MORTGAGES
The Turkish Government now allows non-residents to obtain mortgages. With this in mind Acumen now offers a comprehensive mortgage services in Turkey and we are able to arrange finance for customers with varying status and age.
Every case is treated privately, in confidence and with special individual care, which enables us to deliver a professional expertise service to ensure we offer you a product bespoke to your individual requirements.
At Acumen we strive to ensure the mortgage process is made as smooth as possible and will assist with all aspects of financing the Turkish property purchase.
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SOCIAL SECURITY
For information of the social security arrangements between the UK and Turkey, explaining National Insurance contributions and Benefits visit www.dwp.gov.uk or leaflet SA22 from the DHSS.
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UK PENSION
United Kingdom retirement pension is payable in Turkey at the same rate as if you were in the UK.
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TAX REGULATIONS
Buyers Guide
The system of property ownership in Turkey is based on the title of the property being registered the Land Registry.
Who Can Own Property in Turkey?
First the ‘reciprocity principle’ must apply between the country of the person wishing to obtain acquisition of ownership. In other words, if a Turkish citizen can become the owner of real estate in the UK, then the same right applies to a UK citizen in Turkey.
Selling Property in Turkey
Capital gains made from the sale of a property will be taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for one year. In the UK capital gains may be taxable depending on the individuals situation. Current tax conditions were originally agreed in a double taxation treaty signed in 1986. These were amended in October 1988 and cover the reciprocal agreement in relation to income tax and corporation tax in Turkey and income, corporation and capital gains taxes in the UK.
Property & Conveyancing in Turkey
Since we began selling Turkish properties in 2002 we have worked closely with Turkish lawyers particularly in connection with property transactions in the west of Turkey (Kusadasi).
Persons wishing to buy property in Turkey can be apprehensive about their choice of lawyer since they will not be familiar with the firms nor, in most cases, with the civil law system. We can put these misgivings to rest by recommending the lawyers we work with who are reliable and will provide an efficient and professional service.
We can further assist by explaining the civil law procedures and translating documents. If a client so wishes we can also act on their behalf, through a Power of Attorney or a written authority, to actually complete a purchase or sale of a property on their behalf.
For International tax issues and double taxation relief or UK tax liabilities visit www.inlandrevenue.gov.uk
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MEDICAL INSURANCE IS A MUST
There are government run and private hospitals in Turkey, although you may, under the reciprocal agreement between Turkey and the UK be entitled to certain medical services, you would be well advised to take out PMI to ensure you get the level of cover you require. For information on this we can arrange a quote from the relevant brokerages
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MAINTENANCE
For your uttermost peace of mind, we offer a full maintenance service to ensure your property is kept in A1 condition in your absence. Details of services and costs are available on request and are applicable to each individual property.
Most complexes charge a monthly community charge but is usually only around £35.00.
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LETTING
The letting potential of properties throughout Turkey is excellent, due to the fact of the beauty of the region and the superb tranquil coastline. KUSADASI rentals are excellent due to the location. The whole area behind Kusadasi is surrounded by national park and is therefore protected. This means that all properties are within walking distance to the coastline and this brings up the rental value. You can work on around £65.00 per bed in KUSADASI all year round. Yet in high season, a 4-bed apartment would bring in the region of £500 - £600 per week.
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SHOP TILL YOU DROP
Bargaining is a fact of life in Turkey, so it makes sense that it is known as Shoppers Paradise. Almost every city has a souq, an outdoor bazaar that sells everything from spices to stilettos, in fact you can grab silver and spice and everything nice at these Grand Bazaars. You can buy gold and carpets amidst mosques and Ottoman Palaces.
Bargaining occurs in most outdoor food markets, bazaars, and some carpet, jewellery, and souvenir shops.
KUSADASI is also a shoppers paradise. The copy designer clothes can be easily mistaken for the real thing and are sold a fraction of the price. Leather is extremely cheap and fantastic quality. Cigarettes average at around £8.00 per 200 but only 1000 per person can be taken back to the UK.
How to bargain
- Bargaining need not be fierce - good-natured wrangling with a cheerful smile may prove your biggest weapon.
- Use your poker face - The less your face portrays your interest in the item the better. If you touch the item to inspect it, the vendor will be sure to "encourage" you to name a price or make a purchase. Coming back to admire it means a higher price. Never get too enthusiastic about the object - point out flaws if you can find them and be cool, walk if you must, but only to next door.
- Know when to bargain - Most things for sale in outdoor markets are fair game. Don't bargain on prepared or pre - packed food on the street or restaurant. In some stores, signs will indicate fixed prices. When in doubt ask tactfully, is this your lowest price? Or whether discounts are given.
- Never underestimate peer pressure - Bargaining with more than one person at a time always leads to higher prices. Alternatively, try having "A partner" discourages you from your purchase, if you seem to be reluctant, the merchant will want to drop the price again to interest you.
- Know when to turn away - Feel free to refuse, as Turks are not allowed to bargain rudely, just move to another if they will not be reasonable. Do not start bargaining if you have no intention or agreeing on a price and declining is a major faux pas. Turn away slowly with a "thank you" will only make the price plummet.
- Start low - Never feel guilty offering what seems to be a ridiculously low price. Your starting price should be no more than one-third to one-half the asking price.
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WORK PERMITS
It is possible to obtain a work permit and work in Turkey but this is normally arranged prior to arrival in Turkey. If you have been offered work in Turkey you should make enquiries to the Turkish Consulate at Rutland Lodge, Rutland Gardens, London SW7 1BW Tel. 0207 589 0360 prior to your arrival in Turkey. Admission as a visitor does not include the right to work, which is authorized only by a business visa or work permit, issued by the Ministry of the Interior. Volunteer jobs for English speakers are readily available
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IDENTIFICATION
When you travel carry two of more forms of I D on your person, including at least one photo, a passport combined with a driver's license or birth certificate is usually adequate. Banks may require more to cash travelers cheques.
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TIPPING
Tipping (baksheesh) is not usually expected in turkey, however leaving a bit of small change at your table or with a taxi driver is appreciated as a friendly gesture and a sign of gratitude. KDV katma deger vergisi (VAT to us) is mostly included in everything at between 10% - 20% but there are many unspoken rules to which the tourist must adhere:
- Small reward - for small service
- In some large towns
- beggars are willing to bestow rhetorical blessings in return for little charity. There are also those who insist on opening doors for you or snatching bags and then demand baksheesh.
- The bribe - A bad idea - Don't bribe officials.
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PERSONAL SAFETY
Turkey is generally very safe, however it is still a Muslim country. Therefore to avoid unwanted attention in non – tourist towns especially and try to blend in as much as possible. Respect local customs i.e. dress code, and do not heckle too much. A whistle carried and displayed usually is all you need. However one must, if you hire a car never sleep in it. Illegal drugs are forbidden and possession, use, or trafficking is dealt with severely. You must not purchase alcohol for not-so-devout Muslims. It is improper to drink in the more traditional towns in turkey, unless they sold it to you, or during the holy month of Ramadan. Public drunkenness can jeopardize your safety and earn the disdain of locals.
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