Is it possible to buy an apartment in Turkey for cash?

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Yes, you can purchase real estate in Turkey using cash. Here are the ways to manage such transactions:

  1. Bringing Cash with You: You can physically bring the cash with you when entering Turkey. Turkey does not have restrictions on the import of foreign or local currency, but any amount exceeding $10,000 must be declared at customs upon entry. This is a standard procedure aimed at preventing money laundering and ensuring transparency in financial transactions.
  2. Declaring Large Amounts: When you declare amounts over $10,000, customs officials will document the declaration, which can later be used to demonstrate the legal entry of the funds into the country. This declaration is crucial for transparency and for the subsequent legal process of purchasing property.
  3. Transaction Process: Once in Turkey, the cash can be deposited in a Turkish bank or directly used for the property purchase. However, it is advisable to conduct such transactions through a bank to have an official record of the payment, which is necessary for legal and tax purposes related to property ownership.

Using cash for such significant investments comes with its set of risks, including safety concerns while transporting large sums. Therefore, while it is legally permissible, potential buyers should consider the security and logistical aspects of bringing large amounts of cash into the country. Alternatively, arranging a bank transfer might be a safer and more traceable method for such large transactions.

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