Income per year in Turkey

Income per year

Income per year

Most  of investors buy property in Turkey for the purpose of renting out and making a profit. You can rent out both residential and commercial properties. Foreign buyers can acquire ownership of both apartments and villas, as well as various commercial real estate: shops, offices, etc.

You can also rent out in different ways. If we are talking about commercial real estate, then such real estate is rented out for a long-term lease. But apartments or villas can be rented both for long-term rent and for a short period of time for vacationers.

In resort areas, renting out for a short period for tourists is common. We will talk about the pros and cons of this or that type of lease in another article, but now let's look at the taxation scheme when receiving rental income.

If you have chosen the option of renting for a long time, then you need to file a declaration with the tax office.

Tax must be paid if your income exceeds the tax-free annual minimum.

In 2022, it is 9500 Turkish Liras.

If you received income above this amount, then the tax is charged at the following interest rates:

Income amount up to 32.000 TL - 15% tax

The amount of income up to 70,000 Turkish liras - up to 32,000, 4800 liras are charged, and 20% on the balance

The amount of income up to 170,000 Turkish liras - up to 70,000 TL 12,400 is charged, and 27% on the balance

Income amount up to TL 880,000 - up to TL 170,000, TL 39,400 is charged, and 35% on the balance

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