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Old 6th October 2011, 15:58   #41 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

Hi Mugsa Away

Can't help you on your first 2 questions but my understanding was that the value specified on the tapu was less than you actually paid in order to minimise the tax paid to the Belediye.
I can't see for one minute why they would want to see a different value than what you have
paid.
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Old 6th October 2011, 17:09   #42 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

Quote:
Originally Posted by Tommie View Post
the value specified on the tapu was less than you actually paid in order to minimise the tax paid to the Belediye.
Can only speak for the Fethiye area - the value on the Tapu is provided by the Belediye, worked out by using the m2 of your property together with set values for different mah. within the area. The price you pay, or contract value, doesn't come in to it. Other areas may differ.

To the best of my knowledge, the rules regarding CGT were changed in April 2007 (Law 5615) which states that CGT is payable if you dispose of a property within 5yrs of purchase - the purchase date is the date you received the Tapu. If its a new build, I seem to remember that you can sell that within 1yr free of CGT but once the year is up you have to wait 5yrs like everyone else.

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Old 6th October 2011, 20:19   #43 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

Problems can arise if the value on the Tapu is considerably lower than what you paid, as the difference between the price on the Tapu and the amount you sell the property for, is considered as profit. This profit is what you will pay tax on.
Having as lower price on the Tapu will save on council tax, but should you decide to sell before the exemption period, you may be landed with a hefty tax bill.

You the seller or/and your agent decide the value of the property for sale.

Mary.

Last edited by culturevulture; 6th October 2011 at 20:22.. Reason: additional info
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Old 8th October 2011, 16:49   #44 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

Many thanks for your valued input. I have been processing the search through various channels and your assessment ties in very closely with the explanation given my lawyer via my Turkish agent. She says that the value of the property stated on the Tapu is calculated by the Beleydiye based upon square metres and area. years ago it was valued at TL40000. My agent has been to the Beleydiye and asked for the current valuation which they have advised to be TL60500. Since the first TL 6000 of profit is exempt from tax I would be liable to pay 18% of TL 14500= TL 2610. They clearly state that these are the values that the CGT is based upon and that it has nothing to do with the buying or the selling price.
I have been badly bitten more than once and I really want to have all the facts so that I know what I am committed to before I close the deal, but still it is all basically hearsay. Surely one of our menbers has actually sold a property at a profit, within 5 years and knows what CGT they had to pay.
Apologies for labouring the point. Best regards M A
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Old 8th October 2011, 17:22   #45 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

That's quite interesting as we have some duplex and simplex apartments in our block and they all have the same value on their tapu.

The rules must differ from area to area, which is not really surprising.
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Old 17th October 2011, 19:05   #46 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

I bought my property off plan and realised about 6 months later the value on my tapu was about £15,000 less, I contacted my solicitor who said this was normal in Turkey and as long as the difference isn't huge it's generally accepted. I questioned why I was not told this at the time and who set the tapu price, he said the builder, I said you were paid to work for me not the builder, get it changed and either you pay the additional costs or the builder does but either way I am not paying. The builder was benefiting from the lower declared amount in taxes. Also the purchase tax had increased by that time (1.5%) and I stated I would pay the purchase tax but only at the original amount (.5%), they could pay the rest. It was changed without any expense to myself. The Tapu itself does not get changed but you get a bit of paper from the tax office that confirms you have paid the extra purchase tax due based on the new value. If you go to sell within the 5 years, it's you who suffers by higher CGT unless you under declare also, yes you will pay a higher amount on yearly property tax but this is so small in comparison to CGT if you sell within the first 5 years. I personally think it is better to declare the actual amount.
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Old 17th October 2011, 19:34   #47 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

While it may not be aceptable to foreigners, especially as we may have different views to Turkish, if everyone has lower values on their tapus, then they don't really lose out on the CGT issue, as the difference in sales value may be considerably less than if the correct values were specified on their tapus.

If incorrect values were specified on tapus originally, then no-one wants to update them as they will be liable to pay extra tax when they sell their property.

It's a catch 22 situation.
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Old 22nd May 2013, 10:34   #48 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

A recent issue was raised about the committee of residents should be Turkish or have Turkish residency to be legal is that true? Help would be appreciated
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Old 14th June 2014, 09:50   #49 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

Thank you. This is also somewhat helpful with kooperatif issues we are having (the builders ran away with the money, some other people took over, but we lost a lot of money in the process and it has taken over 10 years for the place to be completed. Apparently they couldn't reimburse everyone). We're planning on going to Turkey soon and see what is happening with it.
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Old 27th September 2014, 16:04   #50 (permalink)
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Re: Recommendations On Legal Issues That The Foreigners Come Across Frequently

Can a charge be registered against Turkish Property in multiple ownership ? As an example, if someone owns 25% of a property worth, say, TL100.000 can a charge for say TL20.000 be registered against that persons share without the consent of the other 75% owners?
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