Selling a Property in Turkey

[julesbob0303]

We are thinking of selling our apartment in Calis, and wondered how the selling process works.

We will probably sell through the agent we bought from, plus CBF's selling page of course   .

When we sell (and I realise it could take some time), how is the money transferred and are we liable to pay tax on it?  If so, is there a way around it (am I allowed to ask that?    )

Any help gratefully received.

[KKOB]

Whether you have to pay tax, and the amount, will depend on how long you've owned the property.

[grahamturner09]

Sell in Sterling and get the money paid straight to a UK bank account that's what I did no problems with the Tax man

[Scunner]

No capital gains tax if you have owned it for 5 years or more (but beware - owned means tapu in your name for minimum of 5 years, not money paid for it).

[julesbob0303]

Thanks very much.  We have had the property for six and a half years (and held the tapu for just over six years).

Someone (and it wasn't in a bar in Calis   ) told us that large amounts of money are questioned if paid into your UK bank account, due to possible money laundering.  Sounds like this is nonsense, which is good news.

Are any questions asked about where the money has come from, or is it nothing to do with your UK bank?

[Scunner]

You may be asked - I think it depends on whether your bank think it is potentially suspicious or not - I don't believe there is any obligation to inform the taxman of deposits of a certain size. A one off lump sum is hardly the activity of a professional money launderer and your bank will probably think along those lines too.

Tax liability can be worrying when you sell a property abroad. It needn't be. Just remember, in nearly all cases you sent the money out from a UK bank to buy the property. That is on record, just like the returning lump sum is. The most important point here is that the money you bought the property with was UK tax-paid money.

i.e. You already paid all liable taxes on that cash once, they can't tax you again because it is coming home. Capital gains is another matter (often not relevant these days sadly) but if the money you return isn't more than the money you sent out all those years ago, there is no case to answer m'lord!

[julesbob0303]

Thanks Keith.  That is exactly what we were thinking.  We downsized our house in the UK to buy the apartment in Turkey, so when we sell, we will use some of the money towards a new place here (putting it back to where it was originally), plus lots of holidays!