Property Purchase Taxes
When buying property in Turkey, you are required to pay property purchase tax and a registration fee. The property price includes VAT, which ranges from 1% to 18% depending on the area. If you are a non-resident who has lived in Turkey for less than 183 days a year, you can reclaim the VAT when purchasing a new property from a developer. Additional costs typically range from 5% to 8% of the purchase price. For example, if you buy a new apartment for €500,000, you should budget for a total of approximately €525,000, including these associated costs.
Financial and Payment Options
When purchasing real estate in Greece, payments are usually made via bank transfers or certified checks. Buyers typically need to provide a 10% deposit to secure the property, with the remaining amount due upon completion of the sale. Financing options are available through Greek banks or international lenders, though transactions are generally conducted in euros. It is crucial to be aware of all financial aspects, including currency conversion if applicable.
Exit Strategy
After obtaining Turkish citizenship, you can consider several exit strategies for your real estate investment. Once the mandatory retention period of 3 years has passed, you may choose to sell the property, potentially reinvesting the proceeds into new ventures. Alternatively, you could rent out the property for ongoing income or transfer ownership to a family member. Each option should be evaluated for its financial and legal implications, so consulting with experts is recommended to make informed decisions.
Comparing Citizenship by Investment Countries
Similar Residence by Investment Programs
List of Countries offering Citizenship by Investment through Real Estate
If you want to know more about the countries that offer citizenship by real estate investment, you can visit these pages:
- Antigua & Barbuda Citizenship by Real Estate Investment
- Dominica Citizenship by Real Estate Investment
- Grenada Citizenship by Real Estate Investment
- Saint Kitts and Nevis Citizenship by Real Estate Investment
- Saint Lucia Citizenship by Real Estate Investment
- Egypt Citizenship by Real Estate Investment
- Malta Citizenship by Real Estate Investment
- Jordan Citizenship by Real Estate Investment
Frequently Asked Questions
How long does it take to obtain Turkish citizenship by buying a property?
The process of obtaining Turkish citizenship through property investment typically takes between 3 to 6 months
Can I Rent My Property After Purchasing It for Turkish Citizenship?
Yes, you can rent out the property after purchasing it for Turkish citizenship. However, you must retain ownership and not sell the property for at least 3 years to meet the requirements for citizenship.
Can a Foreigner Buy a Property in Turkey?
Yes, foreigners can legally purchase real estate across Turkey, with some exceptions. They cannot buy properties exceeding 30 hectares, those that cover more than 10% of a district, or properties located in military zones.
Is Turkey a Good Place to Buy a House?
Yes, Turkey is a great place to buy a house. Property prices are affordable, and the cost of living is low. The government also offers incentives, such as citizenship for property buyers, making it an attractive investment option.
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