1. Is there an obligation to exchange currencies in real estate purchases for foreign nationals?
The obligation to sell foreign currency for the purchase of the real estate by foreign citizens to the Central Bank of Turkey was established, according to Article 13 of the circular regarding the movement of capital, the executive regulations related to the implementation of the Turkish Nationality Law, and the instructions issued by the Central Bank of Turkey, related to the applications of selling currencies to it in purchases foreigners for real estate.
Accordingly, every foreign citizen is obligated to pay the payments related to the process of buying a property in Turkey in foreign currencies, as these currencies are paid by the person concerned to one of the banks operating in Turkey, and the bank, in turn, sells them to the Central Bank of Turkey and pays their value in the Turkish lira to the person concerned, before starting With the transactions of transferring ownership of the real estate in the relevant Title Deed Department.
2. What are the entities to which foreign exchange must be exchanged?
Foreign currencies are exchanged exclusively through the Central Bank of Turkey, by selling them to one of the banks operating in the banking sector in Turkey, and accordingly, the exchange of currencies through official or unofficial exchange offices makes them illegal for use in real estate purchases.