Low taxes encouraged investors to buy real estate in Turkey
Last Updated: 2023-07-27
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Low taxes encouraged investors to buy real estate in Turkey
The demand for real estate investors to Turkey must have reasons and indicators that were the main reason that attracted them to this land. If the results were not guaranteed, that region would not have witnessed this number and the difference in the nationalities they hold as well. The main reason that made them accept this way is that the taxes imposed on Turkish real estate are considered very acceptable, especially after the Turkish state decided to make it reduced. But what are the details of those reduced taxes and everything related to them, all you want to know about this matter will be found in the next article.
One-time reduced tax:
One of the taxes that you must pay when buying a property in Turkey is the property title tax, and it is paid only once, i.e. when you sell or buy a property. The value paid is about four percent of the total property value and is paid jointly between the buyer and the seller. This is the law imposed on it, but in fact, the buyer is the one who pays all the amount due.
There is also a value-added tax that is paid in proportion to the value of the original property. On this basis, it is paid at a rate that varies, but may reach the highest limit of 18% of the property price, and the payment is when buying the property, and in a period of time this tax was canceled and there are rumors say it will return. In both types of tax, whether it is related to the title deed or value added tax, it is considered small and simple and any person can bear it and does not find it a burden.
Types of taxes in Turkey with low value:
First, there is a tax that is paid on the property in Turkey called the annual real estate tax. This tax will be paid by you if you are a foreigner from Turkey or a native citizen and you must pay that tax once every year.
There is a second type of real estate tax and it is called the real estate profit tax. If you own capital and buy a property with it and decide to sell it before it exceeds five years from the date of its purchase, you will have to pay a tax on this property that you benefited from. If you sold your property only after you exceed five years from the date of your purchase of this property, you will never pay taxes on your profit in this property. This will be in your interest in the first place, because you will be exempted from paying taxes first, and second the profit in your property will increase.
Monthly taxes are also of low value:
These taxes are usually found in major residential complexes in Turkey and are paid for the many advanced services that come with the property. The tax paid varies from one real estate complex to another, as there are those who offer improvements more than others. This principle is based on determining the amount of tax to be paid. It is true that this matter is limited to large residential complexes, however, it is not without some taxes that are in small real estate. Also, they are few taxes, such as those properties and according to the services provided in them, but with all those benefits that the investor derives from this property, the tax that he should pay was low and simple and not commensurate with what is being offered.
From tax reduction to exemption:
Tax exemption: There are those who are exempted from paying it, but in a few limited cases, such as if this person owns only one property, this is considered one of those who do not have a fine, also relatives of the martyrs, the unemployed and the disabled, but this category was conditioned by certain laws in order for them to be exempted. This exemption is one of the reasons that encouraged them to make this investment in Turkey.
-All the world and the countries in which it resides have a tax payment system, and every place is different from other places, so it turns out to us that this is a very normal thing, Turkey is not doing in it alone, and the value that will be paid is reasonable, not exorbitant and unaffordable, in addition to the facilities provided by the state in order to help the people reduce their burden on them. According to what we talked about and deduced from our previous conversation, it became clear to us that these taxes, with all their laws in Turkey, are one of the most important reasons that encouraged investors to take the step of real estate investment in Turkey.
Edited by Mersat Real Estate Team©
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