Guide on purchasing real estate in Turkey – Rights of foreign property owners in Turkey
The Turkish government guarantees the rights of foreign property owners in Turkey. Moreover, the Turkish government encourages foreign investments in Turkey, and to support foreign investors in the Turkish real estate sector as we will see in this article from Ebla Real Estate.
Table of contents:
- The rights of foreign property owners in Turkey:
- Obtain real estate residence in Turkey.
- Obtain Turkish citizenship.
- Real estate appraisal for foreigners in Turkey.
- Inheriting real estate for foreigners in Turkey.
- Tax exemption for foreigners’ real estate in Turkey.
- The mortgage loan for foreigners in Turkey.
The rights of foreign property owners in Turkey:
1. The right of obtain real estate residence in Turkey:
The Turkish government grants the foreigner who buys a property in Turkey the right to obtain real estate residence in Turkey. Real estate residence allows foreigners to live, reside, invest in Turkey, do business and carry out daily activities without experiencing problems.
However, the Turkish government determines the value of the property to be 75 thousand dollars. And there are no conditions related to the area or location of the property.
Granting real estate residence for foreign investors in Turkey encouraged many investors to buy real estate in Turkey.
The real estate residence provides the foreigners with many advantages and rights in Turkey, such as the right of legal residence, travel within Turkey without travel permission, education, treatment, granting residency to the family of the property owner, and obtaining citizenship after 5 years of real estate residency.
2. The right of obtain Turkish citizenship:
The foreigner property owner has the right to apply for Turkish citizenship according to several conditions. To apply for Turkish citizenship, you have to have a property worth at least 400.000 $. In addition, the property must be free from taxes or mortgages.
The Turkish government does not require a specific type of real estate or a specific area to obtain citizenship.
Once the foreigner obtains Turkish citizenship, he enjoys all the rights as a Turkish citizen. In addition, he can obtain a Turkish passport.
It is worth noting that Ebla Real Estate provides the service of obtaining Turkish citizenship through real estate ownership.
4. Real estate appraisal for foreigners in Turkey:
The real estate appraisal report has become mandatory for every foreigner to buy real estate in Turkey.
It is a document that includes all the important information related to the property, such as the area, location of the property and others.
5. The right of inheriting real estate for foreigners in Turkey:
Foreign property owners in Turkey have the right to bequeath real estate to the legal heirs. The inheritance law is the same for foreigners in Turkey. Foreigners can also distribute the estate according to the laws of their country if they file an application to the court.
It is worth noting that in the Turkish inheritance law, there is equality between males and females in the distribution of inheritance.
5. Tax exemption for foreigners’ real estate in Turkey:
Foreign property owners can benefit from tax exemption on real estate in Turkey, if they meet the conditions stipulated by Turkish laws, including:
- Owning one property.
- If the foreigner resides outside Turkey while buying the property.
- Not to sell the property for a year after issuing the exemption.
In addition, there are many real estate tax exemptions for foreigners, such as apartments, villas and shops; Provided that those buildings are newly built in Turkey.
6. The right to obtain a mortgage loan for foreigners in Turkey.
Turkish laws allow foreigners to obtain a real estate loan if they meet the necessary conditions, the most important of which are:
- Presenting a bank statement showing the income.
- Moreover, the age of the person applying for a mortgage loan in Turkey plays an important role in determining the amount of the loan.
- Furthermore, the construction completion percentage must not be less than 80% in order to obtain the mortgage.
It is worth noting that the max LTV (loan-to-value) amount for foreigners is 70%. Moreover, the banks give the loan according to the real estate evaluation.
Edited by: Ebla Group Real Estate
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