Not working with a team of professionals carries a high risk of scams or losing money. If you are unsure of the people you are dealing with, the need to hire lawyer cannot be stressed enough. At Property Hub, with our team of experienced lawyers, we offer our clients a property purchasing experience in Turkey that’s secure and tailored to suit their requirements.
When it comes to the legal services we offer to our clients, the three major areas where our lawyers can assist you include:
- Turkish citizenship by real estate investment
- Applying for Turkish residence permit – TRC
- Applying for VAT exemption
Turkish Citizenship by Real Estate Investment
Turkey offers a golden opportunity for those who want to get Turkish passport. You can apply for Turkish citizenship by making an investment in the real estate. To obtain citizenship under this program, all you need is to make a property investment in Turkey that’s at least worth $400,000. A condition to be met is that you hold your property investment for 3 years. In the past few years, thousands of investors successfully got citizenship by making investments. Moreover, under this scheme which happens to be one of the most attractive yet affordable citizenship initiatives in the world, your spouse and kids under 18 are also eligible to get the citizenship.
At Property Hub, we offer legal support and assistance to make the process of getting Turkish citizenship hassle-free and secure for our clients. To apply for citizenship via investment, all the documents have to be made in accordance with the legislation. We have in house professional and experienced lawyers to guide you through the process and do all the paperwork.
Applying For Turkish Residence Permit – TRC
Whether you wish to buy house in Turkey, start a business or settle here, it starts with getting TRC – the Turkish residence permit. As a visitor you can also apply for the Turkish tourist visa but it won’t allow you to stay in Turkey for more than 90 days. If you intend to live in Turkey for more than 3 months, you need the residence permit. The residence permit allows expats to live in Turkey for 1 year initially but it is extendable under certain conditions. The TRC must not be confused with work permit though. It is illegal to work under the residence permit. Under the residence permit, you are allowed to:
- Purchase property
- Open a bank account
- Make real estate investment
- Study
- Apply for citizenship
If you wish to apply for TRC yourself, you can do so easily by submitting your application online. There are documents that need to be submitted according to your specific situation since there are different types of permits. The rules for short-term residency permit, which is the most sought after among all other residence permits, changes often which can be confusing for many. This is where our team of immigration lawyers can offer their expert services and make it a hassle-free process to get the Turkish residence permit. Hiring our legal services to get your permit ensures you get it all done professionally and successfully.
VAT Exemption on Buying Turkish PropertyHere
For foreign investors interested in buying property in Turkey, a great offer by the Turkish government is the VAT exemption. With the aim of encouraging foreign investment and developing the real estate in Turkey, the tax exemption law is in place since 2017. The law applies to foreigner investors and exempts them from paying value-added tax on their property investment. For commercial properties, VAT is calculated at the rate of 18%. For residential properties, the VAT is 1% if it’s a small property and 8% for a property bigger than 150 sqm.
To apply for VAT exemption, following conditions are to be met:
- This is your first property in Turkey
- You’ve bought a first-hand property
- You’ve made payment in foreign currency
- You are not a resident
The process to getting VAT exemption certificate can take 5-8 weeks and is best done by a lawyer who is up to date with the current laws regarding the property taxes since the laws keep changing. With years of experience of doing the legal paperwork and obtaining tax exemptions, our legal staff at Property Hub offers VAT exemption service to the foreign investors buying commercial properties in Turkey.
