Securing Property Ownership in Turkey for Mr. Yaseen
Client Background:
Our client, referred to as Mr. Yaseen, is a Palestinian national who sought to invest in Turkey’s real estate market.
He was interested in acquiring a residential property in Istanbul, motivated by the potential for a stable investment and the option to obtain Turkish citizenship through investment.
Due to our commitment to the Attorneyship Confidentiality Law, we cannot disclose his actual name or further personal details.
Due to our commitment to the Attorneyship Confidentiality Law, we cannot disclose his actual name or further personal details.
Mr. Yaseen discovered Bayraktar Attorneys through an online referral from another satisfied client.
Recognizing the complexities of purchasing property in a foreign country, he contacted us for legal support and guidance to ensure the purchase process was smooth and compliant with Turkish law.
Understanding Client Needs:
During our initial consultation, Mr. Yaseen expressed his desire to purchase a high-value residential property in Istanbul with the goal of meeting the criteria for Turkish citizenship by investment.
He was particularly concerned about the legal aspects of property acquisition, such as navigating Turkish property law, completing the necessary paperwork, and transferring funds securely from Palestine to Turkey.
Proposed Solution:
After gaining a clear understanding of Mr. Yaseen’s requirements, we provided him with a step-by-step plan for acquiring the property. This included:
1. Legal Due Diligence: We conducted a thorough check on potential properties, ensuring they were free of any legal disputes, debts, or encumbrances. This process was crucial in safeguarding Mr. Yaseen’s investment.
2. Preliminary Agreement: Once Mr. Yaseen selected a property, we assisted him in drafting a legally sound preliminary agreement with the seller, including all relevant terms and conditions.
3. Securing Title Deed (Tapu): Our team prepared and submitted the necessary documents to the Land Registry Office to obtain the title deed in Mr. Yaseen’s name. We also made sure that the property met all legal requirements for foreign ownership under Turkish law.
4. Tax & Legal Compliance: We guided Mr. Yaseen through the tax implications of purchasing property, including paying stamp duty, property taxes, and ensuring compliance with Turkish investment laws.
5. Fund Transfer and Payment: Given the international nature of the transaction, we provided advice on securely transferring funds from Palestine to Turkey, ensuring that all banking and legal procedures were properly followed.
Problem Resolution:
Throughout the property acquisition process, we encountered a few hurdles, particularly concerning the transfer of funds from Palestine due to international banking regulations.
However, through careful coordination with Turkish banks and our expert knowledge of international financial protocols, we successfully ensured the safe and legal transfer of the purchase funds.
Additionally, there were concerns about whether the property would fully meet the requirements for Turkish citizenship by investment.
We reassured Mr. Yaseen by thoroughly reviewing his investment, confirming that the property met the minimum investment threshold of $400,000 required for citizenship.
Outcome:
Thanks to our meticulous approach, Mr. Yaseen successfully purchased his property in Istanbul, valued at $550,000, and initiated his application for Turkish citizenship.
He expressed his satisfaction with our comprehensive legal support, which enabled him to confidently navigate the real estate market in Turkey.
At Bayraktar Attorneys, we take pride in offering personalized legal services tailored to foreign clients seeking to invest in Turkish real estate.
Our expertise and attention to detail ensure a smooth transaction process for clients like Mr. Yaseen. Contact us today to see how we can assist you with your property purchase in Turkey.
