Turkey has become one of the most attractive destinations for international property buyers, thanks to its affordable real estate prices, Mediterranean lifestyle, and strong long-term growth potential. Many investors and retirees are now considering buying land in Turkey, especially in regions such as Kalkan, Kaş, and Fethiye. One common question, however, is: how can foreign buyers finance land purchases in Turkey if they don’t have a local bank account? The good news is that there are practical solutions available.
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Direct International Transfers
One of the simplest ways to finance a land purchase is through direct international bank transfers. Buyers can send funds directly from their overseas account to the seller’s Turkish account, provided the transfer is properly documented. This method is widely accepted, but buyers should ensure that transfer details clearly state the purpose of the payment (such as “real estate purchase”) to comply with Turkish banking and legal requirements.
Using a UK or EU Company to Transfer Funds
For buyers from the UK and Europe, an increasingly common approach is to work with a company that operates in both regions. For example, if your property consultancy or construction partner has companies registered in both the UK and Turkey, you can make payments to their UK account, and they will directly handle the transfer into Turkey on your behalf. This eliminates the need for you to open a Turkish bank account and simplifies the process. It is especially useful when financing services such as architectural design, software, or consultancy fees, which can be paid directly to the UK side while the local Turkish company manages on-the-ground expenses.
Paying for Services Without a Local Account
Many international buyers also need to cover costs beyond the land itself—such as architectural software, engineering fees, consultancy services, and legal assistance. In these cases, having the option to pay abroad (e.g., to a UK account) while the partner company manages Turkish operations is extremely convenient. It provides transparency, speed, and flexibility for buyers who are not yet fully established in Turkey.
Alternative Financing Options
- Escrow Services: Some legal firms in Turkey offer escrow accounts where buyers can safely transfer funds until the transaction is complete.
- Power of Attorney: If you cannot be in Turkey during the purchase, you can grant power of attorney to a trusted consultancy to handle payments and documentation.
- Foreign Currency Accounts: While not mandatory, some buyers still choose to open foreign currency accounts in Turkey for ongoing expenses. This is optional if you work with the right local consultancy.
Conclusion
Financing a land purchase in Turkey without a local bank account is easier than many international buyers expect. By working with trusted partners who have both UK and Turkish companies, payments can be made directly to a UK account and securely transferred to Turkey. This approach not only simplifies property transactions but also makes it easy to pay for associated services such as architecture, consultancy, or construction. For buyers looking to invest in Turkey’s real estate market, flexible financing solutions ensure that the process remains smooth, transparent, and stress-free.
