How to Convert Bitcoin to Real Estate in Turkey
As Bitcoin surges, it becomes more and more mainstream, leading the way to property transactions via Bitcoin. With the world’s biggest companies announcing that they now accept Bitcoin as payment for their products, it is inevitable that individual property sellers and buyers will have to deal with Bitcoin sooner or later.
Foreign Bitcoin investors are now more interested in Turkey’s real estate market than ever. This mainly due to the fact that real estate prices in Turkey are relatively low while the cost of electricity in Turkey, which is needed for Bitcoin mining, is relatively high. This is why foreign Bitcoin investors mine Bitcoin abroad where the cost of mining is low, and invest their Bitcoin in Turkey’s real estate market where they can get a good value for their Bitcoin.
There are two major ways to purchase real estate in Turkey with Bitcoin. The first way is to find a seller or a real estate agent who will accept Bitcoin as a form of payment. The second way to invest bitcoin in real estates in Turkey is to convert Bitcoin to TL and deposit it in a Turkish bank account. This second way will require compliance with banking regulations and tax law.
Fortunately, Turkey has a Temporary Cash Repatriation Law that allows foreign and companies to transfer their wealth, such as Bitcoin or any other currency, to Turkey without any tax inspection, penalty or fine. This way, by simply declaring the cash value of Bitcoin to the state, foreign investors may convert their Bitcoin first to TL and then to real estate in Turkey.
Foreign investors who would like to safely invest in Turkey and comply with the relevant laws and regulations are highly recommended to hire an investment lawyer. Antalya Lawyer Baris Erkan Celebi and his Antalya Law Firm offer diligent consultation and legal representation to foreign investors in all forms of investments.