Making investments in Turkey has always been a suitable and interesting option for overseas businessmen who want to develop their activities in the real estate sector. Starting this year, the advantages are even more attractive in this domain because the government has eliminated the VAT for the first assets bought in Turkey by a foreign businessman. Our Turkish lawyers can provide you with information and details about taxation system in the country and can offer legal services when registering a company in Turkey.

 

 

The authorities in Turkey have approved a new tax law last month related to the VAT for properties in the country. The 18% tax rate will not be enforced anymore for foreigners who are interested in buying office spaces, apartments, condominiums or houses in Turkey. This benefit will be available for all entrepreneurs who want to make a first-time acquisition in Turkey and will not sell the property for a minimum of one year.

 

The VAT tax exemption in Turkey was already published in the Official Gazette and it is considered to be a suitable method of encouraging the developments in the real estate sector in the country. Another important aspect to consider is that the authorities will also grant the Turkish citizenship for all overseas entrepreneurs who acquire assets of about $ 1 million.

 

It is good to know that our lawyers in Turkey are able to offer complete support and legal services when buying a property in the country, as a foreign businessman.

 

 

According to numbers and official statistics in Turkey, the real estate market is continuously developing and a 13% growth in property sales was registered in January this year. The leading city is definitely Istanbul, where most entrepreneurs from abroad choose to establish their presence, due to a major stability on the market. Istanbul is followed by Ankara and Bursa as cities with major developments in the real estate sector, with numerous property acquisitions.

 

Additional details about the tax exemptions for Turkish properties can be obtained from our law firm in Turkey who can also offer financial consulting for your company, so please feel free to contact us.