July 21, 2022
Banks in Turkey 2024 | Bank transaction details for foreigners

The banking system in Turkey has developed greatly during the past ten years, making it easier for foreigners to open a bank account in private, public, or Islamic banks after it was previously conducted according to somewhat complicated procedures.

In this article from Taksim Real Estate Consulting, we tell you how to open a bank account in Turkey, and the required documents, highlighting the most important governmental and Islamic banks in Turkey.

Procedures for opening an account in a bank in Turkey

You can create a bank account in Turkey within only one day, after submitting the following documents:

• Passport document.

• Your residence address in Turkey.

• Tax number, extracted from the tax office.

• Mobile phone number "required by some banks".

Is it possible to open a bank account in Turkey without a residence permit?

Yes, foreigners who do not have a residence permit in Turkey can open a bank account in the State Bank of Ziraat, by depositing an amount of 30 thousand Turkish liras.

Does the foreigner get a credit card after opening the account?

Opening a bank account in Turkey does not guarantee that you will get a credit card; this can only be achieved after fulfilling some of the conditions under which the bank evaluates your application, and this evaluation depends on the following factors:

• Not be less than 18 years old.

• Financial income and profession.

• Credit rating.

• Previous financial behaviour of the customer.

How to open a bank account in Turkey remotely?

You can open an account in some Turkish banks remotely, by following the following procedures:

• Have a Turkish ID card and a smartphone; for remote identification.

• You need to download the mobile application of the bank you want to open an account with on your mobile.

• Contact a bank representative to perform remote identification via video call.

• Use a strong internet network, to ensure the quality of the image and sound during identification.

• Ensure that the information you provide on the application form is current and complete.

Advantages of opening an account in Turkish banks?

Opening a bank account in a Turkish bank gives you the following advantages:

• Paying various utility bills, such as water, electricity, gas, and the Internet.

• Payment of monthly rent, and annual returns.

• Transfer and receive money.

• Receipt of international transfers.

• Buying and selling currencies.

• Trade gold and metals.

What are the languages ​​supported in Turkish banks for customer service?

With the increase in the demand for foreign expatriates to open bank accounts in Turkish banks, There was an urgent need to provide customer service in more than one language, which is what all banks in Turkey have done.

Where Turkish banks provide their services in more than one language, most notably: Turkish, Arabic, English, French, Russian, and other languages ​​that vary from one bank to another.

The most important government banks in Turkey


Number of branches

Total Assets (million TL)

Founding date

The Bank




Ziraat Bankası




İş Bankası




Halk Bank




Vakıf Bankası




Garanti BBVA






The most important Islamic banks in Turkey

As a result of the increase in the demand for Islamic banks in Turkey, the number of banks that provide their banking services following Islamic law has increased, in addition to the fact that several public banks have opened private Islamic branches.

The following are the most important Turkish Islamic banks that are preferred:

1 - Kuveyt Türk Katılım Bankası

2 - Ziraat Katılım Bankası

3 - Albaraka Türk Katılım Bankası

4 - Vakıf Katılım Bankası

5 - Türkiye Finans Katılım Bankası


Opinions vary about the best Islamic bank in the Republic of Turkey, as banks compete to provide a package of services and facilities that distinguish it from others.

In general, all the services provided take place following the banking system in Turkey, which is characterized by a strong infrastructure, which makes the process of opening a bank account in Turkey, an ideal option for all real estate investment and ownership operations.

If you would like to know more about the most important banks in Turkey and the services they provide; do not hesitate to contact us at Taksim Real Estate Consultancy, and our legal team will be happy to provide adequate answers to your inquiries... Contact now!


Editing: Taksim Real Estate Consulting©

Source: Sabah Mevzuat +

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February 05, 2022
What is the property transfer tax in Turkey?

When considering buying property in Istanbul or other cities, it is necessary to know everything related to real estate taxes in Turkey, such as the one-off property transfer tax, in addition to annual taxes such as the profit tax, and monthly taxes such as the income tax.

Real estate taxes in Turkey are levied at the same value on both the Turkish citizen and the foreign investor, and there are no additional taxes for foreigners when investing in real estate in Turkey, whether on transfer of ownership, sale or inheritance.

In this article from Taksim Real Estate Consulting, we showcase the property transfer tax in Turkey, its rate, how it is calculated, in addition to the documents required to complete the property transfer procedures; Follow with us.

What is the property transfer tax in Turkey?

This is a tax imposed at the time of registration of the property at the Land Registry Department, known as the Title Deed in Turkey, estimated at 4% of the value of the property, paid by both the buyer and the seller..

However, it is traditionally the case that only the buyer pays the property tax, unless otherwise agreed between the two parties.

It should be noted that this tax is linked to the transfer of ownership of the property; therefore, legal heirs pay it when registering the title deed in their name instead of the deceased owner, as part of the inheritance procedures in Turkey.

Additional costs when transferring ownership of the title deed

From 2021 onwards, an additional service charge of 23.50 Turkish liras has been levied for the revolving fund, in addition to the 171.25 Turkish liras, to be paid equally between the seller and the buyer, unless otherwise agreed.

How are property transfer taxes calculated?

Property transfer tax charge = the purchase amount of the title deed x the specified tax rate + 194.75 liras additional service charge. Example:

If the price of the property is registered in the title deed at a value of 100 thousand Turkish liras, the transfer tax is equal to:

 (100,000 x 0.4) + 194.75 = 4194.75 Turkish Liras, to be paid in equal parts by the seller and the buyer, unless there is an agreement that stipulates otherwise.

Documents required for the transfer of ownership of real estate in Turkey

The procedures for transferring ownership of real estate in Turkey require the submission of a set of documents, both for the seller and the buyer, which are as follows:

Documents required from the seller of the property:

1. Original or copy of title deed

2. A personal photo

3. Original and copy of identity card or passport

 4. Earthquake insurance document (DASK)

5. Property valuation document

            Documents required from the buyer:

         1.Two (2) personal photos

             2.Original and copy of passport translated and certified by a notary.


If a real estate agent is acting on behalf of the seller or buyer, he/she is required to present an official power of attorney certified by a notary.

This presentation has been a comprehensive overview of everything related to the property transfer tax in Turkey, and the required documents; in the aim that the procedures to own a real estate unit are completed.

If you would like to know more about the types of taxes in Turkey in general, and the property transfer tax in particular, please do not hesitate to contact us at Taksim Real Estate Consultancy, and our legal team will be happy to provide adequate answers to your queries... Contact us now!


Editor: Taksim Real Estate Consulting©

Source: Tapu Department

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November 27, 2021
How do I get VAT exemption when buying a property in Turkey?

VAT or KDV as symbolized in Turkey by its full name (Katma Değer Vergisi) is a tax levied in varying proportions on all products in Turkey, the VAT rate varies according to the product, ranging between 3 segments, 1%, 8% or 18%.
VAT is levied on properties in According to several factors, including the price per square meter of the property specified in the title deed, and the right of tax is established when selling the property, i.e.the seller is obliged to determine the price of the property plus VAT, knowing that properties with a net area of more than 150 square meters apply the tax at a maximum of 18%.
To attract foreign investment, the Turkish government has abolished the value tax on real estate sales to foreigners and Turkish citizens living abroad for more than 6 months, under certain conditions that must be achieved to benefit from the exemption.

Conditions for exempting a property from VAT in accordance with Turkish law:

The law requires several conditions that must be met for the property to be exempted from VAT, as these conditions are divided into conditions that must be met in the property sold, conditions relating to the person of the buyer, and general conditions.

♦ Conditions to be met with the property:

1 - The property must be a residence or workplace (commercial), and therefore the exemption does not include farmlands or lands not intended for construction.

2 - Real estate benefits only in the first sale after construction, i.e., real estate purchased directly from construction companies. The property is therefore not exempt from VAT in the following sales.

3 - The property must be ready for delivery, with a building permit or a Floor Easement Deed.

♦ Conditions to be met by the buyer's person:

1 - If the buyer of the property is a Turkish citizen, a residence permit and work outside Turkey must be established for at least 6 months.

2 - If the buyer of the property is a foreign person (a natural person), he or she must not be residing in Turkey where he is required to produce a "non-resident document" issued by the governor.

3 - If the buyer of the property is a foreign person (legal person), he or she must not have a permanent representative in Turkey.

♦ General conditions:

1 - Bank transfer receipt (Dekont) proves that the price of the property has been transferred to Turkish banks, and that payment is made in foreign currency.

2 - Pledge not to sell the property for a year starting from the date of the transfer of ownership in Tabu.

3 - The property must have been purchased after April 1, 2017, and if the purchase is made before that date, the exemption may be used if a title deed is issued for the tabu after that date.


Note: There is a common misinformation that a foreigner benefits from exemption only for the first property he has purchased, which is not true. The exemption can be used for more than one property if the above-mentioned conditions are met.

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October 04, 2021
What does 1+1, 2+1, 3+1 and 4+1 mean in Turkish Real estate ?

It’s always been asked, especially by foreigners who want to buy apartments in Turkey, about common symbols used to denote the number of rooms in the apartment. These numbers are well known in the Turkish real estate market and among Turkish citizens, but they may be somewhat strange for foreigners, as we mentioned.

For example, for three-room houses, the expression 2 + 1 is used, so what does it mean? This means that this house has two bedrooms and a living room "salon". Of course, these numbers do not include spaces such as the bathroom, balcony, and garden, if any.

These numbers are one of the basic features of the apartment, and one of the first things to ask about when buying or renting alike.

Considering the foregoing, the most common room distribution in Turkey is as follows:

   ♦ 1 + 1 apartments: they consist of a bedroom + living room "salon", and mostly in this model the kitchen is American style (open to the living room).

   ♦ 2+1 apartments: it consists of two bedrooms (parents' room and children's room) + salon. The kitchen can be open to the salon or separate according to the metric area of ​​the apartment.

   ♦ 3 + 1 apartments: they consist of 3 bedrooms (one for the parents, and two for the children) + a salon, and most likely they have a separate kitchen and a balcony.

   ♦ 4+1 apartments: it consists of 4 rooms (all of them may be used for sleeping or one of the rooms may be used to receive guests independent of the living room) + salon, and this type most definitely has a          kitchen that is separate from the living room.

   ♦ 5+1 apartments: consisting of 5 rooms (often one of them is a guest room, in addition to a bedroom for guests, and this is according to the apartment residents and their preference on how to distribute the rooms) + a salon, this type of apartment is often on the ground floors where a garden or a private terrace is attached to it. .

These types that we mentioned are the most common in Turkish residential apartments, and certainly there may be apartments with more rooms than what we mentioned, but they are often duplexes, and also, we do not forget to mention the one-room apartments "studio", which is symbolized by 0 + 1.


Check These useful Links: 

Apartments For sale in Istanbul 

Villas For Sale in Istanbul 

Commerical Property for sale in Istanbul 

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August 31, 2021
How to invest in Real Estate in Turkey ?

Real estate investment is the practice of owning immovable assets “real estate” for the purpose of selling or exploiting them. Real estate investment is one of the most important types of investment around the world, because it provides long-term stability for investors, unlike other types of investments such as trade offers, stock trading and other types of investment that Involve risk. This stability or “security” is mainly due to the fixed and permanent nature of real estate, and this is what prompts many major companies and global investors to invest part of their capital in the real estate sector, even if real estate is not the main form of investment that they practice.

This demand for real estate investment prompted many countries to compete to provide facilities and incentives to investors wishing to invest in real estate to attract them to it, such as tax exemptions and amending laws and government procedures and the renewal of infrastructure and the provision of building materials at reasonable prices.

 Turkey was among the pioneers in the real estate investment sector, as the Turkish government worked to provide the necessary facilities for local and foreign real estate investors alike and worked to attract capital from all over the world to invest in real estate in Turkey.

There are many ways and forms of real estate investment in Turkey in terms of the time set for this investment, and in terms of the amount of investment return, and this varies according to the investors’ view of the market, their plans, and their goals for this investment.

Before talking about the types of real estate investment in Turkey, it is necessary to highlight some of the main points that must be considered before deciding to invest money in the real estate sector.

Important points to ensure a successful real estate investment In Turkey

♦ Investment evaluation and market monitoring: This is one of the main steps that precede the real estate purchase process, where the investor must calculate the feasibility and investment return from the purchase, determine the best areas and type of investment required, is it short or long-term, in short, determine the expected future return from this investment.

♦ Searching for the best price in the market, and the most appropriate time to buy.

♦ Determining the costs of the purchase process and the expenses that it entails, as well as the annual fees, expenses, and taxes for the property.

♦ Consultation with a real estate expert: This is one of the very important points before any investment, which is to seek advice from experienced people, and this is what we at Taksim Real Estate Consultancy offer to you based on our experience - more than 10 years - with the movement of the real estate market in Turkey and the best real estate suitable for investment.

Real estate investment styles in Turkey

By this expression, we mean the expected period to achieve a return on investment, and accordingly we can define it in three styles:

1- Long-term investment: in which the investor does not aim to achieve immediate profit, but rather looks to achieve a double profit after a relatively long period of time, while maintaining the value of the capital, and therefore this type of investment involves a desire for current savings and future profit.

2- Short-term investment: It is the opposite of the previous style, the investor is intended to achieve immediate profit through resale operations, without freezing the capital for long periods, and this type of investment requires experience in the real estate market and continuous monitoring of market movement.

3- Periodic profit investment: This style includes features from the two previous types, as it involves the investor’s desire to save, such as long-term investment, but at the same time, making a profit in the short term, but this profit is in the form of a periodic return from the exploitation of the property, and this return is low. If we compare it to the quick profit that the investor achieves in the short-term investment.

Types of real estate investment in Turkey

Considering the foregoing real estate investment styles, we can summarize the types of real estate investment in the Turkish market in the following forms:

1- Buying and reselling: It is the most common type of real estate investment, as it simply depends on the market movement and the increase in demand, which raises the price of real estate and thus achieve profit, and its forms include:

• Buying agricultural land, waiting for it to enter the regulatory area, allowing building on it, and then reselling it. This type of land is widely spread in Turkey, especially outside Istanbul and in the eastern states.

• Buying real estate that is still under construction where prices are low and installments are comfortable and sell it on delivery.

• Purchasing lands intended for construction and building on them, and this type requires a relatively large capital in addition to experience, and this may force the investor to form partnerships to execute the project.

• Buying ready-made properties (whether residential or commercial and reselling them).

• Buying, renovating, and reselling old real estate.

2- Purchasing real estate for the purpose of renting: This type achieves for the investor a periodic return (monthly or annually) while retaining the value of his capital as real estate, and this type also can be in several forms, including:

• Buying and renting shops: It achieves a higher investment return than residential real estate.

• Buying and renting residential real estate: This type can achieve a return either by renting the apartment on an annual basis, or the apartment can be furnished and rented on a daily or weekly basis as a furnished apartment with a higher return.

• Buying and renting ready-made hotel apartments, which are popular in Turkey due to the demand of tourists.

3- Acquisition of Turkish citizenship: The Turkish Nationality Law and its amendments stipulate that anyone who owns a property worth $250,000 or more can apply for Turkish citizenship with his wife and children under the age of 18. We have included this item among the types of real estate investment in Turkey because it is already considered a long-term investment. If the family of an investor consists of 5 people on average, the value of obtaining Turkish citizenship for an individual is only $50,000, frozen for 3 years, as the ownership of the property remains for the investor. He can dispose of it after 3 years. While many countries grant their citizenship at an amount higher than this amount and without the right to recover it by the investor later.


In this article, we discussed the most important real estate investment methods in Turkey in general, and we will talk in detail about the expected return on investment for each type of investment in a another article. 

Read also : What is the value of return on Investment (ROI) of real estate in Turkey

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August 28, 2020
10 points you have to read well before singing a property sales contract in Turkey

The sales contract is an agreement to buy a specific property for an agreed amount of money in return for ownership of the property, usually sales contract has 2 parties the buyer and the seller (which is usually the construction company )
Singing the sales contract of the property you want to buy in Turkey is the starting point of owning it , it’s not the final step like the title deed but the contract is very important to avoid any possible future risks
We in Taksim real estate advice all customers to have a draft copy of the contract before signing it, in order to read it well , translate it to their language in case the contract is in Turkish language .

And here are 10 points you should read well before signing your contract :

1 - Title deed cost: 

Title deed is the real proof of owning a property in Turkey, construction companies in Turkey usually transfer the ownership of property after finishing all payments by customer.
Title deed cost in turkey is usually 4 %.
Usually the cost is divided equally between two parties 2 % from buyer, 2 % from seller.
But sometimes construction companies put the whole cost to be paid by customer. So, the customer should be careful about this point and ask about it in case it was not mentioned clearly

2 - Number and area of property: 

In Turkey, they usually number all the apartments, shops of a compound even if its still under construction. So, the number of property should be written in the contract
Also, the square meters of the property (apartment, shop …etc) should be written in the contract for both gross and net area.
Even the floor plan of property should be attached with the contract and signed by both parties.

3 - Floor and block:

In case you are buying an apartment, floor of apartment and block number should be written clearly in the sales contract , Even if you are buying a shop, the block number where the shop is located should be written as well

4 - Direction: 

Direction of the apartment is important to be written in sales contract to avoid any mistakes or scam connected to the numbering of apartments specially if you are buying an under construction property.

5 - Date of delivery: 

In case the property is under construction, so the Date of delivery should be written in a clear way in the contract , If the property is ready to be delivered, so no need to be mentioned.

6 - Payment methods and installments : 

The price agreed between two parties should be written in the contract along with the date and amount of all payments (deposit, down payment, installments) as agreed.

7 - Terms of cancellations:

All contracts should have a subject about what will happen in case the customer (buyer) wants to cancel the deal.
Usually in Turkey, in case the customer wants to cancel the deal after signing the contract and paying an amount of the money or total amount, they subtract 3 % from the total amount and refund the rest to him.
But this is changeable from company to another, so you should read the point well.

8 - Penalties for both parties: 

♦ Penalty for the delay of buyer: In Turkey, they usually add an interest on buyers when they delay their payments. So, this point should be added clearly in the contract and buyer should be aware of this point and the interest rate which the company may apply it when payments are delayed.

♦ Penalty for the delay of developer (construction company): The sales contract must contain a penalty clause on the construction company if it delays in delivering the property on the specified deadline agreed in the contract.
The penalty which should be paid by developers usually is the market value of monthly rent for property for each month’s delay.

Note:  the law in Turkey give all construction companies a right to delay for only 6 months after the date agreed in the contract. So, any penalty on developers should be calculated after these 6 months.

9 - Bank account of the owner:

The bank account of the construction company must be clearly mentioned in the contract and be signed by both parties.

10 - Specification of the property: 

All the specifications of the property and how it will be delivered should be written clearly in the contract as kitchen specification, floor of apartment, windows brands …etc.
In Turkey, if you are buying an under construction apartment for example, they usually show you the sample apartment and all the Specification you see (except for furniture which is only for show) in sample apartment should be the same when you receive your apartment

We as Taksim real estate consultancy read the contract well on behalf of our customer (in case our customers  want that) to make sure that everything is alright and all points are mentioned and true.

Note: these points for those who are buying from developers (construction companies), in case you are buying a second hand apartment directly from its owner for example. the procedures are different

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July 15, 2020
Do I need to have a residence permit to buy a property in Turkey ?

No, you do not

The only requirement document you need to make the deal with construction company is your passport.
After buying the property in Turkey you will get automatic residence permit for a year instead of 3 months which was issued in your visa, even renewing it in the future will be easier since you are a property owner.
Buying a property in turkey may allow you to get the Turkish citizenship as well if you fulfil the requirements.


Read Also : 

• 10 points you have to read well before singing a property sales contract in Turkey

• Can foreigners buy a property in Turkey ?

• How to buy a property in Turkey in 10 steps ? 

• Turkish citizenship by buying a property .. conditions and documents required 

• Property taxes in Turkey

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July 14, 2020
Can I get a residence permit in Turkey If I buy a property ?

Applying for residence permit in turkey does not need to buy a property in Turkey, in other words, all people can apply for residence permit even if they live in a rented apartment
So, all people can apply and get residence permit in Turkey whether they own a property or not
But it is easier for owners of properties to get residence permit and easier when they renew it in the future.

Read Also : 

• 10 points you have to read well before singing a property sales contract in Turkey

• Can foreigners buy a property in Turkey ?

• How to buy a property in Turkey in 10 steps ? 

• Turkish citizenship by buying a property .. conditions and documents required 

• Property taxes in Turkey

Read more

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