Capital gains made from the sale of a property will be taxable in Turkey if the owner is a Company.
Individuals do not have to pay capital gains, provided they have owned the property for one year.
Unlike Spain and the Canary islands, when you sell a property in Turkey, all proceeds from the sale can be sent back to the U.K.
Property & Conveyancing in Turkey
Persons wishing to buy property in Turkey can be apprehensive about their choice of lawyer since they will not be familiar with the firms nor, in most cases, with the civil law system.
In most areas of Turkey, finding accommodation to rent or buy isn't difficult, providing your requirements aren't too unusual.
Accommodation accounts for around 25 per cent of the average Turkish family's budget, but can be more in the major cities.
Property prices and rents in Turkey vary considerably depending on the region and city.
For example, a property rented outside a municipality will cost ?75.00 a month, and ?150.00 a month in most municipalities on the Mediterranean and Aegean coast.
Residents Visas
If you are relocating to Turkey for more than six months then you are well advised to apply to the Turkish Government Office for a residents.
They will issue a document for you to present to the police neared your new home who in return will process the application.
Rent (Kiralik) or buy (Satilik)
If you're planning to stay in Turkey for a year only then renting is usually the best solution since the costs associated with purchasing a house can be 10 based on the declared price of the property.
Government tax: Approximately ?100
Community tax: Approximately ?8 paid yearly for local services.
Property tax : Approximately % 0,5 based on the declared value of property, paid yearly.
Water & electricity connection fee: Approximately ?250
Earthquake Insurance: Depends on property price and location.(required by law)
If property is bought in a complex: There is an average maintenance charge of approximately ?150 - ?400 per year
When purchasing property, the buyer will be responsible for paying the water and electricity connection fee.
These guidelines are meant for guidance only and describe straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.
