Get one step closer to the business and real estate market in Eurasia, which is full of entrepreneurial opportunities and innovative ideas. Turkiye has borders with a great range of countries, thus, suggesting new opportunities to people for efficient entrepreneurship and business development.
Turkiye is actively developing the real estate segment. The most popular destinations include Istanbul, Antalya, Alanya, Bodrum, Dalaman, Izmir, Ankara, Mersin, and others.
The number of investors coming to buy property in Turkiye is rising steadily despite the fact that at the beginning of 2022 prices in the real estate market increased by 40%, and this tendency continues. Nevertheless, further development and growth of real estate market are forecast in 2024. As the government is actively investing budgets in infrastructure, transport, and materials to guarantee that housing meets all standards and high customer requirements, the increase in the value of real estate and the development of various regions are predicted. In addition to residential real estate, investors are interested in commercial real estate and land purchases.
Personal income tax is progressive, which means it depends on the amount of income one earns. It ranges from 15% to 35%.
Corporate tax is a tax levied on the companies’ profits in Turkiye. It is a flat rate of 25%, that applies to both domestic and foreign companies functioning in the country.
Real estate purchase tax amounts to 4% of the value indicated in the certificate of ownership (TAPU). Usually it is shared between owner and developers.
VAT is 20%, with reduced VAT 10% for certain goods and services.
Capital gains tax constitutes to 23%.
Tax on dividends is 10%.
The general inheritance tax varies from 1% to 30%, and gift tax – from 1 to 10% depending upon the object's cost.
Property tax is an annual tax levied on the ownership of real estate in Turkiye. It is 0,2%-0,6% of cadastral value.
Turkiye has double tax treaties with 85 countries.
Today, One World Migration spoke with its local agent in Turkey. The expert shared valuable information regarding current trends in the real estate market in Turkey in the context of the expectation of the adoption of a new law on increasing investment prices, talked upon the optimal areas for buying real estate for various reasons, and also gave important tips.
The rules for renting housing to tourists have been tightened: now, homeowners are required to obtain permits from authorities for rentals shorter than 100 days.
In Turkey, the property tax rate varies depending on the location of the property, particularly whether it's in a major city or a smaller town.
Five types of business entities exist in Turkiye:
Guidance on establishing business in Turkiye:
There is an opportunity for investors to incorporate a business within Turkish free-trade zone (they count 18 zones). There are numerous advantages: the government will offer different tax benefits, incentives. Additionally, the investor can bring the money back to the country of origin from within the Turkish free-trade zone.
Regarding opening business bank account, it is a rather quick and simple procedure in Turkiye – you can do it distantly. The entire procedure will take less than one hour.
Turkiye has double tax treaties with 85 countries.
A main applicant adds his/her spouse and their children, who are under 18 years old to the application.
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If purchased after September 18, 2018, more than one property with a total value of $400,000 or more can be bought to apply for citizenship. The dates of purchases can be different. Each property must have a mark that it will not be sold for 3 years in the land register.
For real estate purchased between 01/12/2017 and 09/18/2018, the value of the property must be at least $1,000,000. Real estate purchased before 01/12/2017 does not fall under the conditions of acquiring citizenship.
In our material we will discuss important aspects to consider when buying real estate in this country to make your transaction as easy and safe as possible.
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The Schengen D visa, also known as a national visa, is intended for long-term stays in the Schengen Area.
