Useful Information about the Turkey; How much my property in Turkey make money rental income
Holiday homes in Turkey make money from May till September pick season are June, July and august
We do have a selection of properties offering up to 7% guaranteed net rental income along with free home insurance for up to tree years and some of them are fully furnished. This income would be sufficient to cover all of your running costs including your holiday become free.
What is the buying process Turkey Homes?
When you made up decision to purchase a property in turkey 10% to 25% deposit is needed during the initial stage of property acquisition, upon signing of the purchase contract. Permission for sale needs to be acquired by sending the deeds of property and passport translations of the buyer to the local Army Headquarters for approval. The permission for sale usually takes six to eight weeks to secure. Once the permission of sale is secured, the transfer of title of deed (“TAPU”) is done at the local Land Registry Office.
Having a solicitor to do the conveyancing is not a legal requirement, but it is highly recommended. Notarisation of all property sales to foreign nationals by a government-authorised interpreter is, however, a legal requirement. Moreover, both contracting parties (seller and buyer) are required to be present at the entry of title.
The whole process of registering property in Turkey takes nine days to finish.
What are the Property Turkey purchase costs?
The costs of buying a property in Turkey are lower than in the UK. Total purchasing costs including stamp duty, land registry fees, earthquake insurance and solicitor fee are about 7% of the purchase price including Turkish Estate Agency fee.
Can I finance my property in Turkey purchase with mortgage?
Yes some Turkish bank provide a Turkish mortgage, through our established mortgage partners mortgages for key ready properties, remortgage/equity release & “OFF PLAN” are available. As World Homes International we can introduce you with them so you can find out more about are process and their mortgage offerings.
What are the purchase taxes about the Property Turkey?
Property Turkey purchase taxed about 4% of their declared value on the title deed. This tax rate is doubled if the property is in a metropolitan area. Also you pay municipal taxed this annual tax is collected by the local government in two instalments in March or November two times in Turkey or you can pay for one year if you want to.
Capital Gains Tax
Capital gains about the Property Turkey from the sale of immovable property (land and buildings) are exempt from income tax provided that the holding period is longer than four years. For properties owned less than four years, normal income tax rates apply. Taxable gains are computed by deducting the acquisition cost from the selling price.
A double taxation agreement between the two countries means that any income taxed about property in Turkey is exempt from UK taxes.
No VAT is chargeable on the sale of real estate by individuals who are not estate agents, except in the case of houses with a total surface area above 150 sq. mt., which are subject to 1% VAT.
Do I need a visa?
A 3 month tourist visa which costs £10 for British citizens is issued on arrival in Turkey. During this time you can come and go as often as you like. If you plan to stay in the country for long periods you can apply for a residence permit.
What do I need to bring my car to Turkey?
The documents you’ll need:
A valid passport and its photocopy. A valid international driver’s license and its photocopy. Proof of vehicle ownership (vehicle registration certificate and purchase invoice) Green Card Insurance/ proof of insurance (should be valid in Turkey)
What is the climate like in Turkey?
It is commonly said that you can experience each of the four seasons on the same day in some part of Turkey. During the spring months early tourists bask in the Mediterranean sunshine of the south while on the lofty mountain tops above people are skiing. The Mediterranean region, to the joy of the millions of sun worshipers who visit it annually, experiences the hot, dry summers typical of southern Greece and Italy, and its mild winters last only from December to March. The climate of the Aegean is similar though with lower temperatures. The climate of the Marmara Sea and Istanbul, influenced by the Balkan Peninsula, is less appealing. Warm, humid summers are followed by cool, rainy winters but not much snow. The Northern slopes of the Black Sea ranges and the narrow strip of land bordering the ‘Pontus Euxine’ are misted over with rain year-round and are known for the resulting luxuriant green vegetation. The summers of the Central Anatolian plateau are hot and dry and the winters cold but fairly dry.
Can I bring my pet with me?
You can bring your pets to Turkey as long as carry the live animals’ health /vaccination certificates with you. Veterinary health certificate must be issued not more than 10 days before departure. None of the documents need to be legalised by either Foreign or Commonwealth Office Legalisation Department of Turkish Consulate General, provided that you accompany your pets. However, there is a legal limitation on the number of pets to be brought to Turkey. A person can bring 1 cat or 1 dog or 1 bird or 10 aquarium fishes at the most. If you like to bring more pets, then you are advised to have somebody to accompany you during your travel to Turkey.
What are the health services like in Turkey?
If you fall ill in Turkey, private hospitals and clinics offer very high standards of treatment and care. An increasing number of medical tourists are actually travelling from Europe to take advantage of the excellent medical treatment available in Turkey. The cost of treatment is far lower than in the UK, but you should check with your insurance company before starting any treatment.
Private health insurance for people living abroad is available from variety of UK based companies. Medical insurance schemes are also offered by Turkish insurance companies.
Can I claim my pension?
Moving abroad does not affect your state pension payments, but you will need to organize for the money to be transferred into your Turkish bank account. A British pension can support a comfortable lifestyle in Turkey due to the lower cost of living.
If you haven’t yet reached retirement age you should consider continuing to make National Insurance contributions after you move to Turkey. This will ensure you are entitled to receive a full state pension when you are eligible.