Obligation of foreigners to exchange currency when buying property in Turkey

From January 24, 2022, when buying real estate, foreigners must carry a document confirming the purchase of foreign currency. The purpose of this document is to answer frequently asked questions without going into the technical details of the above obligation.

Should a foreign citizen exchange currency when buying property in Turkey?

Foreigners who do not have Turkish citizenship must pay in Turkish Lira.
First, the buyer must make the exchange at the bank, then the bank exchanges the price with the Central Bank of Turkey. Payment to the foreign buyer will be made in Turkish Lira. Thus, a foreign buyer is allowed to buy property with Turkish Lira.

Which institution in Turkey is authorized to carry out currency exchange?

Foreign currency must be exchanged at a bank operating in Turkey. The bank completes the transaction with the Central Bank of Turkey. Otherwise, the exchange will be invalid in accordance with Turkish law. Therefore, any exchange made in exchange offices or in person will be invalid.

How much currency should be exchanged?

The exchange amount must be equal to the sale price indicated in the TAPU Ministry.

What is a currency purchase document?

A currency purchase document is a document confirming that foreign currency was sold to a bank operating in Turkey, then sold to the central bank before being sold at the TAPU ministry. The document must be submitted by the foreign buyer.

What should the currency purchase document contain?

The document must contain: name, surname, passport number, information about the purchase of foreign currency in US dollars (in any case, its equivalent in Turkish lira is indicated) and a statement of validity in accordance with Article 13 of the Capital Circular.”

Who has the right to make an exchange in a bank?

The exchange can be completed by the seller, lawyers or representatives of the buyer and seller, as well as a foreign buyer.

What is the exact time to make an exchange?

The exchange had to be completed before the sale of the property. The document will be generated after the exchange. The foreign buyer must submit a document prior to the sale. Otherwise, the TAPU Ministry will reject the application due to lack of documentation.

Is there an obligation to exchange currency in the process of obtaining Turkish citizenship?

Regardless of the reason for the sale and the impact on citizenship, the foreign buyer must make an exchange and submit a document. Thus, this obligation extends to the process of obtaining citizenship, which includes the sale of real estate.

What are the requirements in the citizenship process other than a currency exchange document?

During the process of obtaining citizenship, the TAPU Ministry will request a currency exchange document and a bank receipt (proving that the buyer has received the money).
Although the currency exchange document must be submitted prior to the transaction, the bank receipt may be submitted with the document or after the sale. However, a bank receipt must be presented before the document is issued.

Does the seller have the right to make an exchange?

Yes, the foreign buyer can make payment to the seller first, and the seller can make the exchange and then receive the document. In each case, the document must be present at the time of sale.

Are previous sales valid for Turkish citizenship?

Yes, this rule applies after the effective date and previous sales remain valid in accordance with Turkish law.
Previous transactions do not require a currency exchange document. However, a bank receipt relating to a specific transaction must be submitted to the TAPU Ministry.
Payment in person or similar payments will not be accepted.

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