||Currency reports are daily taken from the CBRT.
I - BUYING A PROPERTY IN TURKEY
Traditionally British people have bought property mainly in European-Mediterranean countries such as Spain , France , Italy and Cyprus as well as famous US destinations like Florida . However, these places have recently become extremely expensive and saturated. Nowadays, the UK citizens have been seeking other alternative overseas destinations.
If you, as a UK citizen, prefer buying a property at a very reasonable price which you can use yourself for regular holidays and that you can also rent out to get some income in a country where the summer is nice and long, stretching from March to November, and there are many tourism attractions, then Turkey is the most appropriate destination for you. Wrist rolex gmt replica watch are available in all ranges from branded to cheap one.These watches are also attractive and stylist.It is good for those want to change their watches according to their clothes.Thanks for wonderful post.
Turkey , where the two continents - Europe and Asia- meet, is a wonderful country which is surrounded by Agean, Black, Mediterranean and Marmara seas, has very nice coastal locations, whose land had been the cradle of the oldest civilisations and religions. Furthermore, life in Turkey is easy and Turkey is one of the few OECD countries with the cheapest prices. People in Turkey are warm and hospitable to all foreigners. You can find very wide range of delicious food and the Turkish cuisine is one of oldest and richest cuisines in the world. The sun, lovely nature, nice beaches, exciting outdoor and entertainment activities, winter sports (in inner parts in winter time), skiing, water, mountain sports, big modern shopping malls, and lots of sightseeing and historical places are all appealing features of Turkey.
According to the Constitution, the characteristics of the Republic of Turkey are defined as democratic, secular and social state governed by the rule of law; bearing in mind the concepts of public peace, national solidarity and justice; respecting human rights; loyal to the nationalism of Atatürk. That´s why, the State is fair for all residents regardless of their religion, social background, ethnicity, gender, and culture.
In year 2006, more than 19 million tourists visited Turkey and more than 25 million tourists are expected to visit Turkey in 2007. This figure is expected to double within a few years. Moreover, future projects such as creation of much more congress, golf, health tourism centres, having held international sports events such as Formula 1 races, international university Olympics-Universade 05/Izmir and UEFA Champions League Cup Final in 2005; the fact that Turkey started full EU-membership negotiations in October 2005 are all potential factors which will contribute well to property market in Turkey.
Moreover, the facts that;
*The new mortgage law and other relevant laws with regards to the regulation and supervision of the property market will be enacted in 2007,
*Housing supply in Turkey currently lags behind the demand,
*Average age of houses in Turkey suggests that there is a strong need for new developments,
*The buildings erected after the devastating earthquake in Izmit, a city in the northwest of Turkey, in 1999 are much more preferred by investors since those (newer) buildings have to be pursuant to the earthquake-proof standards which were launched after 1999,
*Significant number of buildings lack the required licenses, suggest that house prices are highly likely to be rocketed within few years. Thus, there are big prospects for property and construction related businesses.
In this regard, buying a property in Turkey can really lead to substantial amount of gains if an appropriate decision is made. Since property prices are steadily going upwards, there will be a significant difference between the acquisition cost and the money you will get when you sell it. Moreover, your property is likely to amortise its acquisition cost within at most 8-to-12 years if it is rent out properly. Charging comparatively low taxes on property is another advantage of the Turkish property market.
As a result, the interest of foreigners in buying a property in Turkey has been growing. They buy real estate for either investment or residential purposes. There are very quiet, environmentally very clean, secure and cheap places for old people to live whereas there are very good job/business opportunities for qualified people who would like to work or to establish their own enterprise.
II - HOW TO CONTACT RELEVANT PROFESSIONALS
2.1 - Types of properties, finding property, contacting real estate agents
2.1.1 - Freehold or leasehold?
In general, properties in Turkey are of Freehold type.
2.1.2 - Prices
Property prices have been steadily increasing. You can find a real estate from £ 20,000 up to a couple of hundred thousand GBPs. The price depends on the location of the property, the quality of the material used in construction, architectural features of the property, ease of transportation, economic activities in the region, and availability of nearby services etc.
2.1.3 - Types of residential buildings
There is a wide range of options such as detached, semi-detached and terraced houses, purpose-built flats, cottages and luxury villas. Quality residential buildings are available everywhere in Turkey .
2.1.4 - How to find a property?
Foreigners seeking for real estate can contact either real estate agencies or the owners directly. They can also find property advertisements in newspapers published in Turkey .
2.1.5 - How to contact real estate agencies?
Unfortunately, we cannot provide you with the list of officially recommended real estate agents since real estate business is not a regulated business.
However, you can find hundreds of real estate agents´ web-pages in English if you search for "real estate agents Turkey " by means of any search engines such as www.google.com, www.msn.com and www.yahoo.com etc.
2.2 - Are you advised to hire a solicitor?
It is not compulsory to hire a solicitor. However, since there are lots of transactions for buying a property and some steps are very important, a careful consumer will consult a solicitor who can provide legal and financial advice about all issues including a power of attorney.
Please note that solicitors are privileged professionals to gather any information on
- Property official records at TAPU offices,
- Company registration records at Chambers of Commerce
- Financial viability of a company
- How to find out who owns a property
- Whether a property had been built properly and all relevant licenses had been gathered
Furthermore, you may not need a translator if you are using a good English-speaking solicitor.
Moreover, a good solicitor can do all search and checks well for you to secure your rights.
In addition, please bear in mind that an authorised solicitor cannot breach the laws and regulations. Otherwise, the Barr he has been registered with abolishes his license and afterwards he can never work as a solicitor.
2.3 - How to contact Turkish solicitors who speak English?
Law offices and legal partnerships in Turkey provide interested parties with good and comparatively much cheaper legal services.
The following foreign missions in Turkey provide the lists of English-speaking Turkish solicitors:
Please note that you can double check whether the solicitor you are using is an authorised solicitor at www.barobirlik.org.tr/eng/. Please note that this search engine is sensitive to Turkish characters i, ü, ö, s, ç, g.
2.4 - How to contact other English speaking professionals?
So as to get information on other English speaking professionals, you can contact The Turkish British Chamber of Commerce and Industry via www.tbcci.org and you can get hundreds of company names from this organisation.
2.5 - Can you assign someone for your all transactions? Power of Attorney
2.5.1 - Delegation of authority
There are several steps to be followed in buying a property. That´s why it is suggested that you appoint someone or an agent to deal with all necessary transactions by means of a legal document called "Power of Attorney" for buying property. This should be done in the presence of a Notary-Public.
A Principal (the person who delegates his authority) can give an Agent broad legal authority, or very limited authority. The Power of Attorney is frequently used to help in the event of a Principal´s illness or disability or in legal transactions where the principal cannot be present to sign necessary legal documents.
2.5.2- Suggested duration for a Power of Attorney
Under what conditions and how long a Power of Attorney shall be in force and end should be clearly defined.
2.5.3 - What can be delegated?
A Power of Attorney can be used to make an Agent
- Buy, sell or rent out your property,
- Manage your property,
- Conduct your banking transactions,
- Invest or make use of your money on behalf you,
- Make legal claims and conduct litigation or
- Carry out tax matters.
The conditions such as the duration of validity, actions that the agent can take and cannot take etc. should be stated clearly in those documents.
2.5.4 - Who should be appointed?The candidate agent should be researched well. If he/she is a solicitor, it might be useful to cross check whether he/she is a member of the local Lawyers´ Barr Association. Or, if you find someone from other professions, you can ask for CV and a professional reference letter.
Please note that without a trustworthy Agent, a Power of Attorney becomes a dangerous legal instrument.
You may appoint multiple Agents. If you appoint two or more Agents, you must decide whether they must act together in making decisions involving your affairs, or whether each can act separately. Allowing your Agents to act separately may ensure that an Agent is always available to act for you. But it may also result in confusion and disagreements if the Agents do not communicate with each other.
2.5.5 - Agents’ responsibilities
The Agent appointed by means of a Power of Attorney is your representative. As long as you have the legal capacity to make decisions, you can direct your Agent to behave the way you wish.
The Agent is obliged to act for the sake of your interests and is supposed to avoid any "self-dealing".
Money should be kept in a separate bank account for the benefit of the Principal. Agents must also keep accurate financial records of their activities, and provide complete and periodic accountings for all money and property coming into your possession.
2.5.6 - Abuse of a power of attorney or frauds
A Power of Attorney can be abused, and a dishonest Agent may use a Power of Attorney to transfer your assets to himself. That is why, it is very important to appoint an Agent who is completely trustworthy and to require the Agent to provide you with complete and periodic reports.
If your agent is a professional accredited by an occupational association, you should complain about him/her against that association in case of an abuse.
Please also note that you can apply to public attorneys in local justice courts (‘Adliye Sarayi’ in Turkish.) and complain about any abuse or fraud if you are able to document the case.
2.5.7 - Monitoring the actions of an Agent
Monitoring the actions of your agent is your own responsibility. It is therefore very important that your Agent keeps accurate records of all transactions on behalf of you.
2.5.8 - Abolishment of Power of Attorney
You may revoke the Power of Attorney at any time, in the same way in which it was issued. In other words you should contact the Notary Public in Turkey or Turkish Consulate General in London to revoke the Power of Attorney. In that case, you should send a written notice to your Agent and say that you are revoking the Power of Attorney. Do not forget to request the return of all copies of your Power of Attorney. You should also notify your bank or other financial institutions where your Agent is likely to use the Power of Attorney that it is no longer valid.
2.5.9 - Can you have a Power of Attorney prepared in UK?
You don´t have to go to Turkey to prepare a Power of Attorney. You can have it prepared in UK. In that case, please make sure that it is legalised so that it can be ´an acceptable/valid document´ in Turkey.
2.5.10 - How to legalise your documents prepared in UK?
Legalisation simply means confirming that a signature, seal or stamp appearing on a document is genuine. The signatures or seals of British public officials such as solicitors, notaries public, registrars on certain documents from the United Kingdom have to be confirmed before those documents can be accepted in Turkey.
On the other hand, many types of documents can be apostilled by the Foreign and Commonwealth Office (www.fco.gov.uk/legalisation) and are exempt from certification by the Consulate General.
For further information on ‘legalisation’, please visit the web page of the Turkish Consulate General in London.
2.6 - Use of institutional expertise: Real Estate Investment Trusts
Real Estate Investment Trust Funds are one of the institutions which have the most expertise in assessing the real estate issues. You can invest in either those funds or the projects they developed.
Real estate investment trusts (REIT) are capital market institutions established which manage portfolios composed of real estates, capital market instruments, capital market instruments backed with real estate and real estate development projects. Similar to other financial investment trusts, they are established in the form of joint-stock corporations and they are legal entities. Their capital is registered and they issue shares. Their shares have to be issued in return for cash and quoted, traded and priced at a stock exchange. REIT´s are exempt from the Corporation Tax which is quite an important incentive for their development.
The Association of Real Estate Investment Companies (GYODER) holds real estate summits since 2000. The seventh Real Estate Summit was held at Ciragan Palace in Istanbul on 25-26 April 2007, with increasing interest. The next summit will be held in Istanbul on 4-5 June 2008.
2.7 - Are there any (universal) mortgage companies in Turkey?
There had been no universal mortgage system in Turkey untill 6 March 2007. However, the mortgage law was adopted by the Turkish Parliament and published in Official Gazette on 6 March, 2007. The new law makes mortgages available over long periods to house buyers and is expected to transform both the housing market and the Turkey’s urban environment.
2.8 - Translation professionals
You are strongly advised to have the contracts you are to sign with a seller
- translated by a Sworn-translator and
- ratified by a notary public
If you have difficulty in finding a local sworn-translator, you can ask a notary-public to give you a list of translation professionals they use.
2.9 - How to find financial resources to buy property in Turkey?
The Appraisal Companies are professional institutions which employ appraisers to determine values of real estates by gathering, analyzing, and applying relevant information with respect to the general accepted international principles of valuation. These companies are regulated and supervised by the Capital Markets Board of Turkey.
Please visit the web page of Capital Markets Board to gather the list of those companies.
2.10 - How to find financial resources to buy property in Turkey?
In order to buy a property in Turkey, you can re-mortgage your property in the UK. In addition, if you can provide Turkish financial organisations with acceptable financial guarantees such as a bank guarantee letter, etc those institutions can supply you with a long-term loan. However, please note that in case you have a financial trouble in paying back the loan, the relevant company may confiscate the property on finance.
If you are interested in using a loan from a Turkish bank, you are advised to visit the web pages of the Turkish banks shown at our banking page.
III - BASIC STEPS
3.1 - Double checking the property
Once the sale and purchase conditions are agreed with the owner or with his/her agent, you are advised to ask for a copy of the TAPU (Title Deeds) and double check whether:
|- The TAPU really belongs to the property you are interested in
|- It is a residential or commercial property in a zone covered by an Implementary Development Plan or a Local Development Plan (If not, please note that the new Title Deeds law does not allow you to buy it, please give up buying it)
|- The property really belongs to the person who introduced himself to you as the ‘owner’ (Compare the ID card of the person to the TAPU of the property)
|- A joint ownership is in question (if so, whether all of the shareholders comply with the sale)
|- No annotation prohibiting the sale/purchase of the property appears on the TAPU (Unless the prerequisites envisaged by the annotation are met, the sale is impossible).
|- The Implementary Development Plan (Imar Plani) or the Local Development Plan allows you to erect a building on the land (if a land is in question and you want to construct a building on it),
|- The building complies with all regulations such as earthquake-proof standards (if you are about to buy a flat or house, you should check all licenses and official permits for the property had been properly obtained),
|- The current owner(s) owes no over-due taxes to the Tax Office,
|- The current owner(s) owes no over-due debts to the utility companies,
|- The agent you are using, if any, works for a registered company,
|- The solicitor you are using, if any, is an authorised solicitor,
|- A binding contract with a tenant using the property is in question.
Moreover, in order to save time and not to be in a hurry later, you should;
|- Register with a local tax office and then open a bank account,
|- Make necessary contacts with the relevant professionals such as a good solicitor, a Sworn-Translator, an independent accountant or an agent.
3.2 - Preparing a draft contract
Although these contracts are not compulsory according to current regulations and mutual declaration of both the buyer and seller to the TAPU (Title Deeds) Registry Office is enough to carry out the transfer of ownership, having a robust sales & acquisition contract will allow you to protect yourself from some potential risks which may stem from the seller or agents.
If you are using a real estate agent and/or solicitor, please ensure the contract refers to her/him and she/he also signs the contract.
Please make sure that a contract should, at least, include the following:
|- A detailed description of the property (address, TAPU details, technical conditions etc),
|- The actual price to be paid to the seller for the property (Please note that when the contract includes any “price” clause, then each of both you and the seller are to pay a Stamp Duty of 0.75% of the value stated in it. However, mentioning the actual price will allow you to secure your all rights in case of a future legal dispute),
|- The details on the bank account of the seller (It should be a single account into which all payments to the seller should be made),
|- The details of the bank account of the professional you use, if any (you should use a single account for all payments to be made to this professional),
|- The payment terms and conditions (payments to the seller including deposit, interim and final payments, and payments to an agent/solicitor, if any, ought to be separately identified),
|- A Statement emphasising that the seller and the buyer will pay their own tax liabilities (some sellers may force you to pay all taxes including theirs with regards to the sale of the property),
|- The fees and commissions to be paid to the solicitor or agent (this will secure you in a way that you will not be involved in a tax evasion which may be caused by those professionals. Furthermore, this will prevent those professionals from making unfair money)
|- Under what conditions and how the money paid by the buyer will be refunded by the seller,
|- Force majeure conditions (For example, what if a legal obstacle occurs in the future),
|- How current tenants, if any, will be treated,
|- How over-due debts, if any, of the current owner, which are property-related, will be treated,
|- How existing furniture, if any, will be handled
|- Whether parties can give up the sale/purchase, if so, under what conditions this can happen
|- How to keep the parties regularly informed about the on-going transactions at the local TAPU office,
|- How a power of attorney, if any, will be cancelled or amended, how other parties will be kept informed about this,
|- Detailed permanent contact information of the signature holders,
|- What if one of the parties breaches the promises written down, who will decide under what conditions that a breach was realised,
|- How future disputes will be sorted out,
|- The rights and responsibilities of the persons whose signatures appear on the contract,
|- D numbers of Turkish nationals (TC Kimlik No) who are to sign the contract, the Barr registry number of the solicitor being used and the trade registry number of the real estate company.
3.3 - Having the draft contract translated
Before signing the contract, you ought to have it translated into English. In other words, you are advised to have both English and Turkish versions of the contract. You are strongly advised to use a Sworn-Translator if you do not use an English-speaking solicitor. Sworn-translators’ fees are quite appropriate.
Please note that relying on only an oral-translation may lead to unwanted situations in the future.
Instead of preparing two separate contracts in Turkish and English, having a bi-lingual contract may be of great use.
3.4 - Having the contracts notarised
You are strongly advised to sign both the English and Turkish versions of the contract (or a bi-lingual contract) in the presence of a notary public and then have them notarised. This will ensure that
|- the people signed the contract and their signatures are genuine,
|- the contract is in line with Turkish laws and officially acceptable anywhere in Turkey,
|- the terms within the contract are binding for all parties.
3.5 - Payment terms of the contract
To take off the asset from the market, you may pay a deposit which is negotiable between the seller and you. In some situations, interim payments may be required.
Please note that real estate purchase deposits are averaged at 5-to-10% of the selling price. Interim payments should be as minimal as possible.
Real estate commissions may be charged on both the seller and you. For some cases, only one party may pay the commission. Total commission rate is around 3%
3.6- Application to the TAPU Office
As a next step, both buyer and owner (or their legally authorised agents) apply to the TAPU Office for transferring the ownership
3.7 - Documents asked by the TAPU Office
3.7.1 - Individuals
During the application, the buyers (individuals) are to provide the local TAPU Office with the following documents:
|i. Title Deed or a document indicating the property’s exact location (plot or parcel number etc.)
ii. Passport and/or ID Card of the buyer,
iii. Two recent passport photos of the buyer, sized 4cm x 6cm
iv. If any agent is being used;
|- Passport and/or ID Card of the agent
|- Two recent passport photos of the agent and
|- An acceptable Power of Attorney.
3.7.2 - FDI companies (companies established in Turkey)
Companies established in Turkey in line with the Foreign Direct Investment Law have to issue an authorisation document to be prepared by the Commercial Registry Office on behalf of them. This document basically covers the
|- name/title of the company,
|- the names of the authorized representatives, and
|- whether the type/legal features of business allow the property purchase.
3.7.3 - Companies established abroad
Commercial companies established in countries with which reciprocity exists have to submit an officially ratified authorisation document similar to the document described in the above sub-section. If any power of attorney is to take place, then two recent passport photos of the agent and an acceptable Power of Attorney are required.
Please note that The Turkish-British Chamber of Commerce and Industry (www.tbcci.org) can help you prepare all commercial documents and you can have the necessary documents ratified at the Turkish Consulate General in London
For further information, you can contact the Directorate General of TAPU through
Address: TAPU ve Kadastro Genel Müdürlügü
Tel: +90-312-413 60 00 (pbx), 413 61 01, 413 61 02, 413 61 03, 413 61 04 (direct)
Fax: +90-312-413 61 05, 413 61 13, 413 61 25
3.8 - Forbidden zones and size limitation
Foreign nationals and foreign commercial companies are not allowed to buy property in the military, strategic and security zones of Turkey.
In addition, the Council of Ministers is authorised to determine specific zones to be preserved such as lands which are strategically very important in terms of energy, agriculture, mining, history, cultural values, biological flora, and national security. Thus, foreign nationals and foreign commercial companies will not be able to buy property in those specially preserved zones.
In other words, TAPU offices are supposed to check whether a property that is being purchased by a foreign national is within one of those forbidden zones or not.
Upon your application, the local TAPU office will do a search on behalf of you whether the asset is in a forbidden zone or not. If the information provided by military authorities confirms that the real estate is outside the military and security zones, then your application is automatically accepted.
Please also note that military clearance may take a considerable time and it may be worth checking at what stage the procedure is. Thus, you are advised to gather the contact information of the TAPU office you are using so that you can call the authorities later.
In case the total area of all lands you will own in Turkey cannot exceed 2.5-hectares (25,000 m2) then the Council of Ministers’ approval is needed. (Please note that the Law allows the Council of Ministers to increase this threshold to 30 hectares).
The maximum size of all lands owned by foreign real persons in a province shall be capped by the Council of Ministers and this cap cannot be more than 0.5% of the total area of the whole province
3.9 - How are FDI and foreign companies treated by TAPU Offices?
3.9.1 - FDI Companies
Companies may freely acquire real estate or limited rights in rem through a legal entity established or participated in Turkey by foreign investors provided that such acquisitions are permitted for Turkish citizens.
3.9.2 - Foreign Companies
Foreign real persons and trading companies having legal personality established in foreign countries according to the laws of these countries can acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions. In implementation of reciprocity principle, it is essential that real estate acquisition rights given by a foreign country to its own citizens and to trading companies established in foreign countries according to the laws of these countries, are also given to the citizens and trading companies of the Republic of Turkey.
The real property purchase application of such company to local Land Registry Offices is forwarded to General Directorate of TAPU (The Land Registry and Cadastre Office) for reciprocity control. General Directorate double checks the application from the Ministry of Foreign Affairs as the existence of reciprocity between our country and a foreign country in terms of trading companies, is determined by Ministry of Foreign Affairs.
After the reciprocity confirmation of aforementioned Ministry and response of the military post stating the subject real estate is out of military forbidden zones and security zones the company then becomes eligible for buying the property.
Trading companies having legal personality established in foreign countries according to the laws of these countries have to submit an officially stamped authorization document during the registration.
Foreign commercial companies which are legal entities can buy property provided that they operate pursuant to the special laws such as the Tourism Encouragement Law, the Oil/Petroleum Law, the Industrial Zones Law, etc. In addition, foreign legal entities other than the above mentioned commercial companies, such as foreign charities, foreign foundations and foreign societies, etc. cannot buy property in Turkey.
For more information please visit
3.10 - Issuance of a new TAPU by the Office
Finally, after military clearance has been finished, you are given an official ownership document called the Title Deeds (TAPU), which is explained in Section (V).
Without having a TAPU, you are never considered to legally own the property even if you signed a legally acceptable purchase contract with seller.
You are advised to make the payments net of the deposit (plus interim payments, if any) to the seller at his stage.
3.11 - Declaration of acquisition to the local government
You are supposed to apply to the Municipality for declaring the acquisition of the property by the end of the year of acquisition. You simply fill out a form and submit it to the municipality. Afterwards, the municipality officers will tell you when/how much ‘real estate tax’ (a tax similar to the Council Tax in the UK) you are going to pay.
IV - HOW TO MAKE THE PAYMENTS? BANK ACCOUNTS
4.1 - Why is a bank account needed?
According to the current regulations, any monetary transaction which exceeds YTL 8,000 (approximately £ 3,000) has to be made through Banks, Participation Banks or Post Office (PTT).
Making your payments through the systems mentioned above will enable you to document your property-buying transactions. In case of any dispute or undesirable events, you will be able to make use of those records.
4.2 - Which currency should be used?
You can make your payment in GBP, USD, EURO, New Turkish Lira (YTL)-the local currency- or the other convertible currencies sold or purchased by the Central Bank of Turkey. If you want to carry out your transactions in YTL, then you are advised to convert your currency into YTL at Banks, Participation Banks or authorised change bureaus in Turkey (You can find daily indicative exchange rates at www.tcmb.gov.tr)
Some foreign nationals prefer setting all price terms in the purchase&sale contracts in New Turkish Lira so as not to encounter any tax evasion complications due to a possible conversion error.
4.3 - Contact information of Turkish Banks
Please find the full list of Banks based in Turkey and the Turkish banks based in the UK on our banking page.
Please also refer to www.bddk.org.tr for the full list of Banks and Participation Banks in Turkey.
4.4 - Types of bank accounts
YTL-denominated and FX-denominated accounts: You can open an account in New Turkish Lira (YTL) or in any currency convertible in Turkey, including Sterling. There are no limits on the number of FX-based accounts
Savings (depository) accounts: If you invest in a savings account at a bank, at the end of the savings term, you earn an interest on the money you deposited.
If you do not wait for the end-of the savings term and withdraw your money in your account before the term ends, no interest is paid to you and you only take back the principal.
However, many banks in Turkey automatically set another savings term if an account holder does not withdraw his/her money at the end of a savings term. What banks do is they consider the money which accumulated in the account as the new principal and they apply the current interest rates to this new principal. Unless the account holder withdraws the accumulated money, the period renewal is repeated at the end of each savings term.
Thus, if you plan to open a savings account, please make sure whether the bank provides the automatic savings-term renewal.
Savings accounts can be either in YTL or in any convertible foreign exchange. Savings term starts from 1 month and may stretch to more than a year.
As of August 2005, the average nominal interest rate for YTL-denominated savings accounts is around 16% whereas those for FX-based accounts are close to the rates in the countries where the currency in question is used.
Current (depository) accounts: these are the accounts in which you deposit your money and from which you can withdraw it at any time partially or fully. No interest (or very little interest) accrues on current accounts.
Current accounts can be either YTL-denominated or FX-denominated.
4.5 - Other investment tools provided by banks in Turkey
Banks in Turkey provide lots of other savings instruments including trading of Treasury bills or bonds, investing in mutual funds and equities, trading foreign exchange etc. Banks normally assign financial advisors to their customers and those professionals are supposed to guide you on how to invest your money best.
4.6 - Internet banking services
Many banks in Turkey provide very good internet banking services and do have web pages in English language. In case you are interested in internet banking services, please ask your bank to provide you with the necessary authorisation passwords.
4.7 - Opening a bank account in Turkey
You can open accounts at Banks in Turkey in your own name. All you need to do this is just to have a tax number from a local tax office, which takes only few minutes, and then to submit it and a copy of your passport as well to a Bank branch you want to use.
4.8 - Joint accounts
Joint accounts can be opened. A joint account is an account on which two or more people do have certain rights.
While opening joint bank accounts, make sure whether the other party has the right of withdrawing money from this joint account without your consent or not.
4.9 - Privacy of accounts
Thanks to the strict banking regulations in Turkey, any body cannot withdraw money from your account and any body (except Courts of Turkey in case of legal inquiries) cannot learn the details of your bank account unless;
• you provide the relevant person with a valid Power of Attorney, or
• you open a joint account on which the other party has a right to withdraw money.
4.10 - Opening a bank account in Turkey when you are in the UK
If you want a bank account in Turkey to be opened when you are in the UK, then you
|- can assign someone to carry out the above transactions for you through a power of attorney, or,
|- contact the Turkish banks based in the UK
4.11 - Using your UK cheques in Turkey
You can use your cheque book provided by your bank in the UK for the payments to be made in Turkey.
However, comparing the cost of ‘transferring money from your account in the UK to an account in Turkey’ to ‘commission fee to be charged on your UK cheque by Turkish banks’ may be of great importance.
IX - LIABILITIES, UTILITIES & OTHER LEGAL ISSUES
9.1 - What are the liabilities of an (foreign) owner?
A building owner is liable for any injury which results from poor construction, negligence, or misuse. If a building collapses due to poor construction and any injury or damage results, the owner is to indemnify the losses and damage. To prevent such undesirable events, properties to built have to be in line with earthquake-proof and construction supervision regulations. Moreover, you are advised to buy a home-insurance policy.
How to contact insurers or their agents is explained in our insurance page
Furthermore, if the property in question is a flat, or a house in a buildings complex, then the owner has some responsibilities according to the Flat Ownership Law (“Kat Mülkiyeti Kanunu” in Turkish). In line with this law, communal parts of buildings are managed by a Board whose members are selected by the owners in the building for a certain period of time. A Board’s decisions on communal issues such as communal heating (if any), having the communal parts of the building painted, refurbishment of the communal parts are binding for all flat/house owners. Thus, such costs are shared by the owners. If you rent your property out, the tenant is to be responsible for the communal heating variable costs.
9.2 - Electricity, gas, water, telephone, and heating issues & utilities
Electricity and natural gas are provided by the local distributing and retailing companies. Natural gas is supplied to only a limited number of cities.
Water is supplied by municipalities within the municipal borders. Water bills are charged on the basis of the amount of water you use.
Electricity, natural gas, telephone, and water utilities are billed monthly, quarterly or semi-annually depending on the supplier’s choice.
In cities where natural gas is supplied, gas central heating is the common practice. In other cities, communal heating or electric heating is more frequently observed. In coastal cities, solar energy heating and boiling systems are used very widely.
All electricity, natural gas and telecom companies are audited by the relevant Regulatory and Supervisory Authorities. According to the relevant laws, subscribers can complain about their suppliers in case of any disputes. Moreover, the Consumer Protection Law and the Competition Law are the two laws targeting to protect all consumers in the country.
It is suggested that as soon as you take over the ownership, you immediately subscribe to electricity, gas, water companies on behalf of your own name. All subscription transactions can be completed in a day.
On the other hand, if you plan to rent your property out, make sure that the tenants register to the utility suppliers on behalf of their own names.
Taking into account the average consumption figures of the Turkish residents, total cost of the utilities explained in this section is expected to range between £50 and £200 per month, depending on the features of the asset and the utilization of the utilities.
Please note that many banks in Turkey provide ‘direct debit’ services especially for payments to utility companies. In addition, if you will stay outside Turkey, you can use management companies so that they will pay utility bills for you.
9.3 - Can you transfer the money you make through your property abroad?
You can freely transfer abroad the money you will make through either selling or renting out your property.
V - EVERYTHING ABOUT A TAPU (TITLE DEEDS)
5.1 - What is a TAPU? What does it look like?
A TAPU is an official document which shows you have ownership rights over the real estate. The owner´s full name and photograph, and detailed information on the asset appear on this document.
Please click here or on image for a sample TAPU document (empty), which is called Tapu Senedi.
5.2 - Meaning of the terms on a TAPU
The meanings of the terms appearing on a TAPU are as follows:
||~Description, location and cadastral coordinates of the main land
||Borough, district or town
||Feature (whether it is a building land, vacant land, or cultivated land...)
||Area/size of the land (summation of the figures shown for the three pameters below should add up to the total size of the main land)
||Hectare (=10.000m²=2,47 acres)
||Ownership of the independent unit which is ready to use (flat, house, office etc built on the main land)
||Ownership of the independent unit which is not ready for use yet (either because of an on-going development/construction work or due to the fact that usage permit from the municipality has not been gathered yet)
||Fractional/timed ownership (the independent unit is owned just for a certain period of a year)
||~Information about the Independent Unit (the property subject to the use such as a flat, house, etc) on the main land
||Actual purchase price of the property (Make sure that actual amount is written in this section. Otherwise, you may encounter very serious legal problems including being accused of money-laundering and/or be subject to severe financial penalties due to a tax evasion. Please do not forget the collect the documents to justify that you exactly paid this amount to the seller)
||Land share (what proportion of the land belongs to the independent unit)
||Block (Building, Mansion, Lodge, Court, House) Number
|Bagimsiz Blm No:
||Independent Unit Number
||The reason why the property is being acquired (From whom to whom the property has been sold and any other relevant explanation)
||Name(s) of the current owner(s)
(More than one person can own the same property. In this case, their respective shares are to be shown in this section. The respective shares are illustrated in terms of the proportion of the main land.
For example, suppose that a flat which possess the ownership of 10/456 of the main land on which the complex is based and that the flat is to be owned by three person named AB, CD, and EF with shares of 20%, 30%, and 50%, respectively. Then, these names and their respective shares are shown on TAPU as follows:
AB: ab: 2/456 hisse,
CD: cd: 3/456 hisse,
EF: ef: 5/456 hisse,
where the word ´hisse´ means ´share´ and ´ab´, ´cd´, and ´ef´ are the names of fathers of those persons)
The remaining sections at the bottom of the TAPU are for official use only.
The TAPU has to be sealed with a stamp in the central part at the bottom and this section has to be signed by a TAPU officer.
The picture(s) of all owner(s) is (are) to be suffixed to the top-right of the TAPU, it (they) has (have) to be sealed with a stamp and signed by the TAPU officer mentioned above
5.3 - How to check the details?
Whether a property does belong to a person can be checked through the pictures and names appearing on the TAPU. If the TAPU is a Xerox copy, then make sure it has been ratified by a notary public. Otherwise, a fake TAPU might have been handed over to you. With regards to the names, you can ask for the ID card of the seller(s) and compare the TAPU to the ID card in terms of names.
Whether cadastral/map coordinates on a TAPU are genuine can be double checked by means of a private cadastral or a civil engineering bureau
Furthermore, one can ask the TAPU office to put an annotation (Serh) on the TAPU so as to specifically prohibit an unwanted transaction regarding the ownership. Unless the conditions described in the annotation are not met, the property can neither be sold out nor transferred into the names of third parties.
VI - OTHER IMPORTANT POINTS IN BUYING A PROPERTY
6.1 - Overdue Real Estate Tax Debts
It is very important to check whether the current owner of the property owes any overdue Real Estate Tax debt to the tax authorities. According to the current regulations, new owner is also responsible for overdue real estate tax debts. Thus, you are advised to put a special clause in the Sale Contract so as not to be in an unwanted situation in the future. Furthermore, you are recommended to ask the seller to provide you with the copies of the tax receipts given by the tax collection units.
6.2 - Overdue debts for utility services
In order to get rid of any unwanted situation regarding the overdue debts for utility services, you are recommended to put special clauses in the sale agreement by stating that the seller will be responsible for all overdue debts incurred by the date of sale.
6.3 - Current Tenants
If there is a tenant staying in the property you like to buy, you are advised to check the tenancy contract. In some cases, you’d better see the tenant. Furthermore, please check whether the tenant has given the seller an evacuation notice or not. If he has given a notice, then you ought to check whether the dates stated in the Sale Contract and the Evacuation Notice fit properly.
6.4 - Double Checking the Registry Records
When you are offered a property, please compare the information relating to the property which sellers declared to you to the local title deeds registry office records. In other words, please double check the title-deeds belonging to the seller to see
• Whether the actual address of the property and the address shown on the Title-Deeds are the same,
• Whether there is more than one owner (if so, make sure that all shareholders comply with the sale),
• Whether there are special clauses on the title-deeds which prevent the transfer of ownership owing to a long-term debt owed to a bank.
6.5 - Appropriateness of the building
According to current legislation, all buildings have to be in line with the construction and earthquake-proof regulations and official plans. In this regard, you should double check whether the building has been built in line with those arrangements. In other words, you should ask the seller to provide you with the "Use of Building Permit" or "Habitation Certificate" (“Yapi Kullanma Izni” or "Oturma Izni/Ruhsati" in Turkish.) issued by the local authorities.
6.6 - Buildings under construction
If you are to buy a building under construction, make sure that the contractor is financially viable and legally authorised. Furthermore, you are recommended to put some special clauses in the contract with the contractor such as a date of completion, list of materials to be used, indemnities etc
6.7 - Construction of a building on a land
All issues relating to construction of buildings/building rights are arranged by Construction Law No. 3194.
According to the law, you can have a building constructed on your own land provided that
• It is in line with the official Construction Plansand current regulations.
• You obtain a “construction authorisation” certificate (planning permission) from the local governments.
With regards to the authorisation for building rights, if your land is within municipal borders, the relevant municipality authorises the construction. If your land is outside the municipal borders, then the relevant provincial governor’s office (“Valilik” in Turkish) authorises you.
Please bear in mind that you cannot construct any building on lands which are allocated as common places such as roads, green fields, and parks in the official Construction Plans.
If you plan to buy a land and to build a property on it, you are advised to search for the relevant official Construction Plans approved by the local governments and regulations, and to contact the relevant local governments.
Hiring a good solicitor would be beneficial at his step.
6.8 - Residency Permits for Newly Constructed Buildings
A residency (habitation) permit (“Yapi Kullanma Izni" or “Oturma Izni” in Turkish) is a document that shows the construction of the building has been completed in line with the authorisation (planning permission) given by the local council (Belediye). This document also includes the information regarding construction authorisation, completion date of the construction works, the land registry office records on the property, address & size of the property, specifications of the independent parts in the property, and the owners. Residency permit is provided by the Construction Licenses Directorate (Yapi Izinleri Müdürlügü) and Construction Supervision License Directorate (Yapi Denetim Izni Birimi) within a local council.
Without this document you can neither live in the property in question nor subscribe to the utility companies
6.8.1 - Required Documents
• Copy of the title deeds
• A document to be gathered from local tax offices to evidence that the owner does not owe anything to the tax office.
• External Sewage Document (Water Utility Directorate of the Municipality provides with it)
• Turk Telekom’s suitability approval for future telecom connections
• Scientific Responsibility Report ("Fenni Mesul Raporu" in Turkish)
• Frontal photographs of size 13x18 cm
• If there is an elevator/lift in the property, guarantee & technical standards documents, engineers’ documents, supervision report, supervision receipts, application projects approved by the relevant chamber are also needed.
• Air-raid shelter report for the building where a shelter is designated
• Fire brigade reports for the buildings where fire exits are compulsory
6.8.2 - Who can apply for it?
You or your agent (Power of Attorney holder) can apply to the aforementioned department in the municipality. As well as the documents listed above, please make sure the visas regarding the application, the base (zemin), the parts above the base ("su basman" in Turkish), heat insulation and general construction (kaba insaat).
6.8.3 - What is the cost of residency permit?
An examination fee and the corresponding levy, which are very low compared to the European examples, are charged on the basis of the area (number of meter squares) of the property. The unit prices for these fees are updated periodically. Please contact the municipality in question for the updated figures.
6.9 - Housing Co-operatives
Housing Cooperatives are legal entities established in line with Law No. 1163 and aim at providing their partners (or participants) with residential flats or houses.
These entities are one of the most favorable methods of acquiring a property among Turkish citizens, who are generally at the middle income levels.
Tax advantages and relatively cheaper loans provided by State organizations, great potential for economies of scale, and convenient financing requirements evenly distributed to a time scale extending to a couple of years are some of the appealing features of these entities.
However, right management of a cooperative is of high importance. The Board should assure a sound financial status and employing the right contracting company which will construct the complex is very crucial. Unless a good Board which is composed of trustworthy and talented people is in office, the designated targets may not be attained.
In this regard, if you are planning to purchase a flat, house or villa on a complex, as a part of a cooperative, you are strictly advised to search for all important and relevant aspects. You can hire a professional to do this on behalf of you. In case you need professional help, please be sure that you assign the professional in question through a sound Power of Attorney.
The following information briefly explains how cooperative mechanism works.
A cooperative has to have at least 7 partners (or participants or members). The Articles of Association (AA) has to be stamped by a notary public and to be registered to the Trade Registry. The followings are to be clearly stated in an AA:
• The name and address of the cooperative,
• Purpose and activities of the cooperative,
• The conditions which cause participants to lose their partnership,
• Shares of participants,
• The degree of the rights and liabilities of participants,
• How the cooperative can be represented,
• Methods for how revenues and expenditures accrue,
• Names and addresses of the founders,
• How contributions will be made by the participants,
• Other issues, where applicable.
Cooperatives have to arrange ‘partnership notes’ in the name of each partners and these documents have to be signed by participants and the representatives of the cooperatives. These notes are delivered to the partners and indicate that the note holder has a legal partnership in the cooperative.
Main decisions regarding a cooperative’s activities are made by the General Assembly, composed of partners. Usual General Assembly meeting has to be held within a period up to 3 years following the previous meeting. Participants are officially invited to General Assembly meetings by the people authorised to represent the cooperative. These representatives are selected by the General Assembly.
Bringing the partnership to an end is allowed by the Law. In some cases, there might be some special time restriction clauses in the AA. AA may envisage that partnership cannot be brought to an end within a period up to 5 years following the date of partnership. If any force majeure conditions are specified in the AA and a participant falls in a force majeure, then he is exempt from such time restriction.
Partnership rights can be transferred to others or sold out
According to the regulations, any partner is allowed to ask the Board of a Cooperative to provide him/her with the information about the financial status of the cooperative.
A cooperative dissolves if
• All works envisaged by the AA have been materialized and the properties have been registered in the names of the participants.
• The General Assembly decides upon that the cooperative will no longer continue.
• Bankruptcy is declared.
• Relevant Courts have made a decision to dissolve the cooperative.
• Another cooperative takes over or purchases it.
• Usual General Assembly meeting has not been held for at least 3 years.
• The relevant ministry finds out that the cooperative can no longer attain the designated targets.
VII - TAXES & COMPULSORY INSURANCE
7.1 - Basic property-related taxes
With regards to real estate in Turkey, following taxes or compulsory insurances are in question:
|• Personal income tax (based on rental income and capital gains)
|• Inheritance and succession tax
|• VAT (if a commercial delivery takes place)
|• Real estate tax (similar to the Council Tax in the UK)
|• Real Estate Acquisition and Purchase Levy (at the time of purchase or sale)
|• Stamp Duty (if a contract with a monetary clause exists)
|• Environmental tax (collected through water utility bills)
|• Corporate tax (in case of a commercial transaction of a company)
|• Earthquake insurance (a nationwide contribution rate is applied)
You can find further information about Turkish tax system in a booklet on taxation in Turkey, prepared by Turkish Revenue Administration.
7.2 - What gains can be attained through property? Are those gains taxed?
A real estate property may enable an individual to obtain two types of gains.
Firstly, you can rent it out and earn rental income. In that case, you are to pay a personal income tax. Please see the section regarding personal income tax below (7.3.10) for more information.
Secondly, the market value of your asset may rise and hence you can attain a gain. If you sell out your real property in the five-year-period following the acquisition date, you shall be subject to personal income tax based on the difference between the selling price and the inflation-adjusted acquisition price. Producer Price Index (PPI) is applied to acquisition price for Inflation adjustment excluding the months in which property is acquired and sold out if the inflation exceeds 10%.
For sales by individuals after the 5-year-period following the purchase, no personal income tax is charged on the gains to be attained.
If a property bought before 1st January 2007 (Title Deeds date) by an individual, is sold in the four-year-period following the acquisition date, the difference between the selling price and the inflation-adjusted acquisition price is subject to personal income tax as a capital gain. After four years, sales of these properties are not subject to personal income tax.
However, YTL 6,800 of the gain attained from sale is exempted from income tax starting from 1st January 2008. (YTL6,400 in 2007).
On the other hand, firms which are subject to corporate tax are exempt from any corporate tax relating to the real estate-based gains, real estate sale-and-acquisition levy, and VAT, if they sell a real estate that they have owned for at least two years and add the gains to their capital.
7.3 - Taxes and Compulsory Insurance
Foreign nationals and Turkish citizens are no different in terms of taxes or levies to be charged.
Tax rates may be updated on a periodic basis. The rates as of January 1, 2008 are presented below. Please have a look at www.gib.gov.tr for updates and other relevant information.
7.3.1 - Real Estate Tax
Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for cultivated land, uncultivated (for building) land, non-residence-purpose buildings, and residential buildings are 0.1%, 0.3%, 0.2%, and 0.1%, respectively.
Tax is calculated on the basis of the declared value of the asset which could not be less than a threshold determined by tax authorities. Tax payments are made in two equal instalments in the period March-to-May and in November each year and those are collected by the local municipality (Council). The tax base is annually updated by a coefficient determined by the Ministry of Finance taking into account the inflation rate.
The new owner of a property has to declare the actual price, which has been paid to the seller, to the municipality by end-December in the year of acquisition
Real Estate Tax of the property in the year of acquisition is paid by the seller whereas the consecutive years’ taxes are paid by the buyer (new owner).
On the other hand, the Real Estate Tax rates for properties in the following provinces (metropolitans) are two-fold the normal rates stated above.
7.3.2 - Real Estate Sale-and-Acquisition Levy
Each of buyer and seller is to pay real estate sale-and-acquisition levy of 1.5%, based on the declared value of the asset (This value cannot be less than the threshold determined by authorities). It is collected in prior to the transfer of ownership at TAPU (Land Registry) Office.
On the other hand, for the registry of a new building constructed on a land, a levy of 1.5% based on the reference value of the asset is to be paid.
7.3.3 - Inheritance and Succession Tax
The transfer of property within Turkey, from one to another without any payment or by inheritance are subject to Inheritance and succession tax.
Taxpayer is the person who acquires property by inheritance or gratis.
Inheritance and succession tax is assessed on the declaration submitted by taxpayer.
In the case of inheritance, the declaration should be submitted in four months starting with the date of death. If the death occurs in Turkey and the taxpayer is outside of Turkey, the declaration period is extended to six months. In the case of occurrence of death and being of taxpayers outside of Turkey, the declaration period will be again four months. However, when the death occurs in a foreign country and the taxpayer is in another foreign country, the declaration period is extended eight months.
In the case of transfers by gratis, the declaration should be submitted in one month following the date of acquisition of the property.
The tax base is updated annually. There are some discounts for inheritance to daughters, sons and spouses. In case a spouse and children including legally adopted ones are to take over an inherited property, then an amount of YTL 96,075 is deducted from the tax base of each person. In case only a spouse is the heir, the amount of deduction from the tax base is YTL 192,265. In case of successions without reciprocity (gifts) the amount of deduction is YTL 2,216 from 1st January 2008.
As of 1st January 2008 the applicable tax base brackets and rates are as follows:
|Tax Base Brackets (Based on the value of the inherited asset)
||Inheritance Tax Rate
||Succession Tax Rate (When no reciprocity exists)
|First YTL 150,000
|Next YTL 320,000
|Next YTL 680,000
|Next YTL 1,380,000
|Amount above YTL 2,530,000
Please note that a levy of 0.9% of the value of the property is also charged while the inherited property (or the gift) is being transferred into the name(s) of the new owner(s) at TAPU (Land Registry) Offices.
7.3.4 - Environmental Services Tax (EST)
For residential properties, local water suppliers charge an EST of YTL 0.13 per one m3 of water used.
For non-residential buildings, the EST is a flat rate and ranges between TL YTL 13 and YTL 1,537 per year.
The rates for metropolitan cities, on the other hand, are YTL 0.16 / m3 of water used by residential properties and a flat rate of YTL 16-to-YTL 1,921 for non-residential properties.
7.3.5 - Motor Vehicle Tax
Depending on the cylindrical volume or horse power of engine and date of production of the vehicle, vehicle owners have to pay an annual tax ranging between YTL 12 and YTL 28,218 for 2008. Motor Vehicle Tax (similar to road tax in the UK) is paid in two equal instalments in January and July.
7.3.6 - Corporate Tax
Amount of Tax (YTL)
|Car, motorbike, others
|Minibus, bus, truck, pick-up truck
|Yacht, boat, vessel, ship
Corporate entities had to pay a tax of 30% of their previous year profits. Corporate Income Tax rate was lowered to 20% by the new Corporate Income Tax Law published in the Official Gazette on June 21, 2006. The new rate will apply to all corporate incomes earned after 1st January 2006.
7.3.7 - VAT
General VAT rate is 18%. However, some goods and services are taxed at either 1% or 8%.
Commercial delivery of a residential property with net area up to 150 m2 is subject to a VAT of 1% whereas commercial delivery of those with more than 150 m2 is subject to a VAT of 18%.
7.3.8 - Special Consumption Tax (SCT)
Some goods which have effects on the environment, security and health, and luxuries such as.
• Fuels, industrial oils, petroleum products and petro-chemicals,
• Motor vehicles and sea vehicles,
• Beverages and products with tobacco
• A number of goods including caviar, perfumes, some make-up/cosmetic products, printed materials, some electrical and electronic devices
are subject to an SCT.
7.3.9 - Stamp Duty
There is a wide range of transactions on which a stamp duty is charged. The Stamp Duty rates applied to contracts in which a monetary clause exists and tenancy contracts are 0.75% (of the amount stated in the contract) and 0.15% (of the rent), respectively.
7.3.10 - Personal Income Tax
Main personal income items which are taxed are commercial income, agricultural income, wages, self-employment revenues, rent, interest and other incomes. Personal income tax rates for the year 2008 are shown in the table below. (Click here for the tax rates for rental income earned in 2007).
However, Turkish Income Tax Law exempts some amount of rental income from residential buildings for individuals annually. For the year 2008, the residential rental income up to YTL 2,400 (approximately GBP 1,000 @ 2.32 on 27 Dec 2007) is exempted from income tax. This exemption amount is YTL 2,300 for rental income earned in 2007. On the other hand, a flat rate of 25% for maintenance expenses is deducted from taxable rental income.
Please keep in mind that if you earn rental income more than exempted amount and do not declare to local tax office or under declare, exemption does not apply and you could face severe penalties. Therefore you must register with local tax office and declare your rental income. It must be declared between 1st and 25th of March and the income tax must be paid in March and July in two equal instalments. Rental income earned in 2007 (If exceeds exempted amount) must be declared from 1st to 25th of March 2008.
Cumulative Income (YTL)
15% of the rest
||YTL 1,170 for the previous slice plus
20% of the rest
||YTL 3,570 for the previous slices plus
27% of the rest
||YTL 10,293 for the previous slices plus
||35% of the rest
As can be seen above, your rental income and the capital gain you will attain when you sell out your property within a five year period following its purchase in Turkey are subject to personal income tax.
In this regard, you are supposed to declare your annual rental income to the local tax office on an annual basis whereas you are to immediately declare your capital gain as soon as a sale subject to personal income tax is carried out.
Most tax offices do have office automation and internet-based interactive systems. Thus, you can go to a local tax office and fill out a form (tax return) there, or fill out the relevant form to be downloaded from the web page of the Revenue Administration or to be obtained from the Office of Financial Counsellor at Turkish Embassy in London (see bottom of page for contact details) and then submit it to the tax office.
Moreover, individuals (including foreigners) who earn only rental income in Turkey are able to send their tax returns through internet to the tax offices offering online services. For further information please refer to the Guideline prepaired by the Revenue Administration. The Guidline is also available in Turkish and German.
You’re also advised to contact a financial advisor or the local tax office in order to gather information on when to make the rental income declaration and to pay the associated tax.
7.3.11 - Minimum wage
From 1st January 2008, minimum gross wage for 30 calendar days is YTL 608 for employees at the age of 16 or more (The cost to employer is YTL YTL 738.72/employee). The gross wage will be YTL 638 from 1st July 2008.
In other words, if you establish a firm and recruit employees in Turkey, the monthly minimum labour cost will amount to approximately £318/employee @2,32 on 27 Dec 2007.
Minimum wage is applied nation-wide and updated periodically. The Minimum Wage Commission composed of the social partners advices the Government on what the minimum wage ought to be, and the Government determines the amount taking into account this advised figure.
For further information please visit our investment pages.
7.3.12 - Social insurance
According to Turkish social security laws, self-employed & farmers, employees (wage earners) and civil servants have to register to Bag-Kur, SSK, and Emekli Sandigi, respectively. These are compulsory schemes.
Contribution rates for these schemes range between 35% and 40% of the contribution base.
The main risks covered by these schemes are old-age, disability/invalidity, health, maternity, mortality, orphanage, widow(ed), unemployment (for the employed).
Minimum retirement age for the new entrants is 58/60 (F/M).
Please have a look at www.csgb.gov.tr, www.ssk.gov.tr, www.bagkur.gov.tr, and www.emekli.gov.tr for further information.
7.3.13 - Earthquake Insurance Property is to be insured by the owner against the earthquake risks. It is compulsory and a national uniform tariff is applied.
Other property insurance types can be freely bought from the market and they cover some risks including theft and fire. For further information please visit our insurance page.
7.3.14 - Motorists Insurance
If you possess a car, you are obliged to buy a motorists (traffic) insurance. The cost of policy depends on the cylindrical volume of the engine and the production date of the vehicle.
7.4 - Preparation of wills and transfer of property to the heirs
Wills prepared by foreign nationals in their own countries can be executed in Turkey so as to transfer the ownership of a property to the individual(s) stated within the wills.
To carry out the property transfer pursuant to a will, a heir has to gather a court letter confirming the will from the relevant court of his/her own country and to have it ratified at the Turkish Consulate General. Then he/she has to submit that letter to the relevant court of the province in Turkey where the property is located. Then, the Turkish Court issues an official document which allows the transfer. Finally, the heir presents the document granted by the Court to the Tapu (Land Registry) Office as well as other documents required for the transfer of ownership.
These transfers are exempt from any military clearance and the other restrictions applied to foreign nationals.
Please note that transfer of ownership of a property to an heir is subject to inheritance tax. Thus, if the heir sells out his inherited property, he is not subject to any personal income tax based on the capital gains.
7.5 - Divorce settlements
When a married couple gets divorced and one of the parties is to transfer the ownership of his/her property (or a share) into the name of the other party, then this transaction is not subject to any tax except levy.
Similarly, in Turkey, subsistence payments to be made by a divorced party to the other party are all tax exempt.
7.6 - Your UK pensions
Your UK pensions are not be taxed in Turkey. Furthermore, such an income is not gained as a result of a commercial activity carried out in Turkey. In this regard, you can freely transfer your pensions to Turkey. You can either have your pension transferred to your bank account in Turkey or prefer getting cheques sent to you.
Please note that an average Turkish household lives on an average monthly income much less than an average UK pension. Thus, your pension itself will allow you to have a financially-comfortable life in Turkey.
7.7 - Agreements for the Avoidance of Double Taxation
Agreements between the Republic of Turkey and 61 countries (including the UK) for the Avoidance of Double Taxation can be reached through the web page of Revenue Administration. (Unfortunately in Turkish)
For Agreement between the United Kingdom of Great Britain and Northern Ireland and the Republic of Turkey for the Avoidance of Double Taxation in English please visit our investment pages.
Agreement between the United Kingdom of Great Britain and Northern Ireland and the Republic of Turkey for the Avoidance of Double Taxation was signed on May 9, 1986 and published in the Official Gazette on November 30, 1988.
The comprehensive agreement has effect
a) In the United Kingdom for
i) Income and Capital Gains Tax from 1989-90,
ii) Corporation Tax from 1 April 1989.
b) In Turkey from the fiscal year beginning 1 January 1989.
7.8 - Avoidance of Double Taxation on Income Derived from Property According to Article 6 of the ‘Agreement Between the United Kingdom of Great Britain and Northern Ireland and The Republic of Turkey for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains’ dated December 19, 1986;
a) Income derived by a resident of UK from immovable property (including income from agriculture or forestry) situated in Turkey is taxed in Turkey. The associated income may be the direct use, letting or use in any other form of immovable property
b) The term ‘immovable property’ has the meaning which has under the law of Turkey. The term in any case include property accesssory to immovable property, livestock and equipment in used in agriculture and forestry, fisheries, rights to which the provisions of general law respecting landded property apply, usufruct of immovable property and rights to variable or fixed payments as consideration for the working of, or the right to work, mineral deposits, sources and other natural forces; ships, boats, and aircraft are not be regarded as immovable property.
c) The above provisions also apply to the income from immovable property of an enterprise and to income from immovable property used for the performance of independent services.
According to Article 23 of the aforementioned Agreement, Turkish tax payable under the law of Turkey and in accordance with the agreement, whether directly or by deduction, on income or chargeable gains from sources within Turkey are allowed as a credit against any UK tax computed by reference to the same income and chargeable gains by reference to which the Turkish tax is computed.
7.9 - More information on taxes The Office of the Financial Counsellor at the Turkish Embassy in London is in charge of advisory services regarding taxes and customs. Furthermore, the Revenue Administration of Turkey is the regulatory and supervisory tax authority in Turkey. You are advised to contact one of those authorities through:
Office of the Financial Counsellor
Address: Turkish Embassy
43 Belgrave Square,
London SW1X 8PA, UK
Tel: 020 7245 6318
Fax: 020 7235 1020
Address: Gelir Idaresi Baskanligi
Ilkadim Cad. Dikmen Ankara/TURKEY
Tel: +90-312-415 29 00 (pbx),
Fax: +90-312-415 28 21, +90-312-415 28 22
VIII - WHY TO AVOID TAX EVASION?
According to the current tax regulations, the owner of a property has to declare
- The actual value of the property to the TAPU office (at the time of transfer of the ownership of the property into his/her name) and
- The actual price which has been paid to the seller to the municipality (by end-December in the year of acquisition)
With regards to purchase, if the amounts you declared to the tax authorities are less than the amount you actually paid for the property, you are highly likely to encounter the following problems.
For simplification purposes, assume that the actual purchase price you have paid is £100,000 and the amount you declared to both the TAPU office and the Municipality is just £30,000 (Although personal income tax in Turkey is calculated in YTL-terms and some inflation-based multipliers are used for present value assessments, so as to simplify the explanations, the following explanations are made in Sterling terms and we do not show the breakdown of all calculations):
8.1 - Are you a tax evader?
According to the example described above, since you have not paid
- A “Real Estate Sale-and-Acquisition Levy“ (Tapu Harci) of £1,050 [=1.5%*(100,000-30,000)] at the time of purchase,
- A Real-estate tax of £ 70 [=0.1%*(100,000-30,000)] for each year during which you owned the property
you are considered as a ´tax evader´ and you are subject to severe financial penalties when the evasion is detected.
8.2 - Can the financial penalties charged on a tax evader be amnestied? How?
The amount of financial penalty depend on whether
|a)You have recognised that you had evaded tax due to someone else´s mistake or misleading recommendations (In that case you are to inform the tax&Tapu authorities about the situation through a petition stating you regret the situation)
b)The evasion is detected by the tax inspectors
c)Someone else informs the tax authorities about the evasion
d) The other (sellling) party informs the tax authorities about the evasion
If you fall in Category (a) mentioned above, tax penalties to be charged on you is amnestied partially.
8.3 - The principal term of the financial penalty and interests charged on a tax evader
The principal term of the penalty accrues when the ownership (title deeds) is transferred into your name even if the evasion is detected later. The principal is the amount of tax evaded plus administrative penalties envisaged by the tax laws.
Moreover, a late payment penalty at an interest rate of 2.5% per month is also charged on the principal.
In other words, evading a real estate acquisition and sale levy of £1,050 at the time of purchase plus a real estate tax of £70 for each following year will cause you to face financial penalties worth thousands of Sterling Pounds within only few years.
8.4 - Risk of paying much more personal income tax in case of a sale
Please note that if an owner sells out his property within the 4 year period following the purchase of the property, he is subject to personal income tax based on the capital gain. Sale after the fourth year is not subject to any personal income tax. The current Personal income tax rates change between 15% and 35%, depending on the capital gain levels (please see section 7.3.10)
Suppose that, you sell out the property at £200,000 next year and the new owner refuses to evade tax.
a) If you have the actual purchase price declared to the municipality corrected, you will pay a personal income tax of approximately £66,000.
(i.e. Effective Tax rate1 *£170,000 <---170,000= 200,000-30,000).
b) If not, the tax will be approximately £38,000
(i.e. Effective Tax rate2 * £100,000 <----100,000=200,000-100,000)
In other words, with regard to personal income tax, if you have your
tax/TAPU records corrected so as to make them show the actual payment made to the previous owner, you will save approximately £28,000.
8.5 - Risk of being paid very low compensation in case of nationalisation
Sometimes municipalities may rarely introduce slight changes in the city-development-plans. For example, they may enlarge the width of streets and this may cause municipalities to seize some parts of private properties. In that case, pursuant to the relevant laws, municipalities are to pay a compensation fee to the property owners in question. The compensation is somehow linked to the value shown on the TAPU.
8.6 - Risk of re-mortgaging your property at a lower value
By the end of this year, the mortgage system will be launched. When you like to re-mortgage your property, the amount shown on the TAPU may be of high importance for the financial institutions.
8.7 - Risk of being involved in an anti-money laundering activity
Money-launderers heavily make use of property sale/purchase transactions everywhere in the world. The Turkish Government is aware of this and very keen to take necessary measures to prevent money-laundering. Money-launderers, fraudsters and those involved in such cases are heavily punished in Turkey when they are detected.
Within this context, the property market is expected to be very closely watched by the State. Inconsistencies among the figures of TAPU, banking transfers, taxes etc. are very likely to draw anti-money laundering inspectors’ attention.
8.8 - Risk of being included in the black lists of financial organisations
You, as a tax evader, may be included in the black lists of the financial services companies and as a result, you may be refused when you ask for loans or a credit card in the future.
8.9 - Other important points
In this regard, make sure that the prices shown in the purchase & sales contract, the TAPU (title-deeds), and the documents declared to tax authorities are all the same and equal to the actual purchase price.
Make sure that you keep all relevant invoices and receipts which justify you have made the payments. If you are using an agent, solicitor, translator, or other professionals, please ask for an invoice.
If you are forced by a seller or agent to under-declare the price, you can be sure that he/she is very likely to be a fraudster.
Moreover, you may be instructed by a seller or real estate agent to pay the agreed price into two or more accounts. In that case, you can think that the seller is highly likely to evade tax.
X - PROPERTY DEVELOPMENT, DECORATION AND FURNISHMENT
10.1 - Can you have a building constructed on the land you own?
To have a building constructed on your land, you have to take permission from local official authorities and the engineering blue-prints of the building have to be in line with the official Construction Plans.
There are lots of Turkish companies specialised in construction and contracting services. You can also utilise architecture and civil engineering bureaus to construct your building.
You are advised to contact either the Turkish Contractors Association (www.tmb.org.tr) which has lots of world-wide reputable construction and property development companies or its members. Please note that the Association’s member companies use thousands of sub-contracting companies in Turkey. Hence, you can ask those member companies for the lists of the sub-contractors as well.
10.2 - How can refurbishment be carried out?
There exist many quality refurbishment/decoration service companies in Turkey, whose prices are substantially lower than those in any European country.
10.3 - Do tenants in Turkey prefer furnished or unfurnished properties?
If you plan to rent out your property, it is worth understanding the tenancy propensities in Turkey.
In tourism locations, districts close to main business centres or zones preferred by foreigners, most tenants prefer furnished properties. On the other hand, in other locations where Turkish families are intensive generally unfurnished houses are preferred.
10.4 - Where to buy quality furniture and durables?
You don´t need to bring your furniture to Turkey. You will find thousands of good choices ranging from local authentic ones to international style furniture at very reasonable prices. Search for "mobilya" or "furniture Turkey" on the net to learn about available furniture options in Turkey. Some of the biggest furniture companies and furniture production complexes whose web pages are in English are as follows:
In addition, you can see a lot of furniture retail shops and showrooms in every location in Turkey.
You can buy home durables produced at the highest standards such as refrigerator, washer/drier, TV, oven, DVD/CD-player/writer, computer etc. at fairly reasonable prices. Please have a look at the following web sites in English to see the products of some of the biggest Turkish durable manufacturers. You can also find hundreds of retail shops where those products are sold.
XI - RESIDING IN TURKEY & BRINGING YOUR ITEMS TO TURKEY
11.1 - Residence visa requirements
If you would like to reside in Turkey longer than the normal period allowed to tourists, you will need a residence visa.
All documents for a residence visa must be submitted to the Turkish Consulate General at least eight weeks before the intended date of departure.
British nationals can also apply for residence visa while in Turkey. They need to apply to the nearest police headquarters after their 3 month-sticker type visa obtained at the border gate expires.
Please note that applications must be referred to the relevant Turkish authorities for their approval. Therefore, applicants are advised to contact the Consulate to find out the outcome in due course. After obtaining the residence visa, you are required to register with the local police within a month following the arrival in Turkey in order to obtain a residence permit. If you wish to extend your permit for a further period, you should apply to the same police headquarters before the permit expires.
For visa application forms and more information, please have a look at
11.2 - Can you bring your household or office items to Turkey?
Household items can be brought to Turkey through a system called "temporary import" provided that the validity of the residence permit is not less than one year. In this case, you pay a deposit and take it back when you return to your own country or submit a bank guarantee letter which should be obtained either from a Turkish bank or a well-known foreign bank ensuring that all customs duties will be paid if the goods are not taken out of Turkey at the end of the period of residency during the first five years. You do not need to extend the guarantee letter for the period starting from the completion of the first five years following the importation of goods. For further information please visit the web page of Undersecreteriat of Customs.
A banderole fee is collected only once by Customs administrations on behalf of TRT (Turkish Radio and Television Corporation) for colour television, black-white television, radio, video, television satellite receivers, combined devices to be brought from abroad for non-commercial importation purposes and all kinds of devices for receiving broadcasting signals. The amount of banderole fees are set by Council of Ministers Decree annually. Click here for the latest (2008) banderole fees.
Lots of reliable Turkish carriage/freight/shipping companies are available to move your items to Turkey from any point in the world. Please visit our web pages to see the lists of such companies.
On the other hand, you don´t need to bring your household items to Turkey. You can find thousands of good choices ranging from local authentic ones to international style furniture and domestic appliances, produced at the highest standards and at very reasonable prices in Turkey.
Please visit our previous page for links to some of the biggest furniture and durable manufacturers in Turkey.
11.3 - Can you bring your pets to Turkey?
You can bring your pets to Turkey as long as you carry the live animals’ health/vaccination certificates with you. Veterinary health certificate must be issued not more than 10 days before departure. Rabies vaccination must be given the animal not more than 6 months ago and not less than 15 days before departure. None of the documents need to be legalised by either Foreign and Commonwealth Office Legalisation Department or Turkish Consulate General, provided that you accompany your pets.
However, there is a legal limitation on the number of pets to be brought to Turkey. A person can bring 1 cat or 1 dog or 1 bird or 10 aquarium fishes at most.
Please have a look at Turkish Airlines web site (www.thy.com.tr) for other relevant information.
Moreover, for further information, you can contact the Office of the Financial Counsellor at the Turkish Embassy in London through
Address: Turkish Embassy,
Office of the Financial Counsellor
43 Belgrave Square,
London SW1X 8PA, UK
Tel: 020 7245 6318
Fax: 020 7235 1020
11.4 - Can you bring your car to Turkey?
If you visit Turkey on a tourist visa you can bring your car into Turkey and keep it up to six months in a period of 12 months. if you were to leave Turkey for some reason during your stay in Turkey you have to either take your car out of the Turkish Customs Territory or leave it at the nearest customs depot. If you choose the latter there is customs depot fee applicable.
In accordance with the Turkish Customs Regulations you cannot bring your car into Turkey with a resident permit unless you have a work permit and a job in Turkey or you are a retired person. If you are in employment, you need to submit a letter from your employer ensuring that all customs duties will be paid if the car is not taken out of Turkey once your employment in Turkey terminates. You have to apply for a special plate for foreigners who work in Turkey.
If you are a retired person and have a resident permit, you are allowed to bring your car into Turkey and keep it as long as you live in Turkey. First, you should register your car to the Turkish Touring and Automobile Club and obtain a temporary entry carnet for foreigners from them. You should submit the following documents to the Turkish Touring and Automobile Club.
|1) Your passport,
2) Your resident permit,
3) Your official retirement documents (should be translated into Turkish)
4) Your car’s registration documents
5) Giving a guarantee, either a form of a letter from your bank or cash ensuring that all customs duties will be paid if the car is not taken out of Turkey once you leave Turkey
Once you have obtained your carnet you should go to the nearest customs office where your residency is and register with them.
For further information, you can contact either Undersecretariat of Customs in Turkey or the Office of the Financial Counsellor at the Turkish Embassy in London through
Undersecretariat of Customs
Address: Gümrük Müstesarligi
Hükümet Meydani 06100 Ulus Ankara/TURKEY
Tel: +90-312-311 12 52 (pbx),
Fax: +90-312-310 22 14
Office of the Financial Counsellor
Address: Turkish Embassy
43 Belgrave Square,
London SW1X 8PA, UK
Tel: 020 7245 6318
Fax: 020 7235 1020
On the other hand, you can buy a car in Turkey and have it registered in your own name provided that you have a resident permit. In this case, according to the regulations, you are supposed to have your car insured. In addition, you are also supposed to hold an appropriate driving license. You can gather a driving license that will allow you to drive in Turkey if you register to an authorised Driving Course and pass all examinations. In order to replace your UK driving licence with Turkish driving licence, you first need
-to have your UK driving licence translated into Turkish,
-to have the translated document notarised in Turkey or have it legalised at
the Consulate General in London (Please refer to Section 2.5.10),
-to gather an application form/file from the local Association of Drivers
("Soforler Odasi" in Turkish) and fill in it.
-to have resident permit,
-blood type certificate,
-3 passport size photo,
-to have a full medical examination report from a state or private hospital,
Next, you are required to present the relevant documents to officers at the local Transport Registrar (Trafik Tescil Mudurlugu) which is at local police headquarters.
For the full list of required documents for driving licence and vehicle registration please visit the Traffic Research Center´s website at www.trafik.gov.tr/english/
11.5 - Can you bring and use your mobile in Turkey?
As you know, roaming is the ability for a mobile phone user to automatically make and receive voice calls, send and receive SMS or access other services when travelling abroad. Turkish mobile operators, Avea, Turkcell and Vodafone, provide roaming services to visitors coming from the UK, in partnership with British operators. Therefore, you can use your mobile phones with British sim card in Turkey. Most of mobile services such as picture messaging, text messaging, fax/data and GPRS are available with Turkish networks.
Please keep in mind that, if you pay monthly at least 24 hours before you leave, you should call your mobile operator in the UK, and they will set up your phone to be used abroad.
If you are temporarily staying in Turkey as a tourist, visitor, diplomat etc., you can buy a sim card from a Turkish mobile operator on the basis of contract, and then your British handset’s IMEI number is matched with MSISDN (mobile phone) number. In this case, your handset can only be used with matching Turkish sim card, but not any other Turkish sim card. For the matching purposes you should apply to a subscription centre (“abone kayit merkezi” in Turkish) of relevant Turkish mobile operator. (AVEA, TURKCELL, VODAFONE)
On the other hand, if you intend to reside or stay a long time in Turkey and would like to use a Turkish sim card or would like to take a British handset to your friends or relatives living in Turkey as a gift, you must get your mobile phone registered with the Turkish Telecommunications Authority. Because the recent changes in the Turkish Telecommunications regulation requires all mobile phones to be registered with the Turkish Telecommunications Authority’s database with their IMEI (International Mobile Equipment Identity) numbers in order to use Turkish sim card. Mobile phones (IMEI numbers) not registered with the Turkish Telecommunications Authority are blocked for connection through a Turkish sim card.
According to the Turkish customs regulation, from 1st Januray 2007, travellers can bring only one mobile handset into Turkey in a calendar year as one of their personal belongings, free of customs duties and they do not need to declare it to the Turkish Customs.
In order to get your handset registered, the following documents should be submitted to the Telecommunications Authority through a subscription centre (“abone kayit merkezi” in Turkish) of relevant Turkish mobile operator.
|• Passport and copies of relevant pages of passport (identity and entry stamp pages),
• A petition indicating IMEI number of handset. (could be provided by subscription centre)
After the registration is completed Turkish network sim card can be used with a British handset. Please ensure that the handset must be sim free or not locked.
You can check if your handset´s IMEI number is registered with the Telecommunications Authority or not through Turkish Telecommunications Authority´s website at: http://imei.tk.gov.tr
Your handset´s IMEI number is found on a sticker underneath the battery, or on screen by simply keying *#06# into most phones.
You can find a subscription centre (abone kayit merkezi) of relevant Turkish mobile operator through
And last but not least, please do not forget to take your charger and a european power adaptor you may need.
11.6 - How much money can you bring into Turkey?
There are no restrictions on the amount of money (either YTL or any foreign currency) you can bring into Turkey. (Foreign Exchange Regime)
However, please bear in mind, as from 15 June 2007 if you are arriving directly from, or are travelling directly to, a country outside the European Union (EU), and are carrying 10,000 euros or more or the equivalent amount in another currency, you must complete a cash declaration form at HM Revenue & Customs. These will be available at the port or airport of your entry to, or departure from, the UK.
11.7 - How much money can you take out of Turkey?
The Turkish legislation states that one may take up to $ 5,000 or the equivalent amount in another currency notes out of the country. Non-residents- provided that they have declared it on their arrival- and residents those present a document that they purchased foreign exchange from the banks or participation banks within the framework of the regulations of invisible transactions, may freely take abroad foreign currency of which value exceeds $ 5,000. Otherwise, they can transfer foreign exchange of which value exceeds $5,000 through banks and participation banks only.
Please note that if a person breaches the above rule and this is detected/proven by authorities (either in Turkey or abroad):
|a) The money is seized and becomes a possession of the Republic of Turkey.
b) A principal penalty of YTL equivalent of the seized amount is to be charged if the money is captured by Turkish authorities.
c) If the money brought abroad had not been seized/detected by the Turkish officers, then the principal penalty is twice stated in (b). Thus, the total principal penalty may amount to up to twice the seized money.
d) Moreover, a ´late payment penalty´ (the interest) is to be charged based on the above mentioned principal penalty at the interest rate mentioned by Law No. 6183, which is currently 3% per month for the duration between the time of the breach and the date when penalty will be paid.
Please note that the Undersecretariat of Treasury is in charge of all issues with regards to the foreign currency legislation in Turkey (Please refer to
for contact information).
Moreover whether the source of the money was legal/in line with the anti-money laundering rules is of great importance to the relevant authorities. In case a money laundering action had taken place, the penalties are to be much severe.
11.8 - How much jewellery can you bring to Turkey or abroad?
Travellers can bring any jewellery, which is of non-commercial nature, crafted with precious metals and the gems, and worth of USD 15.000 or less.
If you would like to bring jewellery worth of more than $ 15.000 to Turkey, you are supposed to declare it to the Turkish customs authorities just prior to your entry to Turkey. In this case, you are allowed to bring abroad jewellery worth of up to that declared value.
Moreover, if you certify that you have purchased your jewellery in Turkey, then you are allowed to bring it abroad, regardless of what its value is.
11.9 - Does your social insurance scheme cover your health expenditures in Turkey?
If you reside in Turkey, your social insurance scheme (UK) could cover your health insurance expenditures in Turkey. Please contact the relevant organisation in UK for the details.
Please note that Turkish health insurers provide very cheap insurance policies and cover diagnosis/treatment of lots of diseases. They are in connection with very good private hospitals, scanning centres, and medical laboratories. No waiting lists and instant diagnosis and treatment are in question.
You can buy private health insurance policies at reasonable costs. 28 insurance companies offer health insurance products as of December 31, 2004. Health insurance products are usually, yearly renewable. Private companies offer in patient and out patient health services in private hospitals.
There are travel assistance products, contract lengths are less than one year. They offer health services during the tourists´ journey in Turkey.
Furthermore, prices of pharmaceutical products are very cheap in Turkey.
If you work in Turkey, you are covered by the State health (social) insurance schemes which will let you utilise all covered health services.
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