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.
Property Tax
Property tax in Turkey is seen as a wealth tax and represents the wealth of real estate such as land, terrain and building. Turkey removed the granting of property tax statement which has an important place in practice, and Taxpayers' notifications regarding their properties are made through the "Property Tax Notification Form". While the notification form includes the identity, address, title deed and taxation information of the taxpayer, no base information is provided on the form. Therefore, the form does not qualify for declaration.
Municipal authorities assess the taxpayer according to this information, and then, according to the information contained in these declarations discretions are made every four years and the tax value for the next year is calculated taking into account the discretion made.
The buildings are located within the territory of Turkey are constitute the subject of the real estate tax. Thus, the building tax payers, are paying taxes only for buildings in Turkey. In other words, taxpayers' buildings abroad are not covered by this tax. At the same time, incomplete constructions under construction are not considered buildings.
Completed buildings (flat or workplace) that have a residence or use permit are considered buildings even if they are not actually resided or used.
