Investment Guide
REAL ESTATE ACQUISITION AND INVESTMENT GUIDE IN TURKEY
Turkey, noting significant progress with its developing economy in recent years, investments in construction and real estate sectors, is becoming a center of attraction for institutional and individual investors. In this process, the country offers significant opportunities to foreign investors who need to master local dynamics to make successful investment decisions. As Trem Global team, we are closely following developments in order to provide support to investors in real estate acquisition and investment issues, which are highly dependent on internal and external factors and have unique problems, with our experienced and industry-dominated staff. In order to meet the needs of our customers in Turkey, and to help them achieve successful results in investment decisions we present Real Estate Acquisition and Investment Guide in Turkey to the investors, where we provide sector-specific knowledge. The information in this guide is general, not social, tax or legal advice.
Inheritance and Transfer Tax
Inheritance tax is one of the typical examples of wealth taxes as “inheritance tax” and “inheritance shares” are applied in two separate ways. In the inheritance procedure, the remaining heritage is taxed as a whole before it is shared among the heirs. In the pourparty share procedure, instead of being taxed as a whole, the inheritance is taxed separately for those who have inherited each heir.
Inheritance and Transfer Tax is the subject of tax on goods belonging to citizens of the Republic of Turkey and goods located in Turkey through inheritance or for whatever reason without any immediate effect from one person to another. In other words, in order for inheritance and retribution to be subject to tax, either the property must be within the borders of Turkey or the person who inherited or transferred the property must be a citizen of the Republic of Turkey.
The tax payer is referred to as persons who acquire property through succession or without delay, while those who acquire property within the borders of Turkey are referred to as Turkish citizens who acquire property abroad and foreigners whose residence is in Turkey.
The obligation starts on the date of the declaration when the declaration is required. However, in cases where the declaration is not necessary and for the goods not shown in the declaration given earlier, it starts on the date determined by the administration. The liquidation case begins on the date of completion of the liquidation proceedings by the court.
