Real estate inheritance for foreigners in Turkey Trans-generational investmentPosted by alhudarealestate on March 3rd, 2020 All experiences so far have proven that the one who chooses to invest in Turkey once, twice, and even more invests, as he finds himself in the right place, in a country that in ten years has become a strong global competitor in terms of attracting foreigners to the real estate market. The year extends for two years and even more so the wealth becomes doubled, a real estate wealth that the owner has grown in an effort that requires preserving it by ensuring that it is transferred to his relatives from the children and grandchildren in the event of his death. As the Turkish laws do by guarantee this right to the foreigner who owns the property, and if it is guaranteed what are the rules of inheritance, and who are the persons that the is entitled to benefit from it and how? Does a foreigner have the right to inherit his property? Just like the Turks, foreigners who own Property in Turkey by purchasing a property of all kinds, "lands, apartments, villas and offices ..." have the right to easily pass on their properties to their relatives. Foreigners are also allowed to own any type of property in Turkey by means of inheritance, meaning that property ownership in Turkey is entitled to transfer to the legal heirs after the death of its actual owner, thereby obtaining the property ownership with ease and without complications. Real estate inheritance in Turkey is the transfer of the property from the real owner after his death to his legal heirs, whatever their gender is whether they are, males or females, according to what is stipulated in the Turkish laws, which we will explain in later. The principle of real estate inheritance for foreigners in Turkey Turkey relies in the foundations of real estate inheritance to foreigners on the principle of "location", which means following the Turkish law in this case since the owner resides in Turkey, that means that the property returns in the event of any emergency to the actual owner, such as death, return to his legal heirs. Some Turkish points are excluded from the Turkish inheritance principle:
The terms of the will in Turkish law The author of the will is of legal age The mental integrity of the will of the owner from diseases such as Alzheimer's, dementia and others Writing the will in personal handwriting with signature "Owner signature" The will is signed by two witnesses Determine the date of the will by day, month and year That the precise details of the will be clearly stated so that they are easy to understand Certification of the will by a Notary or Turkish court These are the legal heirs of the foreigner according to Turkish law Like what we mentioned previously, the right to inherit is forfeited automatically, as soon as there is a document that confirms a validated will for the real owner after death, in which his real estate wealth is distributed according to his options, but in the event of his death without leaving any will, the Turkish law distributes the inheritance according to the detailed kinship sequence as follows:
Inheritance fees of property in Turkey and the period of payment The inheritance tax in Turkey is considered an income tax due and included in the category of lowest taxes in the world, where it can be noted, for example, the difference between its cost and that of European countries that many foreigners complain of its rising. The inheritance tax rate is a strong advantage for Turkey, which greatly encourages real estate investment and opens its payment date in May or November of every year in a maximum period of 3 years. Real estate inheritance tax is calculated according to the value of the property, its geographical location, and the inheritance status of the heir, which ranges in general:
These were the most important clarifications regarding the process of inheriting the property for foreigners in Turkey, where the investor who bought a property can make sure that his property in Turkey is legally preserved during his period of living and guaranteed to his relatives in the event of his death. Like it? Share it!More by this author |