Buying property in Turkey is undoubtedly beneficial. There are practically no resorts in the world with such a developed infrastructure, where you can buy an apartment, a house or even an elite villa at a fairly cheap price. Of course, when buying real estate in Turkey, you must pay tax.
Tax when buying real estate
In February 2017 years, the country’s authorities began to restore the real estate market. This sector was in a rather deplorable state. Value added tax has been canceled for foreign citizens. Now, when buying a first home or office in Turkey, foreigners do not have to pay VAT. The legislators also took into account the possibility of speculation: it will not be possible to sell the property right away, exactly one year has to pass from the date of purchase.
Owning a home in Turkey is beneficial. The annual tax is only 0.1-0.2% of the cost. This applies to housing stock and plots without a building permit. Commercial property owners are already paying 0.2-0.4%. The largest tax (0.3-0.6%) is levied on plots where construction is permitted.
An important point – if the owner owns the house, then he only pays the property tax. The plot of land itself does not need to be included in the calculations.
Taxes when renting
The state receives 15 – 110% of the received income. The minimum and maximum bet is calculated depending on this amount:
- for the minimum you need to get up to 3800 TRY;
- maximum – over 110 05 TRY.
These calculations apply to individuals only. Legal always pay 35%.
When buying a property in Turkey, it is very important to find a good real estate agency. Of course, making a good deal is good, but for a foreigner this process will almost always be quite stressful. At the same time, you should be sure that you will not be deceived.
Contact Profit Real Estate – our specialists will help you with everything, starting from the very first steps. You will receive a full consultation on prices and possible options. You can calculate your budget in advance – after all, in addition to the amount for the purchase, you will need money for other expenses:
- registration of the transaction;
- notarized translator services;
- renewal water and electricity meters;
- obtaining earthquake insurance.
Contacting Profit employees Real Estate, you will receive reliable and complete support of your transaction from start to finish.