You'll need to submit a copy of you passport for government approval. The passport approval process is a requirement that  government approval is sought for a foreigner to buy a property in Turkey.  Photo copies of your passport and details of the property have to be submitted through the Title office.  The approval process generally takes 6 to 8 weeks.  If however the property is already in foreign i.e. non Turkish, ownership, or one of the properties of which it forms a part of e.g. block of apartments, is already in foreign ownership, then completion can be quicker.  

You'll probably be required to open a sterling bank account in Turkey. Foreigners can open an account at a number of the Turkish banks. Your passport is always required when going inside a bank. Cash point cards are available and can be applied for once the account is open. A bank account is useful for setting up direct debits for utility bills.

If you are buying with cash, arrange with your bank or building society to accept a faxed international money transfer authorization.  Also make sure you know the charges you will incur. You may need to take away a international telgraphic transfer form and will need know the security checks required by your bank/building society e.g. a copy of you passport or a secret password.  A standard international transfer takes 3 to 5 working days to arrive at a Turkish bank.

If you are buying with cash and plan to get a cash advance on a credit card, please speak to your credit card company and explain you are likely to make an abnormal transaction whilst in Turkey.  Most credit card companies have a bar on large transactions in Turkey to secure against fraudulent use.

If you are buying with borrowed money, speak to the lender and get a written confirmation of the amount you can borrow and the time scales involved in the application process.

The time scale for completion is dictated by the following things:

     Passport application to own - see above

     State of construction of the building.  

This only applies to new build and buildings in construction. On the finishing of new buildings a Living Permission has to be sought before the property rather than the land title can be transfered.  This permission is also essential for residential connection of electric and water utilities.

     Personal finance situation of the buyer.e.g. notifcation periods for deposit accounts.

     Time to vacate the property (if applicable) by the seller.

Each purchase scenario is therefore different and an agreement therefore has to be made agreeable to all parties, before the sale can proceed.

At completion both the buyer and seller have to be present for the transfer of the title deed.  This means that buyers need to return to Turkey to complete unless they give their power of attorney to the agent or lawyer.  If the property is to be in joint names both parties must be present for completion.  Power of attorney, is a convenient way to complete your purchase without the time and expense of returning to Turkey.  With power of attorney we can act on your behalf in the submission of your passports, in the transfer of money to the seller, the payment of sales tax and in the exchange of the Title Deed.  On completion the Title Deed will be produced in your names and we can hold it safe for you until your next visit.  

A one per cent duty (i.e. tax) both for the purchaser and seller is due and collected during the transaction. The only other expense you will incur at this time is a 3% PURCHASE TAX
of the price of your property. This is for Title Deed transference.

STAGE PAYMENTS
1st Instalment – 10% of purchase price – payable in U.K. sterling
2nd Instalment – 40% of the total price of the property at eight weeks. Payable in sterling in the UK.
Final payment of 50% on completion of the property in return for the Title Deeds.

If you sell later, freehold resale costs are between 5% (comprising 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. If the property is subject to a Yapi Kredi lease then the transfer costs are just over 1%.

The acquired property may be resold or rented out and the proceeds may be transferred out of Turkey. Different regulations apply when a property is purchased for business related purposes.  Rental income is liable for tax assessment in either the UK or Turkey and will be payable depending on the personal situation.

At this stage both parties will give a written confirmation of the agreed purchase price, agree on the completion date and the method of completion, agree on any additional works or items to be included in the sale and provide a written outline of all the costs associated with your purchase.  

Under Turkish law, you are not required to have a solicitor representing you in real estate transactions and therefore, many people opt for an Property Brokers to represent them in such transactions. Fees charged by Brokers are likely to be slightly lower but we highly recommend that you spend a bit extra for legal representation by a solicitor.

Many Brokers can only speak Turkish which can prove difficult in a real estate transaction as you – the buyer, are the one who is making the payment to the seller and apart from you, everyone attending the completion of the deal in the Broker's office (the seller, their representative, the estate agent) have an interest to complete the deal as they are all going to be walking away with parts of the sale’s proceeds.

You – on the other hand, are the one paying and unless you have the right legal representation, you may find yourself completing the deal without much attention to ‘small details’ such as the community charges being up to date; this could mean that once you own the property, you also ‘own’ any outstanding community charges.

Prior to your purchase we will explain to you in detail all the relevant fees and taxes payable on a Turkish property, so that you can adjust your finances accordingly. As a rough guide, you should budget that the combined total of all these amounts will be approximately 2% of the declared purchase price.

   

A Residence Visa is only required for permanent residence or stays of longer than 28 days at a time. If you intend to take up residency, application for a 12 month visa should be made to the ‘Consulate General’, Turkish Consulate, Rutland Lodge, Rutland Gardens, London SW7 1BW tel: 0207 589 0360 prior to your arrival in Turkey.

The Consulate can also advise on the current regulations and requirements regarding residency and also importation of household effects, pets, motor vehicles etc. Do not leave these matters or enquiries to the last minute, allow at least three months to find out all you need to know and make the necessary application in good time.

Having arrived in Turkey to take up residency you are required to report to the Local Authorities within 28 days of arrival and apply for your residency permit, (this is in addition to obtaining your visa which is placed in your passport issued by the Consulate). 

WORK PERMITS
It is possible to obtain a work permit and work in Turkey but this is normally arranged prior to arrival in Turkey. If you have been offered work in Turkey you should make enquiries at the Turkish Consulate at the above address to obtain the required permit. Working in Turkey without this permit is forbidden.

The tourist visa purchased on entry to Turkey is valid for up to 3 months.  If you wish to stay in Turkey for longer periods it is possible to apply for residents visa, providing you can show evidence of your ability to support yourself during your stay.  The application for the residents visa should be started from the UK by contacting the Turkish Consulate in London for the relevant forms and advice.

Alternatively, the standard tourist visa can be renewed by a day boat trip from Kas to the Greek Island of Maize.  This is a convenient way to extend the visa for another three months and also provides an opportunity to purchase some foodstuffs not available locally.