Buying A Property In Turkey And Residency?
In general, budget an additional 8% to 10% to cover your tax obligations and other expenses. This will cover the 3% stamp duty tax (a one-time small fee) that must be paid to the land registry office, the 2% fee for getting copies of the “Tapu,” the 2% fee for getting connected to local utilities, and the 2% fee for legal and attorney services.
Additionally, you can anticipate paying your Turkish real estate agent a finders fee of 3% of the purchase price. Legal document translations at notaries public should cost about 200 euros. After buying a property, you must pay a small fee to the municipality in order to register the new deeds in your name. Normally, a buyer should pay 50 euros for all other fees. There will be an annual maintenance fee to take into account if you purchase property within a community development. This fee goes toward maintaining the resort and keeping the common areas clean.
Keep in mind that you will be required to pay income tax for gains if you ever rent out your property and receive a sizable income from it.
A property worth 100,000 euros, for instance, would cost around 109,000 euros to buy outright, while a property worth 300.000 euros might cost as little as 315.000 euros depending on the “tapu rayic” value set by the municipality.
Foreign House Buyers Earn A Residence Permit To Live In Turkey Longer:
With a change in Turkish law, the Turkish government extended visitor visas for longer periods of time in January 2014 in order to provide real estate buyers with residence permits in Turkey and remove remaining barriers. An annual Turkish residency permit renewal is possible as long as the ownership “tapu” title remains in your name. You are eligible to receive the PR, which is the long-term residence Turkish permit, after the eight years of continuous residency. While the new laws in favor are in effect, thousands of foreigners have begun the process of purchasing property in Turkey for investment and Turkish citizenship. This process is meant to be quick and simple.
