Buying A Property In Turkey And Residency?
In general terms, allow about 8% to 10% extra to cover your tax liabilities and miscellaneous costs. This will cover a stamp duty tax of 3% of the property price (a one time small fee) that has to be paid to the land registry office; 2% charge for obtaining copies of the 'Tapu'; for connections to local utilities, and 2% fee for lawyer and legal services.
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You can also expect to pay your Turkish estate agent a commission of 3% of the property price for the finders fee.
Translation of legal documents at the Notary Public should be around 200 euro.
After you purchase a property, you need to register the new deeds in your name at the municipality, which requires a small fee. For all miscellaneous charges, normally a buyer should pay 50 euro.
If you buy property in Turkey on a community development, there will be an annual maintenance charge to consider, which will contribute towards the upkeep of the resort and the cleaning of the public areas.
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Remember that if you rent out your property at any time and earn a large income from this, you will be responsible for income tax for gains.
Example for 100.000 euro property, expect the whole purchase cost to be around 109.000 euro, where in some cases a 300.000 euro property can be much less as 315.000 euro depending on the "tapu rayic" value set by the municipality.
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Foreign House Buyers Earn A Residence Permit To Live In Turkey Longer
In January 2014 the Turkish government extended longer stay than the visitors Visa to provide Real estate residence permit in Turkey for home buyers with theTurkish law change, aimed to eliminate staying obstacles in front of the foreigner buyers.
As long as the ownership "tapu" title stays in your name, a Turkish residence permit is renewed each year.
After the 8 year continued period of obtaining the residency, you are entitled to receive the PR which is the long term residence Turkish permit.
There have been thousands of foreigners in 2018 - 2022 who have started the process to buy property in Turkey for investment and Turkish citizenship while the new laws in favor are in effect, for fast and easy Turkish citizenship.
