TAPU - The tapu is the Turkish property deed
In the case of a new build you will receive two tapu’s. The first is tapu is the ARSA, which means land. This is issued first and will show the new property owners name. According to Turkish law as long as the owners name is on the arsa tapu then they own whatever is on the land. An application must be made to the local council offices for a living license (the second tapu - OTURMA IZNI). This is done by the property vendor (i.e. the builder), and is only issued once the building has been inspected to comply with the building application. Once this has been granted the tapu will show the words CINS TASHIHI that confirms the classification on the property. In the case of re-sale property the OTURMA IZNI should have already been granted, but must be checked it is shown.
FAQ
Q) What nationalities can buy in Turkey?
A) Turkey has a reciprocal agreement for the purchase of land amd properties with the following countries; Germany, Austria, Switzerland, Belgium, Holland, UK, Ireland, Spain, Italy, Canada, Luxembourg, Norway, Australia, France, Greece, and various other countries.
Q) What documentation will I need?
A) Your passport is the only documentation you will need to purchase a property in Turkey.
Q) Do I need a visa to enter Turkey?
A) You will need a visa to enter Turkey and these can be obtained at Immigration once you arrive. This will cost £10 for a UK citizen and will be valid for 3 months.
Q) How do I bring funds out of Turkey?
A) Because of the change in law (decree 32, August 1989) the Turkish Lira is now convertible so proceeds of the sale of a property can be converted to whatever currency you select and subsequently transferred to the country of your choice.
Q) Can I get a mortgage in Turkey?
A) Fidentia, a specialist overseas Mortgage brokers, say that due a bill being passed in the Turkish courts which lead to a change in legislation, there is no longer a legal restriction on foreign investors obtaining a mortgage in Turkey. There are already loan products existing, local Turkish finance companies are offering secured loans. This change in the law will mean that mortgages will be available, which will have a dramatic effect on the Turkish property market.
Q) Will I have to pay tax or charges when bringing funds to Turkey?
A) 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 property and annual property taxes also.
Q) If I sell my property, can I freely transfer my funds out of Turkey?
A) Yes, Turkey has a very liberal investment climate, including free (international) movement of capital, profits, dividents and salaries, free-trade zones and subsidies. Again, small bank charges may apply.
Q) What religion(s) is most established inTurkey?
A) 99% of the Turkish population is Muslim. However due to the nature of the secular state, everyone in Turkey has full freedom of religious belief. In Turkey you will find Catholic,Orthodocs, Protestant and Armenian churches, as well as Synagogues, and everyone is free to practice the religion of his chooisng.
Q) Are double taxation treaties in place?
A) Turkey is a signatory to a treaty for the prevention of double taxation with 60 countries throughout the world including the UK.
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