The Property Guide
8 Things to Beware When Purchasing Turkish Property for Citizenship
PROPERTY VALUE SHOWN
LESS THAN ACTUAL
Many owners of the property are registering in title deed in the first place with lower values and sell with lesser value to avoid tax. A value less than the minimum amount can get you rejected for Turkish citizenship application.countries globally.
Many owners of the property are registering in title deed in the first place with lower values and sell with lesser value to avoid tax. A value less than the minimum amount can get you rejected for Turkish citizenship application.countries globally.
LEGAL OR MORTGAGE ISSUES
ON THE TITLE DEED
When the title deed is transferred, the officials do not disclose details but problems such as mortgage and legal disputes can get you rejected. To avoid, a lawyer must be present in registry and check the problems with the title deed.
When the title deed is transferred, the officials do not disclose details but problems such as mortgage and legal disputes can get you rejected. To avoid, a lawyer must be present in registry and check the problems with the title deed.
PROPERTY VALUE INSUFFICIENT TO REACH USD 250,000
The valuation of the property by a CMB-approved expert must exceed $250,000 and must be in line with the paid amount. For some units, valuations do not reach that amount and leave investors ineligible.
The valuation of the property by a CMB-approved expert must exceed $250,000 and must be in line with the paid amount. For some units, valuations do not reach that amount and leave investors ineligible.
TITLE DEED WITHOUT INDIVIDUAL UNIT STATUS
We advise our clients to purchase completed properties; but, in case they want to buy off-plan, they must check individual unit status for their apartment in the deed- given the project near completion.
We advise our clients to purchase completed properties; but, in case they want to buy off-plan, they must check individual unit status for their apartment in the deed- given the project near completion.
CONSTRUCTION THAT
NEVER COMPLETES
For unfinished projects, some of them are built by construction companies that funds buildings as they sell units. In this case, the construction might never come to an end. Seek expert advice here.
For unfinished projects, some of them are built by construction companies that funds buildings as they sell units. In this case, the construction might never come to an end. Seek expert advice here.
FUND BEING SENT TO
NON-RELATED ACCOUNT
Directly through applicant's account or through attorney's account- the funds must be transferred to property's official owner and no-one else. Funds sent for other accounts = problem.
Directly through applicant's account or through attorney's account- the funds must be transferred to property's official owner and no-one else. Funds sent for other accounts = problem.
NECESSARY PERMITS FOR FACTORIES AND LAND
For land to be used for agricultural or building purposes and for the factory to be used for the specific industry, the permits must be taken or be in availability for profitability. (Non-Citizenship)
For land to be used for agricultural or building purposes and for the factory to be used for the specific industry, the permits must be taken or be in availability for profitability. (Non-Citizenship)
MUNICIPAL PERMITS OF
THE BUILDING PLAN
To ensure citizenship eligibility of the property, one last thing to check is the municipal permits for building's plan. The rooms and structures within building must not be unpermitted.
To ensure citizenship eligibility of the property, one last thing to check is the municipal permits for building's plan. The rooms and structures within building must not be unpermitted.
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12 Things to Make Sure You are Purchasing a Profitable Real Estate in Istanbul
BUY CLOSE TO THE OFFICES
The commute of Istanbul is really difficult and people want to be close to where they work. If you want to rent your apartment, you must buy close to offices or easily commutable to them.
The commute of Istanbul is really difficult and people want to be close to where they work. If you want to rent your apartment, you must buy close to offices or easily commutable to them.
BUY WHERE THE LOCALS BUY
96% of all property sales in Istanbul are made to Turkish people. Some parts of the city are sold for foreigners who don't tend to buy second-hand. You must buy where locals buy, to sell later.
96% of all property sales in Istanbul are made to Turkish people. Some parts of the city are sold for foreigners who don't tend to buy second-hand. You must buy where locals buy, to sell later.
BUY WHERE UNITS ARE LIMITED
Some of Istanbul's neighborhoods become temporarily popular and see many new projects- making old ones impossible to sell. Buy in places with limited projects, if you want to sell later.
Some of Istanbul's neighborhoods become temporarily popular and see many new projects- making old ones impossible to sell. Buy in places with limited projects, if you want to sell later.
STAY AWAY FROM DANGER
A neighborhood with an infamous name of danger repulses Turkish buyers/renters as well as foreign buyers/renters. Ask our experts to ensure the safety.
A neighborhood with an infamous name of danger repulses Turkish buyers/renters as well as foreign buyers/renters. Ask our experts to ensure the safety.
PRIORITIZE METRO/RAIL ACCESS
The Municipality of Istanbul is planning more metros to be built and the metro infrastructure is growing dramatically. Catch opportunities with metro/rail.
The Municipality of Istanbul is planning more metros to be built and the metro infrastructure is growing dramatically. Catch opportunities with metro/rail.
EXAMINE RENTAL GUARANTEES
Viya Citizenship Services has partners that provide rental guarantee options for properties we are offering, up to 4-5% for three years in US Dollars.
Viya Citizenship Services has partners that provide rental guarantee options for properties we are offering, up to 4-5% for three years in US Dollars.
SCHOOLS AND HOSPITALS
ARE EVERYWHERE
A property highlighting that it has schools and hospitals near may be a bad sign- it having nothing else positive to highlight because Istanbul has them everywhere.
A property highlighting that it has schools and hospitals near may be a bad sign- it having nothing else positive to highlight because Istanbul has them everywhere.
THE REAL BRANDS ARE NEIGHBOURHOODS
Istanbul is a very competitive market for property with many big name developers from Trump to Emaar- but the price setter is neighborhoods not brands.
Istanbul is a very competitive market for property with many big name developers from Trump to Emaar- but the price setter is neighborhoods not brands.
15-30 YEARS IS AN AVERAGE RETURN ON INVESTMENT
A full return of investment money in 15 years is a perfect one for commercial & residential. Up to 30 is good. If it exceeds 30, it must be in a luxury neighborhood.
A full return of investment money in 15 years is a perfect one for commercial & residential. Up to 30 is good. If it exceeds 30, it must be in a luxury neighborhood.
CENTRAL PROPERTIES ARE SMALLER, EASILY RENTABLE
Properties in central. locations tend to be smaller (1+1 or 2+1) with the same price but also very rentable due to affordable rent options being limited in center.
Properties in central. locations tend to be smaller (1+1 or 2+1) with the same price but also very rentable due to affordable rent options being limited in center.
BUY FOR CHEAPER,
DON'T BUY THE CHEAP
Always compare the property you are buying in terms of price history as well as comparative process to buy cheaper and gain price appreciation.
Always compare the property you are buying in terms of price history as well as comparative process to buy cheaper and gain price appreciation.
BUY WHAT MAKES YOU AND YOUR FAMILY HAPPY
The property you are going to buy is going to stay with you for at least 3 years- so buy the one that makes you and your family the happiest.
The property you are going to buy is going to stay with you for at least 3 years- so buy the one that makes you and your family the happiest.
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Tax Guide to Purchasing Property in Turkey
CAPITAL GAINS TAX
Difference between price when purchasing and price when selling -adjusted w/ inflation is taxed 35.22%.
Difference between price when purchasing and price when selling -adjusted w/ inflation is taxed 35.22%.
VALUE-ADD TAX
First-time foreign real estate buyers are kept exempt from value-add tax which is at 8-12%- refundable even if paid.
First-time foreign real estate buyers are kept exempt from value-add tax which is at 8-12%- refundable even if paid.
OTHER TAXES- MINOR
Municipality and the government taxes newly-bought houses for apx. $300 for all homes, for services.
Municipality and the government taxes newly-bought houses for apx. $300 for all homes, for services.
TAX ON RENTAL INCOME
The rent prices offered by Viya's Selection do have rental prices adjusted to this tax.
The rent prices offered by Viya's Selection do have rental prices adjusted to this tax.
TITLE DEED TRANSFER TAX
4% of property price, half paid by the seller and half by the buyer is taxed in title deed.
4% of property price, half paid by the seller and half by the buyer is taxed in title deed.
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Contact Us
Website www.viyacitizenshipservices.com
E-mail info@viyagroup.co
Telephone +90 216 415 5315
Mobile +90 538 578 6218
Adress İdealist Kent Sitesi Etap 2, Villa Number 4, Madenler Mahallesi, Ümraniye, İstanbul – 34776