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Transfer of Title Deeds
Posted: Fri 03 Feb 2023 8:24 pm
by RAZR63
Just heard that the BRS have posted that the price will be going up from 3% to 12%, a huge rise! Can anyone verify this or provide a link?
Re: Transfer of Title Deeds
Posted: Fri 03 Feb 2023 9:55 pm
by a1sysman
RAZR63 wrote: ↑Fri 03 Feb 2023 8:24 pm
... Can anyone verify this or provide a link? ...
The official Gazette.
https://basimevi.gov.ct.tr/Portals/6/20 ... 184920-110
Foot of page 62 of the pdf (actual page 231). Within paragraph 3. KAYIT, sub-sub paragraph (B)(b).
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 7:27 am
by snd1966
Wow and you rarely hear property valued in lira
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 8:49 am
by JoandJelly
As far as I can tell from Google translate, 6% of the 12% is to go to the IPC for compensation.
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 10:09 am
by Keithcaley
As far as I can tell - the 12% does not apply to TC's or Turkish citizens - but does apply to all other foreign buyers.
This will skew the market in favour of TC's/Turkish buyers - apart from Foreigners with unlimited funds who desperately need to buy outside of their home Country (you know who I mean!)
British are no longer the majority house buyers as far as I know...
Does anyone have any different thoughts on this?
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 11:15 am
by Up the Reds.
Well that will do wonders for the property market...even at 6% for the Turkish and Turkish Cypriot buyers it’s substantial. Why would anyone pay 12% when you can buy in Europe for a great deal less.
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 11:21 am
by Keithcaley
Why would anyone pay 12% when you can buy in Europe for a great deal less.
Possibly "Foreigners with unlimited funds who desperately need to buy outside of their home Country (you know who I mean!)" including those who might not be 'welcomed with open arms' in other Countries at the present time...
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 11:38 am
by wanderer
snd1966 wrote: ↑Sat 04 Feb 2023 7:27 am
Wow and you rarely hear property valued in lira
Property tax has always been in Lira just as all other taxes car tax water rates etc
For sales tax take the sale price on the contract xxxxxx euro's or £'s and multiply by the official exhange rate for that period and then multiply by the tax rate
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 12:39 pm
by snd1966
wanderer wrote: ↑Sat 04 Feb 2023 11:38 am
snd1966 wrote: ↑Sat 04 Feb 2023 7:27 am
Wow and you rarely hear property valued in lira
Property tax has always been in Lira just as all other taxes car tax water rates etc
For sales tax take the sale price on the contract xxxxxx euro's or £'s and multiply by the official exhange rate for that period and then multiply by the tax rate
[/quote
I thought unless completed within a short time the property was valued again. I will find out soon enough
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 1:19 pm
by mrsgee
I recall a few years ago a suggestion that a tax be levied on properties to fund the compensation through IPC, as touched on in earlier post. This may make some sense, but a bit unfair on properties with pre 74 turkish title I think. There has always been the suggestion that exchange deeds land or property was cheaper than turkish title, so it would seem fairly reasonable, IF it only applied to exchange that this would contribute to the compensation fund... maybe.
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 3:22 pm
by a1sysman
Not sure if this online translation helps or hinders...
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 4:01 pm
by Keithcaley
a1sysman wrote: ↑Sat 04 Feb 2023 3:22 pm
Not sure if this online translation helps or hinders...
Your attachment seems to have gone a bit squiffy
I think that it probably says what I thought it meant though...
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 6:01 pm
by a1sysman
Keithcaley wrote: ↑Sat 04 Feb 2023 4:01 pm
...
Your attachment seems to have gone a bit squiffy
...
Amended. Now with attached file rather than linked file. Hopefully when one clicks on the new image it will display larger and somewhat clearer.
Re: Transfer of Title Deeds
Posted: Sat 04 Feb 2023 6:45 pm
by Keithcaley
Re: Transfer of Title Deeds
Posted: Mon 06 Feb 2023 4:50 am
by Reyntj
It's currently 6% anyway but there is a discount of 3% for the first transfer . Perhaps there might be a discount as 12% will severely hamper the sales and potentially reduce the revenue received .so could be 9% so it's still a lot with 5 % kdv plus 0.5 % contract fee for new builds plus lawyers over priced fee. I suppose they will argue a functioning IPC will help allay the concerns about trnc title as at the moment they just delay paying out because they are not funded .
Worse case scenario could be c £19000 for a £100 k new build in tl of course...
When does this become law ?? There might be a rush for deeds from foreigners .
As for other countries in Europe transfer tax is 6.5% Portugal 8-10 % Spain and 9 % Italy ...
Re: Transfer of Title Deeds
Posted: Mon 06 Feb 2023 11:02 am
by war horse
Re: Transfer of Title Deeds
Posted: Mon 06 Feb 2023 11:52 am
by Reyntj
I'm a citizen but to be honest it doesn't look good a tax on foreigners to pay for the land and property they stole. That sort of nepotism is not a good look imo.
Re: Transfer of Title Deeds
Posted: Mon 06 Feb 2023 3:06 pm
by davedee
Will the tax be worked out on contract price or will they revalue ?
Re: Transfer of Title Deeds
Posted: Fri 24 Feb 2023 5:52 pm
by Reyntj
It's on the higher of contract or valuation. Also 6 % is paid on contract now !!! And 6% on transfer ..for foreign citizens but not Turkish citizens ...or kktc
Re: Transfer of Title Deeds
Posted: Mon 06 Mar 2023 11:54 pm
by RAZR63
Reyntj wrote: ↑Fri 24 Feb 2023 5:52 pm
It's on the higher of contract or valuation. Also 6 % is paid on contract now !!! And 6% on transfer ..for foreign citizens but not Turkish citizens ...or kktc
If you have already registered your contract do have to pay the full 12% on transfer?
