New Regulation on Real Estate acquisitions by non-Turkish Citizens within the scope of Real Estate Law
What are the Recent Developments in the scope of Real Estate Law?
The Central Bank of the Republic of Turkey (the “CBRT”) made important amendments to Article 13 of the Capital Movements Circular, which sets out the principles applicable to real estate acquisition. With the amendments to the Circular, the CBRT has introduced additional provisions to the FX payment requirement for non-Turkish citizens’ real estate acquisitions.
Do not hesitate to contact Real Estate Lawyer Ceren Topcu İncetaban and her Lawyers, expert Real Estate Law, from Antalya to keep up with the recent developments regarding the real estate acquisitions by non-Turkish Citizens. Feel free to contact us and to get professional help in this process.
What do the additional provisions to the FX payment requirement for non-Turkish citizens’ real estate acquisitions bring?
The upfront payment obligations under promise to sell agreements which non-Turkish citizens are parties to will need to be fulfilled in foreign currency.
The payment obligations under property sale agreements and promise to sell agreements which non-Turkish citizens are parties to cannot be performed through statutory mortgages, except in relation to debts owed to public institutions.
Real persons residing abroad who are non-Turkish citizens can only finance their real estate acquisitions in Turkey by utilizing FX loans. The bank will deposit the loan amount to the seller’s account in Turkish Liras.
Among the financial leasing agreements to be concluded with real persons residing abroad who are non-Turkish citizens, those relating to the acquisition of real estate can only be drawn up in FX and the payments to be made in FX will require an FX purchase document.
Do not hesitate to contact Lawyer for Real Estate Ceren Topcu İncetaban and her Lawyers experienced in Law that contains RE in Antalya to obtain more information about the new provisions. We provide you with legal support during your real estate acquisition and guide you with our professional team expertto avoid losing time and money.
By these amendments, the Circular clarified the uncertainties relating to the FX payment requirement for real estate acquisitions of non-Turkish citizens.
As it is understood from our article, it is very important to take the right steps during the FX payments made for real estate acquisitions as a non-Turkish citizen. Any small error cause losing time, effort, and Money. Contact us for free information and receive professional advice from our Real Estate Law experts.