How to pay for a property purchase in Turkey and Northern Cyprus? 4 proven methods
If you are planning to move to Turkey or Northern Cyprus, or are considering investing in real estate in these countries, you will find it useful to know about the most commonly used payment methods.
Bank transfer
When making a real estate acquisition transaction, all parties - the buyer, the seller and the agency acting as a guarantee for the fulfillment of the obligation - enter into a tripartite agreement. The international SWIFT system is used to transfer funds to the seller's account specified in the agreement. Despite the fact that Russian banks do not make transfers via SWIFT, this does not mean that this payment method is completely impossible to use. For example, Raiffeisenbank and some regional banks provide SWIFT transfer services in euros.
Transfers in rubles are also possible. Almost all Turkish developers have ruble accounts in Turkish banks, so you can transfer rubles to them as payment for the purchase of real estate. In the same way, you can make transfers in Turkish lira, sending funds to the developer's account in lira, for example, through Gazprombank.
Unfortunately, residents of Ukraine cannot make transfers due to the closure of SWIFT transfers in the country. For residents of other countries, transfers are available without restrictions.
In cash
When leaving the country, every citizen of the European Union has the right to take out up to 10,000 euros without having to declare it. In the Russian Federation, there is a limit of up to 10,000 dollars (or equivalent in another currency) per person, which also exempts from mandatory declarations.
If a family buys real estate from a developer in installments and has the opportunity to travel frequently, the gradual withdrawal of funds for payment becomes a convenient and practical method.
Through the company's authorized representatives
This method of transferring funds has become popular due to the difficulties that have arisen with SWIFT transfers. At Uptrendhomes, this channel is a proven and convenient way to make payments. We can accept cash anywhere in the world in euros, dollars or national currencies, having previously agreed on the exchange rate. After providing the client with a receipt for the receipt of money, the funds are transferred to Turkey or Northern Cyprus on the same day. Such transactions are completely safe, which is confirmed by successful transactions, as well as the impeccable reputation of our company. For the provision of services, our trusted persons take a fee of 1-2% from the amount of the transfer.
Cryptocurrency
In Cyprus, almost all developers have crypto wallets that are used to accept payments in cryptocurrency. In Turkey, the use of cryptocurrency is not yet so widespread, but this issue is easily resolved. Uptrendhomes has trusted Turkish partner companies with crypto wallets. They accept transfers in cryptocurrency, convert them into cash and transfer the funds to our company. We, in turn, use this cash to pay the developer when purchasing real estate.
To quickly and easily get acquainted with the options for apartments and villas, order a free viewing of real estate properties or a consultation by calling +90 (549) 528 70 51.