Are foreigners allowed to buy property in Turkey?
Which nationalities are allowed to buy property in Turkey?
What kind of property in Turkey is forbidden to deal with?
What kinds of documents are needed to buy a property in Turkey?
What are new legislated amendments in property laws for foreigners in Turkey?
Turkey has become a hub of investors with different destinations, from buying property for capital appreciation to a permanent life in Turkey. Buying property in Turkey such as buying an office for sale in Istanbul brings lots of pleasant opportunities for foreigners. Still, to make a confident investment, you should be informed about property laws for foreigners in Turkey, including amendments, legal, and illegal situations. The writer endeavors through clarifying property law for foreigners in Turkey to enlighten your doubts and hopes to answer your numerous questions in this field. Stick to reading to get helpful information.
What Is the New Release of Real Estate Ownership Law For Foreigners in Turkey?
The Turkish government had legislated crucial amendments regarding foreigners wishing to own real estate in Turkey. Related to law number 6302 in 2012, some restrictions on foreign real estate ownership law had been lifted and provided some easy-going conditions for foreign investors wishing to buy real estate in Turkey. In addition, some restrictions had been imposed on some of Turkey’s neighboring countries.
What is the versatility of the ownership law for foreigners in Turkey?
According to Turkish law, the country grants citizenship permission through property investment to citizens of 183 countries without being the subject of reciprocity. The aim of proposing this law is to open a path for foreign investment and provide a flurry of attractions for overseas investors to own real estate in Turkey, which is a creative way to boost the country’s economy.
The most significant privilege of this law is no need for the subject of reciprocity from nations allowed to buy real estate in Turkey. According to reciprocity principles, some privileges are granted from one state to other nations of another state, and the same privileges are given to the nations of those states. Therefore whenever citizens of other countries are allowed to buy property in Turkey, it doesn’t mean Turkish citizens are allowed to buy property in those countries.
Restrictions on Real Estate Ownership for Foreigners in Turkey
According to this law, some restrictions exist on areas where foreigners are allowed to own property. Based on restriction law, foreign individuals must not own more than10% of area space. Moreover, a person throughout Turkey can not have more than 30 ha Acres of land in an area.
However, a schedule has been handed into the cabinet to exceed the amount of land foreigners can own from 30 ha Acres to 60 ha Acres. In addition, a foreigner doesn’t have the right to have more than 2.5 hectares across the country.
Furthermore, restriction on real estate ownership links to areas classified as military areas according to the admission of military chief of staff and leaders they represent, as well as areas approved by province authority as security zone link to restriction on real estate ownership.
Can Foreign Companies Purchase a Property in Turkey?
According to Turkish real estate provisions, foreign companies can have property in Turkey under specific conditions. Companies throughout Turkey can have a property in the country if they incorporate under the laws of their own country and their activity is commensurate with Turkey’s legal conditions, such as Tourism Marketing Law No. 2634, Industrial Areas Law No. 4737, Oil Law No. 6326. Other businesses or companies with illegal entities established outside Turkey are not allowed to have real estate property in their possession.
Real Estate Property Ownership Law for Foreign Companies in Turkey
If a company is foreign capital and established in turkey with foreign individuals and staff, with 50% ownership of the foreign entity and international capital, or foreign investors have the right to appoint and dismiss the majority of the company’s direction, it can have a real estate property in Turkey under limited condition and according to company provision to cover the company activity.
Turkey Provision Related to Empty Land
According to Turkey law, a foreign individual or foreign companies established under their own country’s provision have permission to buy empty and non-built land to develop their project. According to Turkish law related to empty land, foreign companies who aim to buy land to progress their project are obliged to submit their project to concerned ministers two years from the purchased land. According to Circular No. 1734 of the Ministry of Environment and Urban
Civilization, when the approval project will be developed on empty lands not built by the real estate department, it needs to inform the registration date.
If the approved project is not reported or not completed within two years from the acquisition date, the local finance unit of the ministry will contact the real estate apartment to liquidate the land ownership.
Crucial Points for Investors in Turkey
1.Do investigation in terms of seller rights to transfer the ownership or their limited right in the case.
2.In this case, finding out about the buyer’s right regarding property-owned ownership or other limitations.
3.Note that the whole bought land must not exceed 30 hectares in all corners of Turkey.
4.Properties in security or military zones are not cases for sales, and foreigners are not allowed to buy land, property, or other types of real estate that fall in military and security zones.
5.Make a visiting appointment in company with your real estate council to investigate the property in question, for instance, if the owner has all legal rights to dispose of the property, whether the property is under the mortgage, or be informed about other conditions hindering the selling process.
6.Neither sign any contract with a legal entity nor pay any amount unless getting valid and sufficient information about property concerned from directorates of real estate records.
7.For making a safe and sound investment, please do enough exploring about the individuals or companies who are in charge of selling before doing any deal. If you don’t find a place of trust, give up the deal.
8.Whenever trouble comes across in the selling or buying process of the property, the only reliable source to solve the problem is the Turkish court. Other directorates, such as the Ministry of Foreign Affairs, must not interfere.
Legal Procedures for Foreign Property Ownership in Turkey
- examining terms of nationalities who have the right to get ownership in Turkey. The directorate of real estate records polishes the list of nationalities allowed to get ownership every year.
- Investigate property location. It is not a sealing property for foreigners if it is located in a security, military, or strategic area.
- The whole real estate property in different types must not exceed more than 30 hectares in the country. According to the circular issued by the Ministry of Environment and
- Urbanization, properties obtained in violation of Article 35 of the Real Estate Law or implemented against the purpose of acquisition are in the case of liquidation.
Nationalities can Have Ownership rights in Turkey.
There is no clear list of nationalities who can apply to buy a property in turkey. The ministry of foreign Affairs publishes a list of nationalities allowed to buy property in Turkey every year, but the list is never available to the public. However, according to investigations and valid sources, nationalities allowed to buy property in Turkey are classified into three categories:
- Nationalities are Entitled to Own an Unconditional Property in Turkey
- Nationalities are Entitled to Own One Property in Turkey
- Nationalities are Entitled to Own Property in Turkey Upon the Ministry of Interior’s Approval
- Nationalities are Entitled to Own Property in Turkey Under Specific Conditions
- Nationalities are Entitled to Own Land, a Residence, or a Workshop only
The writer brings a list to clarify each country’s ownership condition.
Nationalities are Entitled to Own one Property in Turkey
China, Denmark, Fiji, the so-called State of Israel (Occupied Palestine), Malta
Nationalities are Entitled to Own Property in Turkey Upon the Ministry of Interior’s Approval
Australia, Austria, Bahamas, Bahrain, Algeria, India, Pakistan
Nationalities are Entitled to Own Property in Turkey Under Specific Conditions
Iran, Russia, Ukraine, Greece, Albania, Jordan, Iraq, Tunisia, Northern Cyprus
Nationalities are Entitled to Own Land, a Residence, and a Workshop only.
Morocco, Hungary, Marshall Islands, Egypt, Micronesia, Vietnam
Nationalities are Entitled to Own an Unconditional Property in Turkey
Bulgaria, Burkina Faso, Burundi, Djibouti, Chad, Jake, Finland, France, South Africa, South Sudan, Georgia, Netherlands, Honduras, Britain, Iceland, Jamaica, Japan, Kazakhstan, Kyrgyzstan, Republic of Korea, South Africa, Sweden, Kuwait, UAE, Qatar, Yemen, Oman,
Sudan, Germany, America, Argentina, Azerbaijan, Bangladesh, Barbados, Belarus, Belgium, Benin, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Macedonia, Malawi, Malaysia, Mali, Norway, Panama, Suriname, Turkmenistan, Uganda, Venezuela and New Zealand, Republic of Korea
In conclusion, Turkey’s government policy turns the country into a hub of investors from all over the world with different purposes, from permanent life to capital appreciation. To invest confidently, you need to be aware of the ownership law in Turkey. There are crucial conditions to obey that guarantee your investment; in contrast, if you violate some unintentional rules, you will jeopardize your investment and dreams. But there is no place to be worried. With a reliable councilor, you can make a successful investment.