العربية
Among the frequently asked questions in the real estate investment sector in Turkey is whether.
it’s possible to buy property and pay in foreign currencies, such as US dollars, euros, Saudi riyals, Emirati dirhams, and others.
Purchasing Property in Turkey with Foreign Currencies:
- Previously, Turkey allowed the purchase of property on its soil with various foreign currencies, including those mentioned above.
- However, at the beginning of 2022, a presidential decree signed by President Recep Tayyip Erdoğan was issued0
- prohibiting the purchase of property in Turkey with foreign currencies and stipulating that the payment must be in Turkish lira exclusively.
Steps for Converting Property Value in Turkey:
After the issuance of the decree and its implementation, the following steps are necessary for purchasing property in Turkey:
- Sell the foreign currency to the intermediary bank through a broker.
- Exchange the foreign currency for the equivalent amount in Turkish lira.
- Ensure that the exchanged currency equals the property’s value.
- Transfer the property value in Turkish lira after exchanging the foreign currency through the same intermediary bank.
- Retain the two bank notifications: the first for the sale of foreign currency and the second for the property value transfer to the client’s account.
The property must be sold through bank transfers exclusively, and manual payment or any other form is not accepted.
The bank notifications confirming the sale of foreign currency and the property value transfer are crucial documents for obtaining the property title deed.
Buying Property in Foreign Currency for Turkish Citizenship:
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The presidential decree, which restricts property sales to Turkish lira, also specifies that, for transactions related to obtaining Turkish citizenship.property must be purchased and paid for in Turkish lira. The property value should not be less than $400,000.
- and the foreign currency must be sold to the Central Bank of Turkey, exchanged for Turkish lira.
- and documented with a notice stating that the reason for selling the foreign currency is to obtain Turkish citizenship.
- The two bank notifications of the sale of foreign currency and the property value transfer in Turkish lira.
- must be included in the file for Turkish citizenship application, forming an essential part of the required documents.
