Turkey is a fairly straightforward country to invest in for those who know the rules, however some investors still get caught out by unscrupulous developers and red tape.
(PRWEB UK) 19 December 2012
Loxley McKenzie, Managing Director of Colordarcy comments, “Turkey is a fairly straightforward country to invest in for those who know the rules, however some investors still get caught out by unscrupulous developers and red tape.”
To complicate matters Colordarcy highlights that there have been some major changes to laws in 2012 investors should take note of.
1. There are still some countries who cannot freely invest in Turkish Property despite this year’s major change to the reciprocity law.
It used to be the case that investors needed to be from a country that was friendly with Turkey to be able to purchase land or property on its soil. All this changed in 2012 when 183 more countries were added to the list following the scrapping of the reciprocity law that had been hampering investment in Turkey’s growing property market.
Unless an investor happens to be from Syria or Greece, the chances are that they will now be allowed to invest without any restrictions.
However it is worth checking first particularly if their country borders Turkey or they happen to be from China, India or one of a handful of other countries where approval from the Turkish Foreign Affairs Ministry is still required.
2. Foreign nationals are not allowed to purchase property near military bases in Turkey
Not many people would consider investing in a property next to a military base in their own country nevermind Turkey. For understandable reasons, unless an investor happens to be a spy, they should be looking at areas well away from military bases, according to Colordarcy.
It might also be worth checking the small print to see if a property is not in a ‘specially preserved zone.’ This can include areas that are important to Turkish history, energy and agriculture.
The TAPU will provide proof that an investor is not breaking this particular law.
3. Investors can purchase a lot more land following this year’s law changes
Another crucial change in the law this year effectively allows investors the freedom to purchase up to 33 hectares of land without special permission. This is a substantial increase on the 2.5 hectares allowed under the old law.
4. Without a TAPU a purchaser does not officially own a property in Turkey
The TAPU is a document that tells everyone, including government officials and judges, who the rightful owner of a property is in Turkey.
The TAPU is the most important document an investor needs, yet there are still unsuspecting individuals who are forced to wait months or years or, in some cases, they may never receive one.
Without a TAPU, an investor will run the risk of a development or even a property being transferred to a third part with no protection from the law. To prevent this, it is well worth investing in a good native and, more importantly, an impartial lawyer to act as a guide through the process.
5. Turkish property and inheritance
Investors may at some point be thinking of their children’s inheritance. They might have already made a will leaving all their worldly goods to loved ones. However where Turkish property is concerned, investors should make sure it complies with the Turkish Civil Code.
If it doesn’t, this could cause problems. Under Turkish law, if a property was jointly signed between husband or wife, then they may only be eligible to inherit 50% of the property.
The other half would be split between whoever else has a claim. To avoid this, investors should make sure their will is written in the correct form according to the Turkish Civil Code and then witnessed by a public notary.
To make the process of investing in Turkey easier Colordarcy advise investors to choose an agent that has experience in the country. This will ensure the investment progresses smoothly with all the relevant paperwork in order.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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