Buying Real Estate in Turkey? Demystifying the “Döviz Alım Belgesi” Certificate

Investing in Turkish real estate? Don’t get stuck at closing time! This essential guide unveils the “Döviz Alım Belgesi” certificate – your key to a smooth transaction. Learn where and when to obtain it, crucial details to check, and attorney options. Avoid delays and make your Turkish property dream a reality!

What is a Certificate of Exchange?

The “Döviz Alım Belgesi” is a document issued as a result of the process of converting the USD, EUR, or GBP foreign currency funds in the buyer’s or seller’s bank account to Turkish Lira at the exchange rate declared by the Central Bank of the Republic of Turkey (TCMB). This document is provided after the conversion of the currency and the transfer of the converted funds to the account in Turkish Lira of the person conducting the currency exchange.

As of 2018, the Regulation on the Implementation of the Turkish Citizenship Law allows foreign individuals to acquire Turkish citizenship by purchasing real estate or real estate worth at least 400,000 USD. Banks play a crucial role in recording the foreign currency coming into the country. Since January 24, 2022, foreigners are obliged to convert the purchased real estate payments into foreign currency at the Central Bank. This requirement applies to all real estate transactions made by non-Turkish citizens, regardless of whether they apply for citizenship or not. Real estate sales cannot be conducted without this document.

Where to Obtain a Certificate of Exchange?

It is essential to obtain a Certificate of Exchange from a bank operating in Turkey. Currency exchange offices or manually exchanged currencies cannot be used for this process. Individuals wishing to sell real estate without obtaining this document will be warned by Land Registry offices, and the sales process cannot proceed solely for this reason.

When to Obtain a Certificate of Exchange?

The acquisition of a Certificate of Exchange must take place before any sales transactions. To initiate the process of property purchase and sale at the Land Registry, the Certificate of Exchange must be issued beforehand. Additionally, the declared property sale amount at the Land Registry must match the amount stated in the foreign exchange document. Any discrepancy in these amounts will prevent the completion of the sales process.

Considerations When Obtaining a Certificate of Exchange?

Issues may arise during the acquisition of a Certificate of Exchange. To avoid problems, foreign individuals buying real estate in Turkey should ensure that:

• The document is issued by a bank operating in Turkey.
• The document includes the buyer’s name, surname, passport or ID number, details of the property to be purchased, and the statement “Prepared following Article 13 of the Capital Movements Communiqué” as specified in the regulation.
• After issuance, the document can be sent to the relevant Land Registry offices by the bank. If the bank does not handle this, the property buyer must personally add it to the WEBTAPU system.
• The Turkish Lira amount specified in the Certificate of Exchange must be presented as the sales amount in the land registry transactions.

Can an Attorney Obtain a Certificate of Exchange?

According to Turkish legal regulations, an attorney operating within the legal framework in Turkey can obtain a Certificate of Exchange through a duly prepared power of attorney. The regulation states that “Foreign exchange sales to banks can only be made by the buyer, seller, their proxies, or representatives.” Therefore, a properly authorized attorney can obtain the document from the bank and submit it to Land Registry offices.

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