Setting up a foreign capital company in Turkey and buying property through this company is a viable option that many foreigners take advantage of.
The most preferred method is setting up a limited liability company. This can be done with a minimum of two people and one of them has to be Turkish. Usually this other person is a Turkish lawyer to whom you can bestow 0.1% of the total shares in the company, while you own the remaining 99.9%.
So how does one set up a limited liability company in Turkey? The process is comprised of the following steps: All trade registration transactions must be completed through MERSIS (Central Registry Record System). One also needs to execute and notarize company documents and obtain a tax Id number for the company. Next, you need to deposit a percentage of capital to the bank account of the Competition Authority, deposit at least 25% of the startup capital in a bank and obtain proof thereof. Then, one needs to apply for registration at the Trade Registry Office and certify legal books by a public notary. Finally, the Trade Registry Office will notify the tax office and the Social Security Institution, once your company has been established. Now that the company has been registered, you will only need to give power of attorney to a solicitor to buy the property. The solicitor will get the necessary permissions and seek military clearance, as well. The entire process will cost somewhere around $1500. Our expert team can assist you in this complicated matter all throughout the way.