Getting a tapu outside a municipality

[steve brentano]

Hi all
4 years ago I bought an old farm house just before the Turkish Government banned foreign ownership, when it changed the laws I was unable to get the TAPU of the property in my own name because it wasnt inside the boundries of a municipality.
I had to either sell the property, put it in a Turkish persons name or set up a company. so I set up a company, but I now have to pay almost €2000 per year for taxes and accountant fees, Does anyone know of a way around this problem?????

 

[Manzanares]

Hi all
4 years ago I bought an old farm house just before the Turkish Government banned foreign ownership, when it changed the laws I was unable to get the TAPU of the property in my own name because it wasnt inside the boundries of a municipality.
I had to either sell the property, put it in a Turkish persons name or set up a company. so I set up a company, but I now have to pay almost €2000 per year for taxes and accountant fees, Does anyone know of a way around this problem?????

Hi Steve
Unfortunately I cant help you specifically as we dont have a Legal presence in Turkey. But I would consider speaking to a reputable local law firm just for advice, one that is competent in Company Law. Given that you have already set up the company, in most Countries, you will be liable for certain amounts of tax as you mentioned, in addition your accountants fees are presumably paying for your Company "books" to be managed and kept up to date etc ? BUT you may be able to offset certain expenses which will in turn reduce the amount of taxes you are paying at the moment - making it potentially less of a burden for you. Have you also made a comparison between accountants and the fees you are being charged ?
Hope you receive further relpies, perhaps from someone with local knowledge.
Regards

 

[steve brentano]

Thanks for the good info Manzanares I will try and get some legal advice when I am back in Turkey in september
keep smiling
Steve

 

[turkish_accountant]

Also now that the property is owned by the company, if you decide to sell it, the capital gains would be subject to taxation in Turkey.

 

[The old grey wolf]

Hello Steve

Presumably the company you have set up to hold the property in its name is not trading and you are paying standard quarterly minimum corporation tax - but this sounds a bit steep to me. Are you renting the property out for summer lets etc? You should be able to mitigate any income tax against costs anyway. It is not a lawyer you need, its a good accountant. If you consult a lawyer they will refer you to an accountant anyway. Next time you are in Turkey talk to other ex-pats who own property on the same basis as you and get some soundings as to what they are paying and which accountants they use.

TOGW