The owners of the most expensive real estate in Turkey will face a new tax, which will be introduced in 2021. The amount of tax will depend on the cost of luxury housing set by the municipalities: the more expensive a villa or apartment in Turkey, the higher the tax.
The following properties will be subject to the new tax:
- properties worth from 5 to 7.5 million liras (€ 566,000 - 850,000) - the tax will be 0.003 of the cost of an apartment or house;
- properties worth from 7.5 to 10 million liras (from € 850,000 to 1,132,000) - the tax will be 0.006 of the cost of an apartment or house;
- properties worth more than 10 million liras (from €1,132,000), the tax will be 0.01 of the cost of an apartment or house.
The new tax will need to be paid once a year at any time convenient for the owner of luxury real estate in Turkey; if desired, the homeowner can divide the tax payment into two parts.
The following are exempt from paying the new tax:
- administrative institutions (municipalities, educational institutions, etc.) that occupy luxury real estate, which are on the balance sheet of both private individuals and the state;
- embassies and their residences;
- real estate in which dependents live (persons who are on long-term or permanent, material or financial support from other persons).
- real estate in which people who live in there own only one property in Turkey and they have no income and ready to document this.