Transfer of Title Deeds

[RAZR63]

Just heard that the BRS have posted that the price will be going up from 3% to 12%, a huge rise! Can anyone verify this or provide a link?

[a1sysman]

... Can anyone verify this or provide a link? ...

The official Gazette.
https://basimevi.gov.ct.tr/Portals/6/20 ... 184920-110
Foot of page 62 of the pdf (actual page 231). Within paragraph 3. KAYIT, sub-sub paragraph (B)(b).

[snd1966]

Wow and you rarely hear property valued in lira

[JoandJelly]

... Can anyone verify this or provide a link? ...

The official Gazette.
https://basimevi.gov.ct.tr/Portals/6/20 ... 184920-110
Foot of page 62 of the pdf (actual page 231). Within paragraph 3. KAYIT, sub-sub paragraph (B)(b).

As far as I can tell from Google translate, 6% of the 12% is to go to the IPC for compensation.

[Keithcaley]

As far as I can tell - the 12% does not apply to TC's or Turkish citizens - but does apply to all other foreign buyers.

This will skew the market in favour of TC's/Turkish buyers - apart from Foreigners with unlimited funds who desperately need to buy outside of their home Country (you know who I mean!)

British are no longer the majority house buyers as far as I know...

Does anyone have any different thoughts on this?

[Up the Reds.]

Well that will do wonders for the property market...even at 6% for the Turkish and Turkish Cypriot buyers it’s substantial. Why would anyone pay 12% when you can buy in Europe for a great deal less.

[Keithcaley]

Why would anyone pay 12% when you can buy in Europe for a great deal less.

Possibly "Foreigners with unlimited funds who desperately need to buy outside of their home Country (you know who I mean!)" including those who might not be 'welcomed with open arms' in other Countries at the present time...

[wanderer]

Wow and you rarely hear property valued in lira

Property tax has always been in Lira just as all other taxes car tax water rates etc
For sales tax take the sale price on the contract xxxxxx euro's or £'s and multiply by the official exhange rate for that period and then multiply by the tax rate

[snd1966]

Wow and you rarely hear property valued in lira

Property tax has always been in Lira just as all other taxes car tax water rates etc
For sales tax take the sale price on the contract xxxxxx euro's or £'s and multiply by the official exhange rate for that period and then multiply by the tax rate
[/quote
I thought unless completed within a short time the property was valued again. I will find out soon enough

[mrsgee]

I recall a few years ago a suggestion that a tax be levied on properties to fund the compensation through IPC, as touched on in earlier post. This may make some sense, but a bit unfair on properties with pre 74 turkish title I think. There has always been the suggestion that exchange deeds land or property was cheaper than turkish title, so it would seem fairly reasonable, IF it only applied to exchange that this would contribute to the compensation fund... maybe.

[a1sysman]

Not sure if this online translation helps or hinders...

[Keithcaley]

Not sure if this online translation helps or hinders...

Your attachment seems to have gone a bit squiffy

I think that it probably says what I thought it meant though...

[a1sysman]

...

Your attachment seems to have gone a bit squiffy
...

Amended. Now with attached file rather than linked file. Hopefully when one clicks on the new image it will display larger and somewhat clearer.

[Keithcaley]

[Reyntj]

It's currently 6% anyway but there is a discount of 3% for the first transfer . Perhaps there might be a discount as 12% will severely hamper the sales and potentially reduce the revenue received .so could be 9% so it's still a lot with 5 % kdv plus 0.5 % contract fee for new builds plus lawyers over priced fee. I suppose they will argue a functioning IPC will help allay the concerns about trnc title as at the moment they just delay paying out because they are not funded .

Worse case scenario could be c £19000 for a £100 k new build in tl of course...

When does this become law ?? There might be a rush for deeds from foreigners .

As for other countries in Europe transfer tax is 6.5% Portugal 8-10 % Spain and 9 % Italy ...

[war horse]

Not great news for us on our sale/purchase, yet another holdup why should l not be surprised? Don't think it will be good for the sales market

[Reyntj]

I'm a citizen but to be honest it doesn't look good a tax on foreigners to pay for the land and property they stole. That sort of nepotism is not a good look imo.

[davedee]

Will the tax be worked out on contract price or will they revalue ?

[Reyntj]

It's on the higher of contract or valuation. Also 6 % is paid on contract now !!! And 6% on transfer ..for foreign citizens but not Turkish citizens ...or kktc

[RAZR63]

It's on the higher of contract or valuation. Also 6 % is paid on contract now !!! And 6% on transfer ..for foreign citizens but not Turkish citizens ...or kktc

If you have already registered your contract do have to pay the full 12% on transfer?