As real estate professionals and investors anticipate Cityscape Turkey, Turkey has enacted a law that exempts foreigners and expatriates from VAT when they buy residential and commercial buildings in Turkey, according to specific conditions.

Under the new law approved by the General Assembly of the Turkish Parliament and published by the official Turkish News Agency. <According to the new law approved by the General Assembly of the Turkish Parliament and published by the official Turkish News Agency, non-resident foreigners and institutions not operating in Turkey are exempt from VAT when purchasing residential and commercial buildings. <The law requires them to pay the price of residential and commercial buildings they buy for the first time with foreign currencies brought from outside Turkey, and the law also exempts Turkish citizens residing in other countries with residence or work permits for a period of not less than 6 months from the same value-added tax. The law prohibits the sale of residential and commercial buildings purchased without VAT for a period of one year, and the tax will be imposed if it is sold before the expiration of the specified period.

The law also exempts Turkish citizens residing in other countries with residence or work permits, for a period of not less than 6 months.