In July 2003 changes were made to Turkey Legislation permitting UK nationals to buy properties outside municipalities and within villages and rural areas.

Once a property has been chosen marmarisrealestate.co.uk insist that you use a Turkish-English lawyer authorized by the local noter, so that all transactions will be legally documented for your protection.

Searches will be carried out on the title deeds for you, and ensure that it is clear of debts. Thereafter, a deposit of 10% of the price is placed in a Turkish Bank account and blocked as there is a wait of 6-10 weeks to acquire title deeds from the Local Land Registry Office. The final stage is a visit to the Land Registry to sign papers showing the property in the purchasers name. The title deeds formalities can all be carried out in your absence, by leaving A Power Of Attorney with your Solicitor. Purchase tax is 3% of the declared value of the property.

How do you pay the property?
The property must be paid for in Turkish Lira derived from the transfer of foreign currency to a Turkish bank account.

Taxation
Turkey and the UK have a bilateral agreement to avoid double taxation. Tax of the property in Turkey is payable to the Turkish tax authorities as the relevant law requires. Capital gains from the sale of the property will be taxed in Turkey, individuals do not have to pay capital gains provided they have owned the property for one year, but company owned is not exempt from this aand will be taxed.

Ongoing Costs

• Property tax paid annually 0,0014% of the declared value.

• Building insurance is compulsory and can be arranged through a bank insurance system.

• Annual ground rates are minimal.

• Electricity is slightly cheaper than the UK, Water is cheap.

• Gas cylinders are used as there is no mains gas supply.