Buying a property overseas comes with many questions. How does the real estate system work in that country? Do they allow foreigners to buy a property, and are there any specific requirements? Which areas are the best for foreign nationals? Turkey is a very welcoming country regarding foreigners investing in real estate in Turkey, and there are many benefits to buying property in Turkey.
Turkey has always been a sought-after location for visitors to call a second home due to its fantastic climate, nature, culture, and history. As a result, the nation provides countless chances for foreign nationals to come and buy property in Turkey in exchange for the promise of a second citizenship through the Turkish citizenship by investment program. But what about the inheritance of the property? The good news is that Inheritance Law in Turkey for Foreigners is another favorable aspect of buying property in Turkey. As you local experts, API Investment has prepared helpful information about Turkish Inheritance Law.
Who Can Inherit under Inheritance Law in Turkey for Foreigners?
The Turkish Inheritance Law covers both moveable and immovable property owned by an individual. Children, together with parents and spouses, are the primary candidates who participate in the discussion for the inheritance of the fortune in the event of a death in the family. Additional information regarding the Turkish inheritance procedure is provided below, along with a reminder that Turkish inheritance lawyers can provide you with the appropriate counsel during this procedure:
- If the deceased person had no children, his parents would receive the inheritance.
- If the decedent had neither children nor parents, the husband or wife, along with his brother and grandpa, would inherit a portion of the estate.
- In some circumstances, a person’s possessions pass immediately to the Turkish government if no heirs exist. First and foremost, if there are any debts, they must all be paid.
Under Turkish legislation, particularly Turkish Inheritance Law, the wife or husband receives half of the estate, and the other half is distributed equally among the children. Therefore, family members must produce documents attesting to the relevant properties to transfer the inheritance within the family. If there is a will that contains detailed information on the legacy bequeathed to the family, it will also be necessary, in addition to property titles.
Stipulations of Inheritance Law in Turkey for Foreigners
If the deceased’s nation was a signatory to the Hague Convention:
The beneficiaries have the legal right to present the inheritance documents and a family statement. However, these documents must first be translated into Turkish and officially notarised by the notary in Turkey, then approved in Turkish courts. Following this process, the inheritance is distributed per the law of Inheritance for foreigners in Turkey or the Hague Convention. For example, suppose the deceased foreigner held the nationality of one of the signatory countries to the Hague Convention on the Law of Inheritance for Foreigners in Turkey. In that case, the heirs have the right to claim the inheritance.
If Turkey and the nation of the deceased have a reciprocity agreement:
The inheritance paperwork and a family statement must be brought from the native country of the foreign citizen, then translated and certified. Finally, an application is started for Inheritance in Turkey if the foreign deceased’s country is not a party to the Hague Convention. The court considers the treatment received by Turks in the foreign deceased’s country.
In the absence of the above two possibilities:
The court will verify the death certificate and determine who is responsible for distributing the inheritance and who is entitled to it by contacting the appropriate authorities in the deceased person’s home country. In this case, the heirs must file a lawsuit in the Turkish court to request that the inheritance notification be removed from Turkey. The procedure for limiting the inheritance in the Turkish court generally starts when the paperwork informing the Turkish heirs is granted.
Inheritance Tax in Turkey
If you want to understand everything about inheritance law in Turkey for foreigners, we must also talk about tax. Turkey’s inheritance tax ranges from 1% to 30%, depending on how the inheritance is passed. Foreigners who inherit real estate in Turkey must pay inheritance and transfer taxes. However, be aware that there are instances where the properties are transferred as gifts or donations, in which case no tax is levied. We want to reassure you that Turkish law on the transmission of inheritance grants both domestic and foreign citizens the same tax rights.
In Turkey, inheritance tax is payable around three years from the date of inheritance. For a foreign national experiencing particular issues, a nation’s laws may seem rather complicated. For instance, the property division following a relative’s passing is a unique situation that may be handled appropriately with the expertise of our immigration lawyers. The following statistics on inheritance in Turkey:
- The spouse inherits 50% of a property in Turkey, and the other 50% goes to the deceased person’s children.
- A 3% inheritance tax is imposed on assets valued at about TRY 900,000.
- Inherited properties worth at least TRY 6.78 million are subject to a 10% tax.
Secure your Turkish Real Estate Legacy with API Investment
If you’re considering investing in Turkey and need a knowledgeable advisor, API Investment is here to help. We concentrate on global investment prospects and always present our international clientele with the best options to buy property in Turkey. Additionally, because of the Turkish origins of our long-standing company, we can help you find the right property to serve as both a wonderful home and a wise investment. Our knowledgeable advisers will answer your questions about Turkish residency and how to apply for the Turkish citizenship by investment program. We can also introduce you to the right experts to help with questions about Turkish inheritance law in Turkey for foreigners. To learn more about investment opportunities in Turkey, please get in touch with the experts at our international portal!