Do you know what are the inheritance laws in Turkey?
Among the many topics that real estate investors in Turkey need to take note of before they buy a property in this country is the issue of inheritance law, which many find disturbing because of the many articles and information they have to read before they get the right idea and decide to own a property in a country. Foreigner
Inheritance is a fundamental legal concern for investors, which ensures that they can preserve their property before they take this important step to advance the process of owning a property.
Fortunately, this can easily be solved by asking the right questions before you make an investment. Here we will review a list of information as a comprehensive guide to you with the answers to the most pressing questions that you should ask before you buy the property.
What is the principle of Turkish inheritance laws?
The principle governing Turkish inheritance laws can be summarized by the Latin phrase
lex rei sitae '' means `` site law ''
That is, what governs the legal mechanism for dealing with real estate is its location and what in turn indicates that Turkish law is applied when dealing with the ownership of real estate located within the borders of the Republic of Turkey.
Another important principle that foreign investors should know in advance when buying a property in Turkey is that movable property applies to the inheritance laws of the country of the deceased owner's nationality, while Turkish law is followed with respect to immovable property and property.
Who are the direct heirs of the property in Turkey?
In the absence of an officially certified will, the legal heirs of immovable property in Turkey are determined in the following sequential order:
The first heirs of a deceased person are the children and the husband or wife who receive a specified quota
If the deceased person does not have children, his or her parents are considered his heirs (father and mother)
If the deceased's parents are not alive, his brothers come directly into the succession sequence
The last heirs of the deceased person in the sequential order in the Turkish inheritance law are the grandchildren and their children.
If the deceased person has no surviving relatives, his entire property goes to the husband or wife, and in the absence of any heirs at all, all his property goes to the Turkish government.
Are there any inheritance taxes? How is it calculated?
According to legal regulations in Turkey, any immovable property of the deceased person is subject to inheritance tax.
However, compared to other countries in the European Union, the value of inheritance tax in Turkey is relatively low and varies according to the value of the investor's property, ie, a lower percentage tax is deducted as the price of the property falls.
The inheritance tax rate varies from 1% to 30% depending on the residence status of the heir and the geographical location of the property.
The following table shows the rates of inheritance tax based on the value of the property in euros:
1% for properties with a value of € 53,333 or less
3% for property with value € 170,000
5% for properties with value € 426,667
7% for properties with value € 926,667
10% for properties with value € 926,667
At what time of year is the inheritance tax paid?
According to Turkish law, the income tax payable over a maximum period of 3 years is paid in May and November of each year.
Can you write a will in Turkey?
As in many countries around the world, in Turkey, anyone can also write a will explaining to those who wish to leave their property after his death. The Turkish Civil Code clearly and in detail describes how the will is dealt with: For foreigners, in order to write a legally recognized will, it must be prepared in accordance with Turkish law.
If someone decides to write a will, the conditions under Turkish law are that a person is over the age of fifteen and has full mental power. It is possible to work on the writing of the commandment in three forms, either official, certified by the writer justly and signed in front of two witnesses, or be handwritten or verbally. The commandment shall also be written in the author's hand and the date shall be mentioned in detail in the day, month and year and shall be appended to his signature. The person concerned must give the will either to the court or to the clerk justly.
Is it possible to withhold a heir from his share of the inheritance?
As for preventing someone from receiving their share of inheritance, this is acceptable in special cases, but the person has to explain why he / she does so in court if he or she wishes to withhold the inheritance from a legal heir. In addition, a person who has been deprived of heredity cannot sue the person concerned.
Now that all the issues related to the inheritance law have been clarified and its details are no longer vague, you can proceed with the purchase of your property in Turkey with confidence to ensure what will happen to your investment in the future.