Turkish Living Forums - View Single Post - Set up and run a company

Strictly speaking its not legal to set-up a company for the sole purpose of buying property, but who the hell cares, right?

The biggest issue with running a company, this applies to EVERY company wether it is inactive or not is that you have declare your companies wealth at certain times of the year. Much like the April Tax year in the UK, there are 3-4 highlighted points during the year to declare certain aspects of your companies performance, even (and this is very important) if your company isn't trading. Meaning that you have to have someone who knows what they are doing governing your company, this can have major implications if not handled properly and most estate agents are very flipant about it, be careful! Possible consiquences range from fines to jail time, so its not something to be glossed over. This as with most thing regarding property purchase in Turkey are made into a light hearted joke, but the fact of the matter remains that Turkey is a beaurocratic country, the government loves ludicrously long winded paper trails to do anything, something that is wholely evident if you've ever visited a state hospital, especially Mugla! Basically my advise, as i'm sure i'll repeat on another thread somewhere is that you wouldn't buy a property in the UK without knowing every single minute detail, yet you would in a foreign country with an alien legal system, where you don't speak the language........ hmmmm??
Get advise from proffesional people, there are lots of them around, a good solicitor is a good start, they can help you from there.

22nd February 2007, 00:15	#5
Simple Simon New Member	Re: Set up and run a company Strictly speaking its not legal to set-up a company for the sole purpose of buying property, but who the hell cares, right? The biggest issue with running a company, this applies to EVERY company wether it is inactive or not is that you have declare your companies wealth at certain times of the year. Much like the April Tax year in the UK, there are 3-4 highlighted points during the year to declare certain aspects of your companies performance, even (and this is very important) if your company isn't trading. Meaning that you have to have someone who knows what they are doing governing your company, this can have major implications if not handled properly and most estate agents are very flipant about it, be careful! Possible consiquences range from fines to jail time, so its not something to be glossed over. This as with most thing regarding property purchase in Turkey are made into a light hearted joke, but the fact of the matter remains that Turkey is a beaurocratic country, the government loves ludicrously long winded paper trails to do anything, something that is wholely evident if you've ever visited a state hospital, especially Mugla! Basically my advise, as i'm sure i'll repeat on another thread somewhere is that you wouldn't buy a property in the UK without knowing every single minute detail, yet you would in a foreign country with an alien legal system, where you don't speak the language........ hmmmm?? Get advise from proffesional people, there are lots of them around, a good solicitor is a good start, they can help you from there.