Valuation Report For Acquisition Of Turkish Citizenship

According to the Circular published on 15th February 2019, numbered 2019/1 and 1795, by the General Directorate of Land Registry and Cadastre-the Head of the Deparment of Foreign affairs; valuation report is required in all purchases and sells involved in foreign.

We, Reel Değerleme A.Ş., produce valuation reports for all purchases and sells involved in foreign.

According to the Circular published on 15th February 2019, numbered 2019/1 and 1795, by the General Directorate of Land Registry and Cadastre-the Head of the Deparment of Foreign affairs;

a) Regulations on the Implementation of the Turkish Citizenship Law with number of 2010/139 published on the Official Journal dated 6th April 2010, numbered 27544

b) The Circular dated 10.12.2018 and numbered 201/14 (1793)

c) Instruction dated 31.12.2018 numbered 36189470-125.01.01-E.4227790

d) Regulations related to the Valuation Services to be Provided to the Banks and Authorization of the Organizations to Provide Valuation Services to the Banks published on the Official Journal dated 12.01.2017 and numbered 29946

e) The Circular dated 24.04.2017 and numbered 2017/3 (1774).

In accordance with the relevant (b) circular in the transactions of foreign natural persons under the relevant (a) regulation, valuation report prepared in accordance with the valuation standards, includes market value, and prepared and approved by any valuation company which carries on a business within the scope of the Article 11 of the Regulation (d) is required. (The companies are announced on the official website of the Banking Regulations and Supervision Agency.)

On the other hand, in the case of acquisitions of foreign natural persons  through sales, with the exception of the Regulation (a), a valuation report should be requested during transcation in order to determine the  value of real estate, analysing the data in line with the requirements, and organizing to form a valuation map.

Hereunder;

• Valuation report is required in all turnovers which is a foreign natural person is a party, as either buyer or seller, from 04.03.2019.
• Valuation reports, presented during any acquisition application, is considered valid from the date of issuance of valuation report, till following three months. (Valuation reports will be considered valid if application is realized within the following three months of the date of issuance of valuation report.)
• If a real estate is subject to any turnover within three months of the date of issuance of valuation report, a new valuation report will not be required.
• A new valuation report is required if any value-changing circumstance (such as land use conversion, renunciation for road, constitution of servitude) is understood from the record.
• In regard to transaction, title deed fees are continued to charged as indicated on the Tariff numbered 4, attached to the Act of Fees numbered 492, and a market value (present value/status quo value) indicated on the valuation report should be shown on the authenticated deed as tabular.
• Valuation report indicates the present value on the transacation date for buildings with construction process is completed, and the completion value for buildings under construction and construction servitude is established.
• A scanned copy of presented valuation report is required to upload to the TAKBİS System (Land Registry and Cadastre Information System) in accordance with the Provision of the Related Circular (e), in addition any valuation report is not kept physically, and original document is given back to the bearer.