Payment options for real estate in Turkey

Before completing a purchase and sale transaction real estate in Turkey< /a> foreign investors choose the optimal payment option for the property. There are several reliable ways to pay for the purchase of Turkish property:

In addition, on import cashto the Republic of Turkey there is a limit – no more than 10 thousand US dollars per person. If you have a large amount of money on hand, you will have to fill out a customs declaration at the airport and provide documents confirming the legal origin of the funds.

Discuss payment options with the real estate agency or developer in advance. And if cash is the most acceptable way for you, arrange a meeting at the airport and open a bank account or safe deposit box.

Cashless payment

How to pay for the purchase of real estate in Turkeyby cashless payment?

The following are available to investors for non-cash payments:

• Transferring money to the seller’s bank account

You can transfer money for the purchased real estate through a bank in Turkey or remotely from almost any country peace.

The buyer first makes a down payment in cash or by card, thereby confirming the seriousness of his intentions. The rest of the amount for the object is transferred on the day of re-issuance of the certificate of ownership (TAPU). Please check with your country's bank branch in advance to find out how to transfer money to Turkey within the agreed period. For bank transfers, there is usually a fee of about 0.5% of the amount. Therefore, check the availability of funds in the current account taking into account this percentage.

Some banking institutions request from the client documents confirming the source of income, taxpayer information and purchase and sale agreement. The conditions for transferring money to the seller's bank account for real estate in Turkey depend on your country and bank.

• Opening and transferring funds to your own account in a Turkish bank

Payment for real estate in Turkeycan be made by opening an account in one of the Turkish banks in your name. This is a very simple operation that, with the help of intermediaries, will not take much of your time and effort. For Russian-speaking citizens, it is enough to have a tax number issued by the Turkish Tax Administration and a foreign passport. Some banks require a notarized translation into Turkish of a passport with registration.

You will need an open bank account in Turkey after transferring money and purchasing a home. It is convenient to carry out any financial transactions on the territory of the Republic, pay for purchases, utility expenses through online banking, setting up automatic debiting of funds.

• Bank transfer from a legal entity

The purchase of real estate in Turkey is permitted to legal entities. You can transfer funds from a personal or company current account. For a financial transaction, a link to the concluded agreement will be required. According to Turkish laws, the size of a bank transfer and cash withdrawal is not limited.

• Payment by plastic card

Contactless payment – another safe way to send money to Turkey. When crossing the border, you take with you an amount of money that is not subject to declaration, and the rest is stored on your card.

If your card is linked to a foreign currency account in a foreign bank, you can use it at any Turkish ATM. Please note that there is a limit on the amount of cash you can withdraw without commission per day. Therefore, it is better to have a few days left to carry out the procedure. The percentage depends on the client’s status and card type. Check detailed information with your bank before purchasing.

Payment with cryptocurrency

Real estate for cryptocurrency in Turkey – a payment method that is gaining popularity in the housing market. In particular, electronic money, as a real alternative to traditional currencies, has become in demand in the profitable sector investment projects.

Paying for real estate through a crypto wallet guarantees clients faster transactions, certain financial benefits, confidentiality and security. Thus, the commission for transferring funds from one wallet to another is lower than when paying through a bank. Blockchain and smart contact technology guarantees maximum security of the electronic payment system and confidentiality of both parties to the transaction.

Today you can purchase any type of property in Turkey with crypto:

• low-cost housing under construction in an investment project;
• apartments on the secondary market;
• villas or houses by the sea;
• commercial real estate;
• ground.

The procedure for purchasing real estate in Turkey for bitcoins or another popular type of cryptocurrency is practically no different from a traditional purchase and sale transaction. The only difference is in the method of transferring funds for the object:

1. So, if the seller is not ready to accept virtual money as payment, the buyer needs to sell his electronic coins on a crypto exchange and transfer fiat money to his account.
2. If the seller agrees to pay with crypto, the amount is calculated at the current rate and the seller transfers tokens from his electronic wallet to the wallet of the other party to the transaction. < /span>

Regardless of the settlement scheme between both parties to the transaction, TAPU is re-registered at the Cadastral Office only after full payment of the real estate.

The features of paying for real estate with cryptocurrency are described in detail in our article "Real estate in Turkey for cryptocurrency".

Payment nuances

Recently, the number of tenants and buyers of Turkish property from the former CIS countries has increased significantly. Foreigners come to the resort country to “wait it out” difficult times. In this regard, for many investors the question arosehow to transfer money to Turkey from Russia.

The pattern of purchasing Turkish real estate for Russians today largely depends on who you are purchasing the property from – from a construction company or private individual.

When purchasing apartments in a new building, an agreement is concluded with the company and an invoice is issued. The investor transfers money from his ruble or foreign currency account opened in one of the non-sanctioned banks in the Russian Federation. If the banking institution is under sanctions, payment cannot be made.

Payments in euros, according to experts, do not go through in most banks. In this case, the construction company in Turkey prepares an additional contract allowing payment in dollars, and sometimes – in rubles. After the transfer, the amount is converted at the current rate of the relevant Turkish bank.

When purchasing on the secondary market, bank transfer to a private person is not possible. The easiest way to resolve the payment issue is to cooperate with licensed real estate agencies.

Recommendations from Point Property

When purchasing an apartment or house in Turkey, choose the most convenient and safe payment method for you.

The Point Property real estate agency guarantees you comprehensive assistance in purchasing affordable Turkish housing. Including in matters relating to payment for the object.

The catalog on our website presents current real estate options that you can purchase in any available way. Our managers will help you choose the best apartments and payment method, and tell you how to transfer funds to Turkey safely and with the lowest commission.