21 replies to this topic

[kazza]

HI everyone.
I am resdy to send a deposit off to buy my dream business in Turkey, but i am also coming over for a few days to sign the necessary papers. I was wondering if anyone knew how much money you could bring into Turkey legally.
If anyone has any answers i would be extremely grateful for their help.
Kazza :

[sunny]

Good Luck to you and your business Kazza.
As far as I know there isn't a limit for how much you can bring in but there is a limit (I'm sorry I don't know how much) for how much you can take out. I also believe that you have to declare how much you are taking out of the UK if it's over ten grand.
If you've got too much money send the spare to sunny c/o Turkey Central

[lozengelegend]

Hi Kazza, good luck with your new business!

Rules on taking money out of Turkey can be found at point 11.7 on this page of the Turkish Economy website: http://www.turkishec...ty/residing.htm

I also don't think there is a limit to how much money you bring in.

However that page also says that there is a limit of $5,000 for cash transactions, more than that and you should be paying by bank transfer. So unless you are buying a very cheap business, transfer the money by bank transfer instead of bringing it over in cash!

As a general point though, I would suggest that unless you are a money launderer, you should ALWAYS move large amounts by bank transfer. That way there is a paper trail if something should go wrong. And of course, all legal documents relating to your purchase should be notarised here in Turkey, in the presence of you and the seller of the business. I have seen so many people fall victim to con artists (and not just in Turkey) because they've taken a short cut / tried to save £100 here and there. It's not worth it.

[Ken]

Hi Kazza,

I don't know of anybody who's bought a Turkish business before, I'd love to hear the details of what's involved. Good luck to you, and congratulations!

[kazza]

Dear Ben,
Thanks for your kind words. I have found it quite easy so far whether that is because of the people who are selling the business have been extremely helpful. I would say it has been as easy as when i brought an apartment in Turkey.

The actual buying procedure is exactly the same as buying an house or apartment. I realize the hardest part is the starting and opening of the business but i believe to achieve what you want you have to work hard for it.
Once again thanks for those kind words,

Kazza

[lozengelegend]

Kazza what processes do you need to go through to register the business? As it's an existing enterprise, does that mean you don't have to go through the efforts of having to register with the chamber of commerce etc? It sounds fascinating, I'd love to learn more.

What type of business are you buying?

[Ken]

Yes me too, most definitely. That's what I meant by the "details."

[bluemountain]

Kazza ,

I can give you all details of business types and also law details , open points of law , etc. but I need to know details of your thinkings ; what kind business in your dream ?

[lawyerinTurkey]

You can bring any amount of money to Turkey in order to make investments here
but it's always better to mae transactions through banks
and do not make any payments wthout written agreements ,otherwise you can not be able to claim it back in case of a dispute
Att.Merve Gurcan

HI everyone.
I am resdy to send a deposit off to buy my dream business in Turkey, but i am also coming over for a few days to sign the necessary papers. I was wondering if anyone knew how much money you could bring into Turkey legally.
If anyone has any answers i would be extremely grateful for their help.
Kazza :

[Ken]

What I would recommend is, don't buy "the business." That is, don't buy the "business entity" as created by the seller. Only buy the business's assets... furniture, machinery, vehicles, etc. ASSETS ONLY.

In the USA, if a business has debts, lawsuits, or liens against the business that the seller doesn't tell you about, you can inherit these problems. I don't know what the Turkish lawyers would say about it... I am only speaking from knowledge of business practices in the United States.

If you only buy the physical assets of the business, and start a new business entity using those assets, you won't have any worries about the problems of the former business entity.

[Isa]

HI everyone.
I am resdy to send a deposit off to buy my dream business in Turkey, but i am also coming over for a few days to sign the necessary papers. I was wondering if anyone knew how much money you could bring into Turkey legally.
If anyone has any answers i would be extremely grateful for their help.
Kazza :

I Kazza

My name is Isa and i am from Portugal. I'm married to a turkish man and we are thinking about going to Bodrum and open a portuguese bar there. Can u tell me more or less the prices to buy or to rent? Because we are thinking about renting and not buying.
Thank u

[Natalie57]

Following on from Bens post, I feel that I want to say my point of view regarding businesses in Turkey.

I may across as negative or trying to hold people back but I am speaking as I find.

Just point-blank, do not buy into businesses in Turkey unless you can speak the language fluently and have been here a number of years to know how things work.

I have seen too many people lose their life savings, get stressed, get ripped off, one of my friends had a heart attack because of the stress.

Another friend who is married to a Turkish man, up until she got her kimlik was not allowed to work in the restaurant they owned, also I heard if they had separated before she got her kimlik she would be entitled to nothing as part of the divorce.

Things just work so differently and of course there are a few who see a foreigner and see pound signs in their eyes.

Customers have asked me in the past about buying business and I give them the same advice. Stick your money in an interest account, buy some land to sit on or invest in Gold or silver.

The stress of owning a business in Turkey as a foreigner and the potential things that can go wrong outweigh the benefits. I know there are risks in any type of business but in this scenario I feel they are too great.

Sorry if I have put a damp atmosphere on the thread but I felt it needed to be said.

[sunny]

I agree with you Natalie. Certainly don't go into a partnership, it's asking for trouble.

[scoobydoo]

I also agree with Natalie and Sunny, I've been living in Turkey for 8 years and seen it all happen so be warned...

[DavSha]

One thing that should be pointed out to potential investors and losers alike is that the Turkish legal system is somewhat complicated and "if" you do get ripped off, although the Turkish courts will deal with your situation, and in a very fair way, it can take a very long time and prove to be very very expensive. Hence why some unscrupulous Turkish con men get away with fleecing you of all your hard earned cash ... because those ripped off can not afford to take it to court. Which means that there are a lot of Turkish con men laughing all the way to the bank.

I would like to point out though that not all Turkish people are the same. In fact, they despise these men just as much as anyone because it reflects upon the innocent.

[Isa]

Hi everybody

I must say that this is all ridiculous!!!!

Yes, people get cheated but this happends everywere and not only in Turkey. I am getting ready to buy a business in Dalyan but ofcourse, before i do that, i am talking to a lawyer and he is taking care of all the documents that belong to the business to see if this company is legal, if it has any depts, anything that is not ok with it.

This is the obvious thing to the before sending any money to anyone.

For me is crazy to think that people are just making money transfers to someone that they never meat!!!!!

I am Portuguese, maried to a turkish man and i am ready to divorce him but i will be cleaver enought to get my turkish residence before i get divorced and before i go to Turkey to open my business. We are maried for 3 years now and i talked to the turkish embassy in Lisbon (capital of Portugal) and the only thing i have to do to get the turkish residency is sending then some documents and thats it. i will go to turkey allready with turkish citicenship, buy the business wich i knoe what it is, i have been there and seen it, and put it IN MY NAME.

So my friends, we need to think about all the details before opening a business and it doesnt matter if it is int Turkey or Japan, just be clever!!!!

And ofcourse, i also have good friends there that are going to be with me and help me with the language barier but that is another thing, i am also learnig turkish so i wont be completly off.

Many kisses to all

Isa

[Abi]

Well good luck to you Isa. I'm confused by your post you are talking of residency and Turkish Citizenship. Have you just got Turkish Citizenship already, if you have you won't need a Residents Permit. If you have still to get Turkish Citizenship there is more to it then just sending papers to the Turkish Embassy as you have to have a medical examination, to ensure that you are healthy also having your finger prints taken and not forgetting the language interview where they, usually 3 or more people will interview you in Turkish so that they can test whether you can understand and talk in Turkish. After that all the paperwork is sent to Ankara to be processed which can take up to a year before you are granted Citizenship.

[Isa]

Hi there Abi

I live in the Island of Madeira witch is far away from the mainland were the turkish embassy is. They send me the all the documents that i needed to fill in includind the medical exames and all that u talked about except the enterview in turkish witch i dont need to do as they told me. NOw, i have everything ready to send them but the only thing that i am considering now is; do i send the documents and became a turkish citizen and accept all that cames with that? Knowing my husband, i am scared that he may do something with my son (we have a 2 year old son) if i am under the turkish law, and this scares me. My other option is to go to Turkey and get a residence permit and buy my business but allways being subject to the portuguese law in case my husband makes any kind of problems.

This is why i am posting this, so i can get some advice on what to do.

Thank u again

One other thing Abi, u shouldnt confuse the turkish embassy in Portugal where there is only one person that speaks turkish (this is serious) with the Turkish embassy in U.K. where i am shoure they have lots of people working there. Even the Portuguese embassy in Ankara is so so so poor that it looks like a small house and believe it or not, there is only one secretary that speeks portuguese and knows nothing about nothing and the portuguese consulate that is never there!!!

So i know how things work so bad in this country that is Portugal and its getting worst and worst.
Everybody wants to leave this country and this is why i am so ready for turkey, nothing is worst then here, believe me.

I am 35 and i have my one business here so i know what i am talking about.

Thanks again

[Abi]

Well you are very lucky indeed Isa if they are happy to give you Turkish Citizenship without a language test. But I think they will still have to send your paperwork to Ankara, you should check that out as you may have to wait a while for it to come through.

I couldn't comment about how it would effect you if you did take take Turkish citizenship in respect of your son but can understand your concerns.

[Fil]

Consulates have been known to give out information that is rather, er optimistic, shall we say.