Do I need permission to buy?  


     In general, foreign individuals can purchase and own real estate in Turkey provided that they obtain official permission to do so. This is often referred to as the 'military permission'. This process can take several months. Only after the government issues its approval can the buyer register the real estate in his name in the Land Registry. This is the ultimate evidence of his title to that specific property and, without it, his property is at risk.
     This can all be avoided by the foreign individual registering a company in Turkey and buying the property through that company. A Turkish company owned by a foreign person is considered to be a Turkish legal entity and, as such, may acquire real estate ownership rights without any restriction or the need for permission - whether the real estate is acquired for business or for some other purpose. This applies even if the company is 100% foreign owned. All the necessary procedures for establishing the company can be completed within approximately one month.
     Both ways of buying property in Turkey have advantages and disadvantages. The trouble is, it is not obvious which is the right choice! You need, in every case, to take advice. You need to understand, in detail, what you are letting yourself in for when you buy in Turkey. In particular, you need to understand the tax implications or the choice you are making. There are potentially serious UK tax consequences of buying a holiday home in the name of a company. That advice is one of the areas where we can help.

back