The circular numbered 2022/1 was published by the Ministry of Environment Urbanization and Climate Change, General Directorate of Title Deed and Cadastre, General Directorate of Foreign Affairs regarding the points to be considered in the acquisition of real estate by foreign natural persons in Turkey on 21.01.2022.
The obligation to exchange foreign currency at the Central Bank has been introduced for transactions in which foreigners are buyers with this circular. Accordingly, foreigners must first sell the foreign currency in question to the Central Bank through a bank, and then submit the “Foreign Currency Purchase Certificate” issued by the bank to the Title Deed Office in real estate purchase transactions. The buyer is responsible for submitting this document to the Title Deed Office.
In the same way, as in real estate sales agreement, “Foreign Currency Purchase Certificate” will be required for real estate presales agreements where the buyer is foreigner.
Particular attention should be paid to the amount recorded in the aforementioned “Foreign Currency Purchase Certificate” because this amount will be declared to the Title Deed Office as the sale value. For this reason, a payment item other than the real estate sales / pre-sales agreement price (commission, expense, etc.) should not be included in the foreign currency sales amount based on the declared value.
The price in exchange for foreign currency changed in the “Foreign Currency Purchase Document” will be reflected in the official deed as the duty base.
Although the foreign currency exchange document is sufficient in sales transactions, it will also be necessary to submit the bank receipt regarding the transfer from the buyer to the seller, regarding the acquisition of citizenship through the acquisition of real estate.