NEW REGULATIONS FOR SHORT TERM RENTALS IN TURKEY – FIND OUT ALL YOU NEED TO KNOW FROM OLUDENIZ HOMES

Are you a Turkish property owner?


Do you rent your property out for short term periods?


Do you let family and friends stay in your property?


Have you heard about the new GIYKIMBIL System?


Are you confused by the new legislation?


YOU NEED TO READ THIS



The new GIYKIMBIL SYSTEM has been introduced by the Turkish Government. In future, Turkish property owners who rent out their homes on a short term basis, for example, in the summer to people who come to Turkey for a holiday, will need to be aware that they now need to register their guests on a new database and, in addition, quite separately, employ the services of an accountant to set the rentals up as a proper business and also declare any income they receive to the Turkish Tax Office.

This system is also being applied as another necessary step in the fight against terrorism and is being introduced under the Turkish State of Emergency to enable authorities to keep a better track on individuals moving around Turkey and to help the Security Services locate interested individuals easier.

So, from now on, anyone coming to Turkey will need to be registered at their accommodation much in the same way people have to do if they stay in a hotel.


BUT DON’T WORRY if you own a property for your own use (you and your family) and you do not market in any way in the short term rentals market YOU DO NOT NEED TO DO A THING. This regulation will not apply to you, so please just enjoy it in the same way as you always have. But, if you own a property that is being rented out for short term holidays YOU ARE DIRECTLY RESPONSIBLE for ensuring the your property is registered on the GIYKIMBIL system and that the details of your various guests are submitted.


On the subject of Tax


If you rent, you need to register your property as a business. You will probably need the assistance of a Turkish accountant to help you do this. The accountant you appoint will take the following steps



Step 1 To create an account book, obtain Power of Attorney from Notary to act on your behalf



Step 2 Arrange the necessary registrations and certificates and liaise with the Tax Authorities



Step 3 Arrange with Civil Service to visit your property and agree commencement of business



Step 4 Instruct you about what you need to do in terms of completing ongoing administration and provision of information to comply with the Tax authorities.



Step 5 Prepare the necessary income and expenditure accounts to satisfy the Tax Office




We at Oludeniz Homes are happy to talk to you about the changes in the Law. If you think this new legislation affects you and you want further clarification, please do not hesitate to contact us