The Turkish government announce a new amendment to real estate purchases on January 24, 2022. The new rules apply to foreign property buyers, and stipulate. That real estate sales must be convert into Turkish lira through the Central Bank of the Republic of Turkey.
How is the Currency Exchange Process?
According to the Real Estate Investment in Turkey requires foreign exchange documents (Döviz Alım Belgesi) to purchase real estate. Buyer must convert foreign currency sales into Turkish Lira before applying for title deed conversion. You need to have the documents before you can make a sales transaction.
All sales remittances must be made through a Turkish bank. The buyer will get the foreign exchange documents after the transfer. This document contains details about currency conversion such as:
- Instead, the name and name of the person executing the transaction.
- Passport number or foreign national identity number.
- The US dollar and its equivalent in foreign currencies.
The amount paid in the forex document will be use as the sale price of the property by Lang Registry. Procedure must be perform by the buyer, seller or agent on behalf of the buyer or seller with a power of attorney. The buyer can send all payments to the seller’s account. The seller makes the exchange through a Turkish bank and receives the forex documents.
One of the most important points of Real Estate Investment in Turkey is that foreign exchange must be done through a Turkish bank. Not due to an exchange or other source of information like etf liquidity.
No Other Method will be Accepted
Another important fact is that the Central Bank of the Republic of Turkey only accepts certain currencies for conversion. For foreign exchange, you must pay at the bank in US dollars (US dollars), euros or British pounds.
First, currency units not listed above must be convert into US dollars, euros or pounds through a bank. The second step is to convert foreign currency into Turkish lira. Forex documents are not require if payment is made before the effective date. However, receipts approve by the bank must be sent to the Real State Land Registry. As it only accepts payments made through the bank. Other payment methods such as manual payment are not acceptable.
Foreign currency exchange is also require when obtaining Turkish citizenship through real estate investment. The Foreign exchange is also require regardless of the purpose of purchase. Foreign exchange documents are also require when foreigners purchase real estate.
In addition, the land registry Authority and Survey Authority request a bank-certified receipt indicating. That the predetermine sales volume of Turkish citizenship has been sent to the seller’s account.
The Bank Approvement
Bank-approved transfer receipts must be present to the seller along with foreign exchange documents prior to sale. They can be submit no later than before the issuance of binding formalities and conformity documents.
Bayram Teksi, Chairman of the Board of Directors of Taxi Overseas. Said that the new rules on foreign exchange will not adversely affect real estate prices and current selling procedures. Real Estate Investment in Turkey will still be an easy and safe experience with trust advice from real estate experts. A team of Buying Property in Istanbul will be happy to guide you through the process of purchasing your property.
The Real Estate Investment in Turkey provide evidence of the foreign exchange process. You can view the legal notices relate to foreign currency exchange here.