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Frequently Asked Questions ? When you buy property in Turkey

15. Is purchasing property in Turkey a good investment opportunity ?

17. How will I pay for my purchase ? 

 1. Who is allowed to purchase real estate in Turkey ?

Most foreign nationals can purchase property in Turkey providing that:

• There is a reciprocal agreement between the government of Turkey and that of the purchaser. This agreement does exist between Turkey and the U.K., EU Countries, US, Russia and also with other countries.

• The intended property lies within the boundaries of a municipal area, i.e. town or village with more than 2,000 registered inhabitants.

• The intended property does not lie within the confines of a military zone.

2. Can I purchase more than one property ?
Yes. You can purchase as many properties as you wish.

3. If I purchase property, how do I know when to make my payments ?
This will be detailed in the sale agreement, however SHC / MY NEST will also give clients a payment plan which clearly details when each payment is required. As soon as the payments have been received, we will send you a receipt.

4. If I own a property in Turkey, is there a limit to the amount of times I can come to Turkey to use it ?
No, there is no limit.

5. I want to stay in Turkey long term. Is this possible ?
Yes, it is possible. Non Turkish citizens need to apply for a residency visa. SHC / MY NEST can assist clients with this process. Contact us for more information.

6. How long does it take until I own the property and the title deeds are in my name ?
It usually takes two/three months for the title deeds to come through.

7. Can the Title Deed have more than one name on it ?
Yes,there can be more than one name on the title deeds. SHC / MY NEST will need passport copies, full names and addresses of all those whose names are to appear on the Title Deeds.

8. Do I need a Will against my property in Turkey ?
It is not necessary to make a Will in Turkey, under Turkish Law any property is passed to the next of kin. We would however, recommend, that a Will is drawn up for your personal requirements.

9. Are properties freehold or leasehold ?
They are 100% freehold.

10. What documents do I need for purchasing a property in Turkey ?
Your passport is the only documentation you will need to purchase a property in Turkey. The Land Registry Office will prepare all the paperwork pertaining to the purchase of a property.

11. What will be the one time expenses when purchasing a property in Turkey ?
Estate registrations tax: 1.5% - 3% of the registered value depending on location.
Registration costs: € 150 – 200
Registration for Electricity: around € 120,-
Registration for Water: around € 80,-  

12. If I purchase property, do I have to use a solicitor ?
Officially you do not need a Solicitor, as your Agent will usually do all the conveyance but Solicitors are available for a cost of around £300 to £400.

13. Will I be able to rent out my property ? 
Yes, you will be able to rent out your property throughout the year. Please note that Rental income is liable for tax assessment in Turkey 

14. If I purchase property within a complex, will I have maintenance to pay ?
Yes, these costs vary from complex to complex depending on facilities.

15. Is purchasing property in Turkey a good investment opportunity ?
Currently prices in Turkey are incredibly reasonable, so owning property is a fantastic investment opportunity. Prices are constantly rising, so purchasing now is a good idea! It is widely believed that Turkey will enter the EU in the future. Once that happens, property prices will increase significantly.

16. Can I get a mortgage in Turkey to finance my purchase ? 
Yes, Foreign Nationals are now eligible for mortgages or other financial borrowings depending on the property they wish to purchase.

17. How will I pay for my purchase ? 
Most customers arrange finance through their bank or finance company prior to travelling to Turkey or arrange it as soon as they return home. The most popular financing methods in our experience are re-mortgaging existing properties at home, personal savings or personal loans.  

18. Will I have to pay tax or charges when bringing funds into Turkey ? 
There are no government charges for transferring funds but your bank at home will charge you transfer fees and receiving banks in Turkey normally have a small charge also.

19. If I sell my property, can I freely transfer my funds out of Turkey ? 
Yes, Turkey has a very liberal investment climate, including free (international) movement of capital, profits, dividends and salaries, free-trade zones and subsidies. Again small bank charges may apply.

20. Are there capital gains tax charges or any other taxes if/when I sell my property in Turkey ? 
Capital gains from the sale of a property are 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.

21. Can I open a bank account in Turkey ?
Yes, you can open bank accounts in Turkey in your own name. Joint accounts can also be open. SHC / MY NEST can assist clients with this.

22. What documentation do I need to open up a bank account in Turkey ?
Clients will need to take their passports and a tax number which is easily obtained from a local tax Office. Setting up a bank account is useful for paying utility bills via direct debit.

23. What are the bank opening times ?
Times vary, but generally the banks open from 9:30am until 5:00pm with a lunch break between 12:30pm and 1:30pm. 

24. What other facilities do banks offer ?
Facilities vary, but most major banks offer money exchange (travellers cheques, foreign currency, eurocheques (but note that they do charge commission for these services). Most banks have a cash point system where holders of Visa, Access, Mastercard, Eurocard and Delta can obtain cash.

25. Do Turkish banks have Internet banking services ?
Many of the banks provide a very good internet banking service and do have web pages in English.

26. Can I get house and contents insurance in Turkey ? 
Yes, many well known international insurance companies and local Turkish companies offer building and contents insurance. Earthquake Insurance is now compulsory in Turkey and is readily available and a straightforward transaction.

27. How will I set up Utility Services - Gas, Electricity, and Telephone ? 
As part of the buying process we will assist you to do this. There are one off set up costs - Telephone Lines are not currently offered to non nationals but Mobile phones with Pay As You Go Cards are readily available.

28. How will I pay these bills when I am not in Turkey and if the property is being rented ? 
We will guide you to open a bank account and you need to set up a direct debit so that all your bills will be paid even if you are not in the country. 

29. Is satellite TV available in Turkey ? 
Yes, a wide range of satellite TV services are available in Turkey to view European TV channels. 

30. What are the medical and dental care facilities in Turkey ? 
Turkey has both public and private facilities available. Private facilities are to a very high standard and costs are approximately 40-50% cheaper than other European countries. 

31. Can we get private health insurance in Turkey ? 
Yes, Private Health insurance is readily available in Turkey and costs again are considerably cheaper than at home. Individuals who are travelling to Turkey for 3 months or less and hold private health insurance at home should be covered, but please check this with your Insurer before travelling.

If you have any other question that needs to be answered please don't hesitate to contact us at any time.