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Inheritance Tax in Turkey

Inheritance tax in TurkeyTo many, the subject of taxes can seem daunting and confusing, especially in a foreign country with differing laws and language. When buying a property in Turkey it is important to consider what would happen to your investment should anything happen to you or your situation.

Turkish Laws change constantly so it is a good idea to have the details of a good lawyer or trusted agent or solicitor on hand should ever you need one. In the meantime, we have devised this brief informational guide to Turkish Inheritance Tax based on Turkish Laws at time of publication.
 

The Inheritance Tax Rate in Turkey

 
Anyone inheriting a property or funds in Turkey is subject to inheritance tax. Rates are worked out on a sliding scale dependant on the relationship between the recipient and deceased and the taxable inheritance they are to receive. As it stands, immediate family (husband, wife and children), are usually allowed to deduct up to 109,971 TL each from the taxable base figure. If the deceased has no children, grandchildren, or other descendants, the surviving spouse can expect up to 220,000 TL.
 

Inheritance Tax Scale*
 

Tax Base (TL) Tax Rate (%)
Up To 160,0000 1
160,000 to 510,000 3
10,000 to 1,280,000 5
1,280,000 to 2,780,000 7
Over 2,780,000 10


Turkish Property / Estates Gift Tax*

 
If wishing to ‘gift’ your estate or property in Turkey, the value of this ‘gift’ is again taxable and worked out dependant on the relationship between the person granting the gift and the recipient. It runs on a sliding scale between 10 to 30 per cent if unrelated by marriage or birth. Immediate family, i.e. mothers, fathers, spouse and children, receiving estates can receive up to a 50 per cent discount on the tax rate in some circumstances. Check with your legal advisor for more information.
 

Should I make a Will in Turkey?

 
If you own a property in Turkey it is advisable to make a Turkish will, especially if you are intending to bequeath your estate to specific family members should you pass on. Wills will legally stipulate where the deceased Turkish estate and funds should be divided as well as save unnecessary time and costly legal expenses after death should something unforeseen happen. 
 
All wills in Turkey should be drawn up by a qualified and professional solicitor and fall under Turkish Law as stipulated by the Turkish Civil Code. Those making a will should be of sound mind and mental capacity. Turkish wills can be made in writing or orally, and need to be made official in-front of a Public Notary or Justice of the Peace and co-signed by two independent witnesses. It should then be held and safeguarded by the court or Notary. A good qualified lawyer should be able to walk you through the process easily.
 

What happens if I own a property and don’t have a Turkish Will?

 
The estate of the deceased is usually divided as follows in cases where they have left no Turkish will:
 
1st: Children of the deceased are the first to inherit the estate
2nd: The parents of the deceased are beneficiaries should there be no children
3rd: Grandparents of the deceased (if still living) inherit the estate, if not then their children
4th: If there is no spouse or next of kin, the entire estate is awarded to the State.
 
Note to spouses: A spouse has a statutory share of one-forth of the deceased’s estate alongside the couple’s children or up to a half if sharing with the deceased’s parents, grandparents or their children. Only if there is no other next of kin, the spouse receives the entire estate under Turkish Inheritance Law.
 
*The information in this guide is intended for general informational purposes only and is accurate, as far as we know, at time of publication. For current advice, we stongly recommend you seek qualified legal guidance. 

 

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