1-Is there an obligation to  exchange foreign currency in  sales transactions where foreigners are buyers?

Answer

T.R. Article 13 of the Circular on Capital Movements of the Central Bank, the Regulation on the Implementation of the Turkish Citizenship Law and the Implementation Instructions for the Sales of Foreign Exchange to the Central Bank of the Republic of Turkey have brought the Central Bank to exchange foreign currency in transactions where foreigners are buyers. In this context, people who do not have citizenship of the Republic of Turkey must pay for the real estate they will buy in Turkey in foreign currency.

This foreign currency is sold to a bank and the bank to the Central Bank, by stating the reason before the title deed transactions. Payment is made in Turkish Lira to those concerned.

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2-Where should the currency be exchanged?

Answer

Foreign currency must be exchanged to a bank operating in Turkey and to the Central Bank by the relevant bank. For this reason, it is not possible to use foreign exchange offices or the foreign currency exchanged by hand in real estate purchase transactions.

Frequently Asked Questions

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3-How much currency should I exchange?

Frequently Asked Questions

Answer

T.R. Pursuant to article (3) of the Central Bank's Circular on Capital Movements, foreign currency should be exchanged equal to the entire sale price.

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Currency Purchase Certificate

4- What is a Foreign Exchange Purchase Document?

Frequently Asked Questions

Answer

The Foreign Currency Purchase Certificate is a document showing that the foreign currency was sold to a bank operating in Turkey to be sold to the central bank before the sale is made at the land registry office by the foreign buyer.

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5-For the Foreign Exchange Purchase Certificate to be accepted by the Land Registry, which information must be present at a minimum.

Answer

In the Foreign Currency Purchase Document, at least, the name, surname, passport number or foreign identity number of the person on whose behalf the foreign currency was exchanged, the US Dollar equivalent of the foreign currency bought (in any case, it is in TL) and that this transaction is carried out within the scope of "Circular on Capital Movements". must contain a statement. Currency Purchase Certificate

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6-Does the foreigner definitely have to exchange the foreign currency with the bank?

Answer

It is possible to sell foreign currency not necessarily by the buyer, but by the buyer, seller, their proxies or representatives of the relevant real estate.

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7-Can I change the currency before the sales transactions?

Frequently Asked Questions

Answer

It is not possible to exchange the foreign currency after the sales transactions made at the title deed.

The foreign currency must be exchanged before the title deed transactions and the foreign currency purchase document must be submitted to the title deed directorate before the sale.

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8- Is there an obligation to exchange foreign currency in citizenship transactions?

Answer

Frequently Asked Questions

In case the buyer is a foreigner, both for the acquisition of citizenship through real estate acquisition or for purchases that will not be subject to citizenship, it is obligatory to exchange the foreign currency with a bank operating in Turkey and with the Central Bank by the relevant bank.

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9- Is another document required for citizenship (certificate of conformity) transactions other than the foreign currency purchase document?

Frequently Asked Questions

Answer

In citizenship (certificate of conformity) transactions, the foreign exchange purchase document and the approved bank receipt showing that the said amount has been sent to the account of the seller will be requested by the land registry directorates.

While it is obligatory to present the Foreign Currency Purchase Certificate to the Land Registry Directorate before the sale transaction, it is possible to submit the immovable payment receipt (money transfer from the buyer to the seller) together with the "Currency Purchase Certificate" before the sale transaction, or before the commitment transaction and at the latest before the issuance of the conformity certificate. Currency Purchase Certificate Receipt

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10-Can the currency be changed to the bank after it is first transferred to the seller's account?

Frequently Asked Questions

Answer

Currency can be sent first by the buyer to the seller's  account and then sold by the seller to a bank for exchange with the central bank. The critical point here is that the foreign exchange purchase document must be made before the transaction.**

**For example, from the foreign bank account of foreign national J.S., the sale price of the independent section no. 5, parcel no. 101, Aydın province, Didim district, Çamlık mah, 270.000 USD, the sales price of the real estate seller, Turkish citizen BZ, Ziraat Bankası Didim After the transfer to the USD account in his branch, the real estate seller BZ The "Currency Purchase Certificate" showing that this amount (270,000 USD) was sold to the Central Bank on behalf of the foreign national J.S. and the approved bank receipt for the foreign currency transfer sent by the foreign national J.S. must be submitted to the Land Registry.

When expressed briefly; Foreign Currency Purchase Document + approved TL payment

receipt or approved (USD- Foreign Currency) payment receipt + Foreign Currency Purchase Document; Foreign currency sales transaction and receipt date priorities may change.

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11-Are the payments made before the effective date of the application valid?

Frequently Asked Questions

Answer

Payment receipts made before the effective date of the application will continue to be accepted in transactions.

There is no need to issue a foreign exchange purchase document for these transactions.

However, for these payments, the approved bank receipt must be submitted to the land registry office.

cash payment etc. Payments made by other methods cannot be accepted. .

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12-How are the receipts before the effective date of the application evaluated and how the value declared to the title deed is calculated.

Answer

Frequently Asked Questions

In cases where the sales price is deposited into the account of the buyer before the effective date of the application, it will not be possible to exchange foreign currency in return for the price, and if this situation is documented with an approved bank receipt, there is no need to request a foreign currency purchase document.

In this case, the sales value to be stated in the official promissory note should not be less than the value deposited in the buyer's account, and in cases where a payment is made in foreign currency to the buyer's account, the Turkish Lira value to be found at the effective selling rate of the Central Bank of the previous receipt should be taken as basis. **

E.g; In case the sale price of the real estate is deposited with receipts of 1.000.000 ₺ dated 11.11.2021 and 500.000 ₺ dated 15.12.2021, the official bill price will be 1.500.000 ₺, whereas for the deposited with 100.000 USD dated 11.11.2021 and 50,000 USD dated 15.12.2021 receipts, 100,000 x 9, 8135 (MB Rate dated 10.11.2021) = 981.350 + 50.000 x 14.2213 (MB Rate dated 14.12.2021) = 711.065 ₺ which will be 1.692.415 ₺ in total.

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13- Is the base value of expenditure in the title deed  transaction the Turkish Lira

value in the foreign currency purchase document?

Frequently Asked Questions

 Answer

Those concerned are obliged to submit the foreign exchange purchase document proving that the foreign exchange, which is the sales price, has been sold to a bank, to the title deed administration.

The Turkish lira amount registered in the foreign exchange purchase document is declared to the title deed as the sales price by the persons concerned.

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14- Will the provisions of this circular be applied in the applications we have made to the Land Registry Directorate before this application (24.January.2022)?

Answer

Frequently Asked Questions

The provisions of this circular will not be applied for the applications that have been processed by the Land Registry Directorate before January 24, 2022, in other words, the

procedures will be completed according to the current legislation at the time of application.

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