spiky

I purchased a property in Bodrum at a time when foreigners were not allowed to own property in Turkey, without placing the title deeds TAPU in the name of a Turkish national. This was done on the pretence that when the property laws changed the TAPU could be changed into my own name. The property laws did change, however I have now discovered that the property is within the boundaries military zone. Therefore I would never get my name on the title deeds. This wasn’t a big issue as I have been living in the property for the last 3 years and impeccably trusted the person who had their name on the TAPU.

However with hearing some horror stories circulating about residents loosing property because title deeds were not in their name, I have panicked and seeked legal advise through a Turkish Solicitor.

The solicitor informed me that if the person died who has their name on the title deed the property would revert to that person’s family. Therefore my trust put in that person would be tested, as arrangements would need to be made through the family for them not to keep the property for themselves.

I was advised by a solicitor that the only way forward and to get out of this difficult situation was to set up a Turkish company and get the TAPU transferred into the company’s name, which I have now done.

My question is this - has anybody else got them selves into a difficult situation like this?

I have also noted through my legal advisor - if the title deeds are not in your name, you can not sell the property and would be liable for twenty five percent capital gains tax if you have not held the TAPU for 4 years - not the property.

Guz1

And what would happen if your company were to run into debt? Would they be shareholders in the debt too?

AzraCansel

So would that not mean that if I followed your suggestion, had my property transferred to your company and received my legal document drafted stating that I am a share holder of your company to the value of my property holding, and then I died, my family could still be in the same predicament in a sense? After all I do not "own" the property only a share of a company and for all I know I could be responsible for any debts or taxes outstanding from said company that could in turn be passed on to my relatives in the event of my death.



Is this even legal? To me it sounds as if you want to purposely mislead the Turkish tax authorities, at the same time put the home owner at risk by misleading the Turkish tax authorities, AND charge the home owner a small charge for the safe keeping of the title deeds in your company’s name, collect a small commission from transfer of the title deeds if I sell the property, and I also pay all the all the legal costs power of attorney etc.

How would this benefit me??????

You may be trying to "help" but I for one would not want this kind of help thankyou.