. Can I get house and contents insurance in Turkey?
Yes, many well-known international insurance companies and local Turkish companies offer building and contents insurance. Earthquake Insurance is now compulsory in Turkey and is readily available and a straightforward transaction.

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ON-GOING COSTS

18. How will I set up Utility Services - Gas, Electricity, and Telephone?
As part of the buying process we will assist you to do this. There are once off set up costs
Telephone Lines are not currently offered to non-nationals unless you hold a residential permit but Mobile phones with Pay As You Go Cards are readily available. Gas is normally used for cooking and also can be used for water heating. Cylinder refills cost approximately €20 (a deposit is taken for each gas cylinder). Electricity is cheap approx €0.08c a kilowatt. Bills are payable at a local bank or directly at the Turkish Electricity Board (TEK) office. Water costs approx €0.75c per ton (1000lt on mains supply). Management Fees will apply to apartments and houses within a complex. Upon completion every development forms a “management board” in order to maintain the grounds, pool, playground, in complex lighting, etc. The fees are payable to this board annually. The cost of this varies greatly but on average it’s around €500 for apartments and €900 for villas per annum.

19. How will I pay these bills when I am not in Turkey and if the property is being rented?
If you have not set up a bank account to pay utilities when you are not in Turkey , then we can provide this service for you at a small charge.

20. Are there any other annual costs I need to be aware of?
Yes, the local government will collect “Annual Property Tax”, 0.1% of the declared value of your property. New properties are exempt from 25% of the annual property tax for 5 years.

RENTING YOUR PROPERTY

21. Will I be able to rent my property on long term or short-term basis and if so what can I expect to get rental?

Turkey is an ever-increasing destination for Europeans, and resorts are also popular with Turkish tourists during the summer months. Long term Rentals are normally on 6 month or 1 Year Basis. 6 month rentals would normally only be for summer months, so if you want to use your property then long term options would not be feasible. Properties can also be let out on a daily and weekly basis. Prices are property and time of year dependent. We can give you an idea of what you could hope to achieve for your specific property and manage these rentals on your behalf for a management fee. Please note that Rental income is liable for tax assessment in both Ireland and Turkey.

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SELLING YOUR PROPERTY

22. If I want to sell my property in Turkey , are there any restrictions and what are the costs?
Resale costs would be approximately 5% comprising of sales tax, local documentation and legal fees. Property may be sold to Turkish, or foreign nationals without restriction. Because of the change in law (Decree 32 August 1989) the lira is now convertible so proceeds of the sale of a property can be converted to whatever currency and subsequently transferred to any country you choose.

23. If I sell my property, can I freely transfer my funds out of Turkey?
Yes, Turkey has a very liberal investment climate, including free (international) movement of capital, profits, dividends and salaries, free-trade zones and subsidies. Again small bank charges may apply.

GENERAL QUERIES

24. Is satellite TV available in Turkey?
Yes, a wide range of satellite TV services is available in Turkey.

25. What are the medical and dental care facilities in Turkey?
Turkey has both public and private facilities available. Private facilities are to a very high standard and costs are approximately 40-50% cheaper than other European countries.

26. Can we get private health insurance?
Yes, Private Health insurance is readily available in Turkey and costs again are considerably cheaper than at home. Individuals who are traveling to Turkey for 3 months or less and hold private health insurance at home should be covered, but please check this with your Insurer before traveling For those looking to spend longer periods of time or retire in Turkey , then we would recommend that you explore the Global Policy currently on offer with VHI or are covered by an Insurer in Turkey.

27. Can I will my property to my beneficiaries?
You can make a Turkish Will and leave your property to your beneficiaries, however if you hadn't made a will, the property automatically goes to your next of kin.

28. Can I bring my pet/s?
Yes, currently you can bring one cat, one dog, one bird or ten fish to Turkey by obtaining a certificate of origin and a certificate of health not more than 15 days prior to traveling Airlines will also need to be advised of your intention to bring a pet with you when booking your flights. However, please remember that pets will be quarantined if you are returning from Turkey to the UK or Ireland.

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