The Property Investment Market In Istanbul, Turkey
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Turkey Facts & Figures
Turkey Facts & Figures
| Information Type | Turkey Data |
|---|---|
| Population | 84,339,067 (2020 est.) |
| Gross Domestic Product (GDP) | US$650 brillion (2020 est.) |
| GDP Per Capita | US$14,900 (2020 est.) |
| Inflation Rate | 15.18% (2020est.) |
| Currency | Turkish Lira (TRY) |
| Exchange Rate Versus U.S. Dollar | 6.86 liras per U.S. Dollar (2020 est.) |
| Language | Turkish (official), Kurdish, other minority languages |
| Capital | Ankara |
| Population of Capital City | 5.2 million (metropolitan area) |
| Time Zone | UTC + 2 (seven hours ahead of Washington DC, during Standard Time) |
| Seasons | Temperate. Hot, dry summers with mild, wet winters. Harsher in interior. |
| International Dialing Code | 90 |
| Electricity | 230 V. 50 Hz, Plug C, F |
| System of Government | Republican Parliamentary Democracy |
| Current Leader | President Recep Tayyip Erdoğan (since Aug. 28, 2014) |
| Income Tax Rate for Residents | 15% to 35% |
| Property Tax | 0.1% to 0.6% |
| Capital Gains Tax | 15% to 35% |
| Inheritance Tax | 1% to 10% |
| Rental Income Tax | 5% to 25% |
| Transfer Tax | 2% to 4% |
| Sales Tax | 18% |
| Restrictions on Foreign Ownership of Property | None. Now it’s possible to obtain legal residency through the purchase of real estate in a much more straightforward way. |
| Local Chamber of Commerce | http://www.ito.org.tr/INTRODUCTION/ENGLISH.pdf Reşadiye street. 34112 Eminönü Phone: 0212.455 60 00 central |
| American Chamber of Commerce | http://www.abft.net Tel. 90-212-243-35-11 |
| Primary Exports | Apparel, foodstuffs, textiles, metal manufactures, transport equipment. |
| Residency and Visa Requirements | Now it’s possible to obtain legal residency through the purchase of real estate in a much more straightforward way. If you wish to reside in Turkey longer than the normal period, you will need a residence visa. Residence visa is not obtained from this Turkish Consulate General. It should be applied to the nearest police headquarter in Turkey, before your tourist visa expires. The new law on Foreigners and International Protection which governs residency permits came into force on 11th April 2014.If you are out of Turkey for more than 120 days in the previous 12 month period your residence permit will be cancelled on re-entry to Turkey and you must obtain either an e-Visa, or visa on arrival, to cover your stay until you wish to reapply for a residence permit. |
| Special Benefits for Foreign Residents or Retirees | Still, Turkey is best suited as a part-time retirement option. If you live here more than six months of the year, you become liable to the Turkish authorities for tax on your worldwide income |
| National Airline | www.turkishairlines.com/ |
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