Elite Sinerji-Blog-How to Pay When Buying a Property in Turkiye

In this article, we will discuss the most common methods of transferring funds for the purchase of real estate in Turkey.


Documents Required for Buying Property in Turkey


When buying property in Turkey in 2023, foreigners still require minimal documentation. A valid passport is sufficient. Then, you will need to obtain a Turkish tax identification number (vergi numarası) and open an account at a Turkish bank. These procedures are straightforward, as Turkey's real estate sector is not burdened with bureaucracy. When purchasing a property from Elite Sinerji Construction, you can be assured that transactions are conducted transparently, efficiently, and with the utmost security. Our team prioritizes the needs and comfort of our clients, providing high-quality service after the transaction.


Cash Payment


Turkish legislation permits the import of funds up to $10,000 without declaration. If the amount exceeds this threshold, it must be declared, and you will need a supporting document indicating the source of the money, such as a currency exchange receipt or a bank statement confirming the withdrawal from your account. It is also possible to withdraw cash from your card at any ATM in Turkey, but keep in mind that ATMs have daily limits, and it may take several days to withdraw the entire amount. Additionally, it's important to consider and research the commission fees of Turkish banks and the most favorable currency conversion options.


Bank Transfer


One of the payment methods for purchasing property is by bank transfer, involving opening an account in the name of the investor at any Turkish bank. Funds can be transferred from this account either from your home country or while residing in Turkey. An important condition to note is the necessity of making an initial deposit in cash or via a card.


Buyers should also consider the following crucial point: the amount designated for the property purchase should be transferred on the day of the property title transfer. It is recommended to check with your bank, where you are a customer, about the possibility of organizing the transfer of a significant sum within the specified timeframe. Typically, a commission fee of no more than 0.5% is charged for such services. To ensure sufficient funds for both the purchase and associated bank expenses, it is advisable to have an additional reserve in your account and clarify the transfer conditions with a bank representative in advance.


Regarding transferring funds from a bank account opened in your home country, the bank may require specific documents. These could include identification documents for tax purposes, proof of your residency in the country, and documentation confirming the purpose of the overseas transfer (such as a property purchase agreement in Turkey) and income source. These requirements may vary depending on your country of residence.


Cryptocurrency Payment


Currently, cryptocurrency payments are the most convenient method for remote transactions. The popularity of cryptocurrency transactions is growing every year, and Turkey is keeping up with the times. The transfer is made from the buyer's cryptocurrency wallet to the seller's wallet, with the commission usually being minimal. If you don't have a cryptocurrency wallet, you can purchase Bitcoin and other tokens on any cryptocurrency exchange.


Installment Payment Plan from the Developer


Our construction company offers interest-free installment plans for properties in our complexes under construction. This option is ideal for buyers who do not have the full purchase amount upfront. The initial down payment typically starts at 30% of the total property cost, with the remaining amount divided into equal installments. Payments can be made on specific calendar dates or based on construction milestones. To qualify for the installment plan, future property owners need to provide their passport. The first payment is made to the developer's account, and personal presence in the country is not mandatory.


Elite Sinerji Construction provides comprehensive guidance to its clients, assisting with account opening and addressing other inquiries, as well as offering legal support at every stage of the property transaction.