Paylaş: Introduction
Legal Fees and Taxes
Property Purchase Tax:
- Buyers are subject to a 4% property transfer tax on the declared value of the property. This tax is usually paid during the title deed transfer process.
Legal Fees:
- Lawyer fees generally range between 1% and 3% of the property value, depending on the complexity of the transaction.
Annual Property Tax:
- Once the property is purchased, the owner is responsible for an annual property tax, which is typically 0.1% to 0.6% of the property’s assessed value, depending on the location.
Residence Permits for Property Owners
Eligibility for Residence Permits:
- Foreigners who purchase property in Turkey are eligible for a short-term residence permit. As of 2024, the minimum property value required to apply for a residence permit is $200,000 USD. This permit is renewable as long as the ownership and eligibility criteria are maintained.
Application Process:
- The residence permit application is submitted online through the Directorate General of Migration Management (DGMM). Required documents include proof of property ownership (title deed), health insurance, and proof of financial means.
Recent Developments in 2024
Increased Minimum Investment:
- As of 2024, the minimum property value required for foreigners to apply for a residence permit has been raised to $200,000 USD, reflecting the government’s focus on attracting higher-value foreign investments.
Streamlined Digital Services:
- The property purchase and residence permit application processes have been digitized, allowing foreign buyers to track their applications online and submit necessary documents electronically.
Conclusion
Buying property in Turkey as a foreign national involves a series of legal steps, from obtaining a tax number to transferring the title deed. With the increased minimum investment requirement for residence permits and other recent updates, understanding the legal process is essential for a smooth property purchase in 2024. Hiring a lawyer and staying informed about legal changes can help ensure a successful transaction.
