The Essential Turkish Real Estate Resource

Yes, you can open a bank account in Turkey without a residence permit. The key requirement is having a Turkish Tax ID number, which is necessary for most financial transactions in the country. A residence or work permit is not mandatory to open a bank account.

Key Requirements to Open a Bank Account:

1. Turkish Tax ID Number: This is the primary requirement, and you can easily obtain it from the Tax Office in Turkey.
2. Valid Passport or ID: You will need a valid passport or an equivalent identification document.
3. Proof of Address: Some banks may ask for proof of address, such as a utility bill or lease agreement.

Notes:

• Many banks in Turkey, including major ones, allow foreign individuals and investors to open accounts for various purposes, such as saving, receiving payments, or conducting transactions.
• If you’re planning on staying in Turkey for an extended period, it’s advisable to also explore the option of applying for a residence permit later on, as it may make certain financial transactions easier in the long term.

In summary, opening a bank account in Turkey is relatively simple for foreigners as long as you have the necessary documents, even without a residence permit.

You should apply for a residence permit in Turkey before your current visa or visa exemption expires. It is crucial to initiate the application process in advance to avoid overstaying your legal stay in Turkey, as this could lead to penalties or complications with future travel and residency applications.

Key Guidelines:

• Before Visa Expiration: Start the application process well in advance of the expiration date of your visa to ensure a smooth transition to legal residency in Turkey.
• Required Documents: Prepare all necessary documentation, including your passport, proof of accommodation, and any forms specific to your residency category.
• Local Authorities: Submit your completed application to the relevant authorities, usually at the local Directorate General of Migration Management (DGMM).

Why Timely Application is Important:

• Avoid Overstaying: Failing to apply on time can result in overstaying your visa, leading to fines, deportation, or a ban on future entry to Turkey.
• Complications for Future Applications: Overstaying may negatively impact your ability to obtain future residence permits or other immigration benefits.

To ensure compliance with Turkish immigration regulations, it is essential to adhere to the timeline and initiate your application process as early as possible.

By law, the processing of residence permit applications in Turkey is typically expected to be completed within 90 days from the submission date. However, this timeline may vary based on factors such as the type of residence permit, completeness of your application, or any additional checks required.

Key Points to Keep in Mind:

• Updates from Authorities: If there are any delays or extensions in processing, the Turkish authorities will provide updates regarding the status of your application.
• Avoid Delays: Ensure that all required documents are submitted correctly to avoid unnecessary delays. This includes your passport, proof of address, and any additional paperwork required for your specific application.

To stay informed, you can regularly check your application status through the Turkish immigration portal or consult your lawyer for updates.

To apply for a residence permit in Turkey, your passport (or an equivalent travel document) must be valid for at least 60 days beyond the requested residence permit period. This means that if you’re applying for a one-year residence permit, your passport should be valid for at least 13 months from the date of your application.

Why is this Important?

• Ensures Validity: The 60-day buffer ensures that your passport remains valid throughout the entire duration of your residence permit and provides additional time in case of any delays.
• Avoids Rejection: If your passport doesn’t meet the validity requirement, your residence permit application may be rejected, as Turkish authorities require valid travel documents for the entire stay.

It’s a good idea to check the expiration date of your passport well in advance and renew it if necessary to avoid any disruptions in your application process.

When selling property in Turkey, the tax you must pay depends on how long you’ve owned the property. Here’s a breakdown of the tax rules:

No Tax After Five Years:

• Exemption from Capital Gains Tax:
  If you sell your property after five years of ownership, you are exempt from paying capital gains tax. This policy encourages long-term property investments.

Tax on Sales Within Five Years:

• Profit Tax Liability:
  If you sell the property within five years of ownership, you are subject to a capital gains tax. This tax applies to the profit you make from the sale.
• Tax Rate:
  The tax rate for the profit is typically 20% of the profit you made from selling the property.

How to Calculate the Profit:

1. Purchase Price:
   This includes the original price you paid for the property, along with any additional costs such as legal fees, renovation expenses, or other acquisition-related costs.
2. Selling Price:
   This is the price at which you sell the property.
3. Taxable Gain:
   Subtract the purchase price (plus associated costs) from the selling price. The difference represents the taxable gain, which is subject to the 20% tax.

Conclusion:

The tax rate on the sale of your property in Turkey is designed to encourage long-term investments. If you sell after five years, you won’t pay tax on the profit. However, sales within five years are subject to a 20% capital gains tax on the profit made.

Property tax refund allows individuals who qualify for property tax exemptions to recover taxes they may have unknowingly paid in the past. Here’s what you need to know about how the process works:

Eligibility for Property Tax Refund:

1. Exemption Criteria:
   • Some individuals, such as retirees, veterans, people with disabilities, or families of martyrs, may be exempt from paying property tax based on specific conditions (e.g., having no income, using the property as their primary residence, etc.).
2. Unaware of Exemption:
   • If eligible individuals were unaware of their property tax exemption and paid the tax in previous years, they can apply for a refund.

How to Apply for a Property Tax Refund:

1. Application Process:
   • Individuals who qualify for property tax exemption must submit a formal application for the refund. This typically involves filling out the necessary forms and submitting them to the relevant local municipality (belediye).
2. Refund for the Last 5 Years:
   • The property tax refund can be requested for the past five years of payments. If eligible, you can receive reimbursement for taxes paid during this period.
3. Necessary Documentation:
   • Required forms and supporting documents must be submitted to the municipality for the refund process to begin.

Conclusion:

Property tax refund is a beneficial option for those who qualify for exemptions but have mistakenly paid taxes in previous years. By applying to the relevant authorities, individuals can recover taxes paid in the past five years. It’s essential to check eligibility and promptly submit the required documents to ensure the refund process is initiated.

In Turkey, certain individuals are exempt from paying property tax on their real estate. These exemptions are designed to alleviate financial burdens for specific groups of people, and in some cases, the property tax rate is reduced to 0%. Here’s a breakdown of who qualifies for property tax exemption:

Exemptions from Property Tax:

1. Individuals with No Income:
   • People who have no income are exempt from paying property tax.
2. Retired Persons (Emekliler):
   • Retirees who do not earn income from employment may qualify for exemption.
3. Families of Martyrs (Şehit Aileleri) and Children of Martyrs:
   • Families and children of Turkish soldiers who have lost their lives in service are exempt from property tax.
4. Veterans (Gaziler):
   • Individuals who are veterans, having served in the Turkish military, are exempt from paying property tax.
5. People with Disabilities (Engelliler):
   • People with disabilities may also qualify for property tax exemption, as long as they meet specific criteria.

Important Conditions for Exemption:

• Income Requirement:
  • The most significant condition for exemption is that the individual must have no income. Additionally, the property must be the individual’s primary residence.
• No Other Property:
  • The person must not own any other property. The exempt property should be used solely for residential purposes, and it must be the person’s primary residence.
• Size and Usage of Property:
  • For a property to be exempt from tax, it must meet certain size and usage criteria as outlined by the local authorities.
• Government-Owned Property:
  • Properties owned by the government, including institutions, land, and facilities, are completely exempt from property tax.
• Diplomatic and Special Properties:
  • Properties belonging to foreign governments, such as consulates, as well as religious, military buildings, and public works like dams, are also exempt.

Understanding the specific conditions for property tax exemption is essential for individuals who may qualify. Ensuring compliance with the requirements will allow eligible persons to benefit from these exemptions and reduce their financial obligations.

In Turkey, anyone who owns property within the country is required to pay property tax. This includes individuals who own buildings, land, or other types of real estate. Here’s a breakdown of who is responsible for paying property tax:

Key Points:

1. Property Owners:
   • Turkish citizens and foreign nationals who own real estate (such as houses, buildings, land, or plots) within Turkey are legally obligated to pay property tax.
2. Tax Payment Schedule:
   • Property taxes are paid twice a year, in May and November. These payments are made to the local municipalities that oversee property taxation.
3. Types of Property Subject to Tax:
   • The tax applies to a variety of real estate, including residential properties, commercial buildings, and land. Each type of property is subject to its own tax assessment based on its value.
4. Collected by Local Authorities:
   • Property tax is collected by the municipalities where the property is located. The amount owed is based on the property’s assessed value, as determined by the local government.

It’s essential for property owners in Turkey, both locals and foreigners, to understand their tax responsibilities to avoid penalties and ensure compliance with local tax laws.

The future looks promising, with growth opportunities in suburban and emerging districts such as Başakşehir and Zeytinburnu. Key trends include:

• Sustainable Living: Rising demand for eco-friendly and energy-efficient homes.
• Smart Home Technology: Increased interest in properties with integrated smart systems.
• Urban Expansion: Continuous development in transportation and infrastructure projects.

Investors can expect property values to rise, particularly in areas benefiting from new developments.

Yes, Turkey offers several benefits to foreign investors:

• Citizenship by Investment: Purchasing properties worth $400,000 or more qualifies investors for Turkish citizenship.
• Favorable Legal Framework: Foreign investors enjoy protections and streamlined processes to ensure secure transactions.
• Exchange Rate Advantage: Favorable currency exchange rates make Turkish real estate highly attractive to international buyers.

These incentives make Istanbul a hotspot for global real estate investments.

Real estate prices in Istanbul have shown steady growth over the past few years. Key factors driving this trend include:

• High Demand: Both local and international buyers are fueling the market.
• Urban Development: Large-scale projects like the Istanbul Canal and new highways have boosted property values.
• Infrastructure Upgrades: Ongoing expansions in transportation networks are making suburban areas more accessible and attractive.

This consistent upward trajectory makes Istanbul an appealing market for both short-term and long-term investments.

Luxury real estate in Istanbul is concentrated in the following neighborhoods:

• European Side: Bebek, Ulus, and İstinye are renowned for their waterfront villas, exclusive apartments, and cultural significance.
• Asian Side: Kandilli and Beykoz offer peaceful settings with premium residences and lush green surroundings.

These areas attract affluent buyers seeking unparalleled views, upscale amenities, and proximity to iconic landmarks.

Yes, Eyüpsultan offers budget-friendly real estate options, particularly in newly developed residential projects. These areas cater to families and first-time buyers seeking affordable yet modern living spaces.

Eyüpsultan’s rapid urban development, improved transportation links, and cultural heritage are driving its growth. Infrastructure projects and new residential areas have made it a rising star in real estate.

Sarıyer offers high-end dining, elite international schools, and extensive green spaces like the Belgrad Forest. These amenities make it an attractive option for families and affluent investors.

Sarıyer is ideal for upscale lifestyles with its luxury villas, excellent schools, and tranquil environment. Its proximity to nature and the Bosphorus makes it a top choice for high-end buyers.

Explore house prices in Sarıyer, Istanbul. Prices range from $5,000 to $9,000 per m², reflecting its prestigious location and scenic views along the Bosphorus.

Explore house prices in Şişli, Istanbul. Prices range from $4,000 to $8,000 per m², reflecting its central location and urban appeal.

Explore house prices in Beşiktaş, Istanbul. Prices range from $4,000 to $10,000 per m², with sea-view properties commanding a premium due to their sought-after location.

Explore house prices in Büyükçekmece, Istanbul. Prices range from $3,500 to $5,000 per m², catering to investors seeking waterfront homes with scenic views.