What is the legal process of buying a property in Istanbul?
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What is the legal process of buying a property in Istanbul?

Created: 2023-05-09 Modified: 2023-11-27 Views: 819 Luxury Signature Admin
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Real estate investment is often considered a relatively safe investment option for several reasons. First of all, real estate is a tangible asset, meaning it is a physical property that you can touch and see. This gives investors a sense of security, as they know exactly what they are investing in and can physically visit the property. Also, real estate can generate a steady stream of income through rental payments, making it a reliable source of passive income. In this article we will provide you with all the details about the process of buying a property in Istanbul. 

 

What is the legal process of buying a property in Istanbul?

The legal process of buying a property in Istanbul can vary depending on various factors, such as whether the property is new or resale, the nationality of the buyer, and the location of the property. However, here are the general steps involved in the legal process of buying a property in Istanbul:

  1. Find a property: The first step is to find a property that meets your needs and budget. You can work with a real estate agent or search online to find properties that fit your criteria.
  2. Checking the property: Once you find a property you are interested in, it's important to conduct due diligence to ensure that there are no legal or financial issues with the property. This may involve a real estate appraisal approved by companies accredited by the Turkish government, checking the property's legal status, and reviewing the property's title deeds.
  3. Sign a purchase agreement: If you are satisfied with the property and its legal status, you can sign a purchase agreement with the seller. This agreement will outline the terms of the sale, such as the purchase price, payment schedule, and any conditions of the sale.
  4. Obtain a tax number: As a foreigner, you will need to obtain a tax number from the local tax office. This number will be used for tax purposes related to the property purchase. There are two ways to obtain a tax number in Turkey:

- Extracting it from the tax department:

Official documents required to obtain a tax number from the Tax Department:

• A copy of your passport and a copy of the entry stamp.

• A document that proves your residential address, for example, a bill, or a rental contract, or any document on which your residential address is written in detail. 

- Extract it via the Internet:

The Turkish government has granted foreigners the right to extract the tax number online, without the need to visit the tax departments, according to the following steps:

• Visit this link.

• Fill in the required data.

  1. If you plan to live in Turkey, you will need to apply for a residence permit. We at Luxury Signature offer you this after-sales service free of charge.
  2. Transfer ownership: The final step is to transfer ownership of the property. This involves registering the property with the Land Registry Office and paying the necessary fees and taxes.

 

It's important to note that the legal process of buying a property in Istanbul can be complex, and it's recommended to work with a professional, such as a lawyer or a real estate agent, who is familiar with the local laws and regulations.

 

What are the required official documents when buying a property in Turkey?

  1. A copy of the buyer's passport translated into Turkish by a sworn translator and certified by the notary.
  2. 4 personal photos (biometric).
  3. The buyer's tax number.
  4. The report of real estate appraisal in Turkey.

 

What are the conditions for obtaining Turkish citizenship by purchasing a property in Turkey?

  1. Purchasing a property or a group of properties on Turkish lands with a value of at least $400.000.
  2. Maintaining the property and not selling it for at least 3 years.
  3. The person wishing to buy a property and obtain Turkish citizenship must hold one of the nationalities that are allowed to own and buy real estate in Turkey. This law includes most nationalities except for the following nationalities: Syrian, Armenian, Cuban, Nigerian, and North Korean. 

 

What are the required official papers to apply for Turkish citizenship by purchasing a property?

  1. A bank receipt stamped and signed by the bank proving the process of transferring money and purchasing the property.
  2. A copy of the property title deed (Tapu).
  3. 6 personal photos (biometric).
  4. Buyer's tax number.
  5. A copy of the buyer's Turkish residence permit and his family members, if any, or a copy of the passport's stamp for the last entry to Turkey.
  6. The marriage contract of the buyer, certified by the Ministry of Foreign Affairs of the country of issuance of the document, and attested by the consulate of the passport he is carrying with attestation from the Turkish Consulate, with clarity of the name of the husband and wife and the date of the marriage contract.
  7. The birth certificate of the buyer, his wife, and children under the age of 18, certified by the Ministry of Foreign Affairs of the country where the document was issued, and attested by the consulate of the passport he carries with attestation from the Turkish Consulate.
  8. If the buyer is divorced, the divorce document shall be certified by the Ministry of Foreign Affairs of the country where the document was issued, and the passport shall be certified by the consulate of the passport he is holding with attestation from the Turkish Consulate.
  9. If the buyer is single, the celibacy document is issued by the consulate of the passport he is holding and certified by the Ministry of Foreign Affairs with attestation from the Turkish Consulate.
  10. A power of attorney from the buyer (and his wife if he is married) to our company to apply for Turkish citizenship, issued by the Turkish Consulate or from Noter (you do not need to mention the names of the children, and you do not need a power of attorney of children under 18 years old).

 

Tips when buying a property in Turkey

  1. Forming a general idea and defining the reasons, goals, and purpose of buying a property in Turkey: is it for housing, for investment, or for the purpose of obtaining Turkish citizenship? Also, determine your budget through which you want to buy a property in Turkey. This in turn will make it easier for you to search and choose the right property. Finally, specify the specifications of the property you are looking for and want to buy (area, number of rooms, etc.).
  2. Dealing with a reliable real estate company: It is very important when buying a property in Turkey to choose a real estate agent and deal with a reliable real estate company to help you choose the right property, accompany you during real estate tours and visit projects, and inform you of all the conditions and laws that you must know before buying a property. Among the advantages of dealing with a real estate company is also obtaining many free services provided by companies to you and obtaining real estate and legal advice and exclusive offers that will save you a lot of time and effort searching for the desired property.
  3. Visiting projects: You must visit real estate projects in Turkey after sufficiently familiarizing yourself with the appropriate offers to evaluate them, ensure credibility, and conform to the specifications, areas, views, and project completion stages for the photos you have seen previously. Visiting projects may also be done via video phone calls or via the internet in case your visit to Turkey is difficult at the present time.

Frequently asked questions

What are the conditions for obtaining Turkish citizenship by buying a property in Turkey?

Buying a real estate or group of real estate on Turkish lands with a value of at least $400.000.
Preserving the property and not selling it for at least 3 years.
The person wishing to buy real estate and obtain Turkish citizenship must hold one of the nationalities that are allowed to own and buy real estate in Turkey. This law includes most nationalities except for the following nationalities: Syrian, Armenian, Cuban, Nigerian, and North Korean.

How can I obtain a tax number in Turkey?

- Extract it from the tax department.
The official papers required to obtain a tax number from the Tax Department:
1- A copy of your passport and the entry stamp.
2- A document that proves your residential address, such as a bill, a rental contract, or any document on which your residential address is written in detail.
- Extract it online.

How long does it take to obtain Turkish citizenship through real estate investment?

It takes 2 to 3 months to obtain Turkish citizenship officially by real estate investment in Turkey in 2023.

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