Archives

December 2017

RESIDENCE PERMIT (IKAMET)

A standard Turkish Tourist Permit now allows you to stay in Turkey for no longer than 90 days in any 180-day period. Most nationals obtain these entry visas upon arrival at Turkish airports (cost Euro 15). Please also refer to https://www.evisa.gov.tr/en/ for online Turkish visa applications. This means expats – or those who simply wish to stay…

Foreign landlords with property in Turkey are required to file tax returns to Turkish financial authorities by March

Since the subject matter of this news is tax treatment of income derived from the rental of immovable properties and rights in Turkey by limited liable taxpayers (non-residents), it is wiser to confine the scope of the article solely to the definitions made in Turkish Personal Income Tax Law with regard to tax liability and…

Turkey Ranks 5th in Property Price Increase

The results of Knight Frank’s “Global House Price Index” study have been announced. The countries where property prices have increased the most in order are: Iceland (17.8 percent), Hong Kong (14.4 percent), New Zealand (13.8 percent), Canada (13.5 percent), Turkey (13.3 percent), Malta (12.6 percent), Czech Republic (11.5 percent), Estonia (10.7 percent) and Hungary (10.5 percent)….

Turkey offers citizenship to foreign property buyers

Turkey has changed its law to offer citizenship to foreigners who buy property worth at least $1m in the country. The decree on the changes published in Turkey’s Official Gazette on Thursday also grants citizenship to foreigners who make a fixed capital investment of at least $2m, keep at least $3m in a bank account…

Property ownership and doing business in Turkey as a foreigner

Legal Background The Regulation on the Law on Applications for Turkish Citizenship (“Regulation”) has been published on Official Gazette dated 12.01.2017 and numbered 29946. According to the amendment, a foreign investor who meets certain conditions mentioned under the provisions added to the Regulation can obtain Turkish Citizenship. Besides the Regulation, Land Registry Code also stipulates…

Turkey Real Estate Sector Grew by 3.4

Turkish Statistical Institute (TUIK) announced growth figures for the first quarter of 2017. Accordingly, in the first three months of this year, Turkey’s economy grew by 5.00 percent. While the industrial sector grew by 5.3 percent, the growth rate in the construction sector was 3.7 percent. The rate was 4.5 percent in the same period…

Turkish Property Sales to Foreigners Rose 75% Year-on-Year in September

After a tumultuous 2016, the number of Turkish properties sold to international buyers increased 75% in September compared to the same time last year, a report by the Turkish Statistical Institution shows. According to the report, released last week, foreigners of various nationalities bought 2,236 homes in September and 797 were in Istanbul, Turkey’s largest…

Owing a Property and doing business in Turkey

The Regulation on the Law on Applications for Turkish Citizenship (“Regulation”) has been published on Official Gazette dated 12.01.2017 and numbered 29946. According to the amendment, a foreign investor who meets certain conditions mentioned under the provisions added to the Regulation can obtain Turkish Citizenship. Besides the Regulation, Land Registry Code also stipulates criteria for…

Turkey offers citizenship to foreign property buyers

Turkey has changed its law to offer citizenship to foreigners who buy property worth at least $1m in the country. The decree on the changes published in Turkey’s Official Gazette on Thursday also grants citizenship to foreigners who make a fixed capital investment of at least $2m, keep at least $3m in a bank account…