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What are the fiscal consequences of owning a property in Turkey?

April 26, 2017consequences fiscal owning Property Turkey

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What are the fiscal consequences of owning a property in Turkey?

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If you are taxable in the UK or in Ireland you are obliged to declare the value of the residence in Turkey to the British or Irish tax authorities. In Turkey you neither pay property tax for the value of the residence nor tax on the profit when selling the residence. In Turkey you do pay conveyancing tax when buying and selling your residence. This amounts to 3% of the value as mentioned on the certificate of ownership.