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PROCEDURES

 1) How can I buy?

Freehold property or land may be purchased by most foreign nationals, from a Turkish national or another foreigner.

After choosing the property and agreeing the price with the owner

  • A contract will be drawn up and signed
  • A deposit of 10% will be paid by the buyer
  • Permission to buy will need to be obtained from the Turkish Military Authorities in lzmir (the chosen lawyer will do this for you).
  • When the permission is granted (3 months later), the balance paid, the Title Deed is given
  • Our commission is 3% of the purchase price to be paid when the deposit payment is made. You are not going to be asked any commission for our own projects.
  • There will be purchase tax at the time of exchange (see below).  

2) How do I pay for it?

It is advised that funds for the purchase should be transferred into your lawyer’s account which is opened in any Turkish bank. The foreign currency should be sufficient to cover both the purchase cost plus other costs incidental to the purchase. 

3) Are there extra costs?

Yes, except our own projects, only purchase price is shown on individual properties. Additional to purchase price, extra costs stated below is be paid by the buyer :

1.      Property Purchase Tax: 3,3 % of the declared value of the property is paid for property purchase tax (stamp duty) on registration of freehold.  This is paid in equally by the buyer and by the seller. 

2.      Legal fees :

 a.       Military approval costs which is around 1100 GBP

 b.      Notary Public & translation fees for your passport and for your title deed’s translation to you at the time of registration it under your name which are totally between  150 GBP-200 GBP

 c.       Lawyer’s fee which is between 400 GBP – 1200 GBP

 d.      Utility registration (electric & water registration under your name) cost which is approx 220 GBP

Clients who purchase from some of our projects do not pay any of extra costs stated above except item 2.b.  None of our own projects, clients are asked to pay military approval costs.

4) About ongoing costs?

Electricity is cheap approximately £0.11p (incl all taxes) a kilowatt. Bills are payable every  months to any Turkish Bank or directly to the Turkish Electricity Board. During your absence you may instruct a Turkish bank to cover your bills as long as you keep enough TL in your turkish account.

Water costs approximately £0.61p (incl. all taxes) per m3 (1,000 liters on mains supply). This cost includes environmental tax as well.

Gas is normally used for cooking and can also be used for water heating. Cylinder refills cost approximately £16.00 and lasts approximately a month for water heating and two months for cooking (a deposit is taken for each gas cylinder).

It is mandatory to purchase State Earthquake Insurance (DASK).

Regarding the site maintenance; groups of houses, particularly developments will form a management service, committee or company, to maintain common facilities, common gardens, pools, repainting, etc. The cost of this will vary from development to development, but generally starts at around £400.00 per annum. Their conduct is governed by Turkish law.

5) About my Tax situation?

First of all we would like to state that foreign nationals and Turkish citizens are no different in terms of taxes or levies to be charged.

I. Annual Real Estate Tax:

The amount is calculated on the basis of declared value of your property which could not be less then a threshold determined by tax authorities. Tax payments are made in 2 equal installments in May and in November each year and those are collected by the local municipality  (Council). The tax base is annually updated by a coefficient determined by the Ministry of Finance taking into account the inflation rate.

II.  Personal Income Tax (based on a rental income and capital gains):

The market value of your asset may rise and hence you can attain a gain. If you sell out your property in the five -year- period following the acquisition date, you shall be subject to personal income tax on the difference between the selling price and the inflation –adjusted acquisition price. Producer Price Index (PPI) is applied to acquisition price for inflation adjustment excluding the months in which property acquired and sold out if the inflation exceeds 10 %.

For sales of individuals after 5 -year-period following the purchase, no personal income tax is charged on the gains to be attained.

Rental income is liable for tax assessment in either the UK or Turkey and will be payable if your rental income is more than 1.000 GBP per annum( declared amount for the year 2008).

In order to learn further more about taxes, please click here.

6) Should I furnish my property in Turkey?

Furniture is generally cheap, and can be custom made by local craftsmen if required. It is possible to buy in most towns at very competitive rates, with a wide range of goods. Electrical items are less expensive than in England. Towels and linen are cheaper than Europe, however, household goods are extremely cheap and can be purchased at the local markets. 

 

7) What about communications?

For telephones, the standing charge payable annually is approximately £12.00. Lines are generally good and Internet access easy and well serviced. There is a national daily newspaper printed in English, the Turkish Daily News. A short-wave radio is useful to pick up the BBC World service. Television reception is good and if you buy Digiturk Satellite system you receive 52 channels including MGM, Movie Max 1&2, BBC Prime, Discovery Channel, Euro sport, CNN world news, etc.

 

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