Foreign nationals who plan to buy property in Turkey must be aware of a key requirement introduced by Turkish authorities. As of January twenty-fourth, twenty twenty-two, any foreign person buying real estate in Turkey must present a Foreign Currency Purchase Certificate, known in Turkish as Döviz Alım Belgesi, before completing the title deed transfer. This regulation is applicable to all foreign buyers, regardless of whether they are pursuing Turkish citizenship or not.
In this article, Bayraktar Attorneys provides clear and reliable legal guidance on how the system works, what documents are required, and how to complete the process in accordance with Turkish law.
What is a Foreign Currency Purchase Certificate
A Foreign Currency Purchase Certificate is an official banking document confirming that a foreign buyer has exchanged a specific amount of foreign currency through a licensed Turkish bank, and that this currency has been sold to the Central Bank of the Republic of Turkey. The amount exchanged must equal the full sale price of the property. Without this certificate, no real estate transfer can be finalized at the Land Registry Office.
Why is the Certificate Required
This requirement was introduced to ensure that foreign investment in Turkish real estate is properly recorded, that the Central Bank can benefit from foreign exchange inflows, and to increase the transparency of property transactions involving foreign nationals.
The regulation is based on the Capital Movements Circular issued by the Central Bank, Article thirteen of the same, and the Turkish Citizenship Regulation. It applies equally to all foreign real estate buyers.
Who Must Present the Certificate
This requirement applies to:
- All non-Turkish citizens buying property in Turkey
- Foreigners buying with the intention of applying for Turkish citizenship
- Foreigners who are not applying for citizenship but are still purchasing real estate
How to Obtain the Certificate
The process includes the following steps:
- The buyer or their representative must open a bank account at a licensed Turkish bank
- The foreign currency must be exchanged through this bank
- The bank must then sell the foreign currency to the Central Bank of Turkey
- The bank will issue a Foreign Currency Purchase Certificate
- This certificate must be submitted to the Land Registry Office before the deed appointment
It is important that the certificate reflects the full amount of the property sale price in Turkish lira. The sale price on the title deed must match the amount in the certificate exactly.
Required Information on the Certificate
For the certificate to be accepted, it must include:
- Full name of the foreign buyer
- Passport number or foreign identity number
- The amount of foreign currency exchanged, and its value in US dollars
- The equivalent value in Turkish lira
- A statement indicating that the transaction was carried out in accordance with Article thirteen of the Capital Movements Circular or Article twenty paragraph ten of the Citizenship Regulation
Example from Practice
Mr. Raphael, a national of South Africa, wished to buy a commercial unit in Istanbul for four hundred eighty thousand US dollars. His representative, holding a notarized power of attorney, visited a Turkish bank and instructed the bank to exchange the amount and sell it to the Central Bank. The bank issued the certificate, clearly listing Mr. Raphael’s name, passport number, and the exact amount in Turkish lira received. This certificate was then submitted to the Land Registry Office before the deed transfer, ensuring full compliance with Turkish law.
Frequently Asked Questions
Can I exchange currency after the deed transaction
No. The exchange must be completed before the transaction. The Land Registry Office will not proceed without the certificate.
Can someone else do the exchange for me
Yes. The buyer, seller, or their official representatives may handle the exchange on the buyer’s behalf.
Can I use a currency exchange office or transfer cash
No. Only Turkish banks authorized to interact with the Central Bank may carry out this transaction. Exchanges done through currency exchange offices or in cash are not valid.
What if I paid before January twenty-fourth, twenty twenty-two
If you completed the payment and submitted your application before this date, the regulation does not apply. However, you will still need to present a bank receipt proving the payment.
Can I apply for citizenship later with the same property
Yes. As long as your property purchase meets the required criteria and the certificate was properly issued, you may apply for Turkish citizenship at a later date.
Does the amount in Turkish lira have to match the declared sale price
Yes. The amount shown on the certificate in Turkish lira must be exactly the same as the amount declared in the official deed. Any discrepancy will result in rejection of the transaction.
Do I need to provide additional documents for citizenship
Yes. In addition to the Foreign Currency Purchase Certificate, you must provide a certified bank receipt proving that the sale price in Turkish lira was transferred from the buyer to the seller.
Legal Tip from Bayraktar Attorneys
Always ensure that the currency exchange is completed before the title deed appointment, and only through a Turkish bank. Avoid third-party brokers or cash payments. Submit the Foreign Currency Purchase Certificate together with the deed application and make sure all values are consistent across documents.
Conclusion
The Foreign Currency Purchase Certificate has become a central requirement in all real estate purchases by foreigners in Turkey. Whether your goal is to acquire a residence or to apply for Turkish citizenship through investment, this document is essential. At Bayraktar Attorneys, we ensure that each step of your transaction is legally valid, fully documented, and completed without delay.
Our multilingual team provides end-to-end legal support for international clients acquiring real estate across Turkey, from bank coordination to title deed transfer and citizenship application.
Contact Bayraktar Attorneys Today
If you are a foreign national planning to buy property in Turkey, contact Bayraktar Attorneys to ensure your transaction meets all legal requirements. Our expert team will guide you through every detail with clarity and confidence.
