Turkish Ministry Talking Turkey About Titles, Tax and General Tattle Tails!

Well after spending half an hour on the title, Here is a hot one for you!

In an article released today by OPP (Overseas Property Professional) we have been informed of the following.

"The Revenue Administration department of the Turkish Ministry of Finance has launched a two-prong investigation into the financial behaviour of both buyers and agents in areas popular with international investors.The Ministry is believed to have contacted all relevant banks and financiers in Turkey for a list of private individuals and corporations that were given finance to buy in the country and are cross checking these details with title deed records to obtain accurate information on what was sold at what price to international buyers. The Ministry has revealed that it is looking for discrepancies in agents and developers accounts after conducting an initial investigation last year that is believed to have turned up many irregularities."

Now there is a surprise! Who would have thought it? This news as far as the industry is concerned is not all that new, it has been well known that investigations were going on, and the Turkish Government could do with the money in its bid to get inflation under control to finally get into Euroland so it can have some kind of financial base.

The article goes on to say that they have contacted the equivalent of the land registry to see how many foreigners have registered property, and whether they are declaring tax on them.

For some reason unknown, the Turkish Government do appear to be hell bent on ruining their own tourism business, entrance into financial stability, and any chance of expatriate business communities flourishing. Only earlier this year were mortgages made available under fairly heavy conditions, and still no real resolution has been passed as to whether you can actually buy property for investment or otherwise in the country as a foreigner.

Just a thought, but Turkey, if you are listening, (and not busy working on your Eurovision entry for next year) here's an idea.

Make a decision as to whether you want to allow foreigners to buy first or not.

If you decide you don't, fine, we'll all move on.

If you do, then sort your act out! Create a proper property registry, and not one on the back of a fag packet in bar, and make everyone register in the first place!

A couple of quotes were also made in the article about the regulation of agents, or rather the complete lack of it, claiming that;

“There are hundreds of barman, waiters, jewellers and sweetshop owners selling property who are just out to earn a fast buck, with no concern for the protection of the clients interests let alone the legalities and procedures."

Hmm, I seem to remember we have come across exactly this kind of thing before, not so far away on the other side of the Mediterranean and the pieces are still being picked up now.

I must state that I would have linked to the entire article, But OPP have a big shiny login page in the way.