What is a Currency Purchase Document Required to Purchase a Property in Turkey by a Foreigner?
How you purchase a property in Turkey differs from the buying process in many other countries. As of January 24, 2022, foreigners looking to purchase a property in Turkey must submit a Currency Purchase Document to the title deed office to make an application for the property purchase.
The foreigner who is going to purchase a Turkish property must exchange either GBP, USD or EUR to Turkish Lira as much as the declared sale value of the property into his/her bank account in Turkey. The bank exchanges the foreign currency to Turkish Lira at the rate set by the Turkish Central Bank. An individual exchange or an exchange abroad will not be accepted.
The document must state the name and surname, passport number, the price in US Dollars (with TL equivalent), and that the exchange is made for the purpose of Article 13 of the Circular..
This exchange can also be done at the seller’s or the buyer’s/the seller’s attorney’s bank account before the sale. The money does not have to be sent to the seller if the exchange is done from the buyer’s bank account before the sale.
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For expert legal assistance and advice on how to purchase a property in Turkey, please reach out to Burcu Yılmaz Sayılgan Law Firm at +90 533 392 6556 or visit our website at https://burcuyilmaz.av.tr/ .
