Need advice transferring ownership of property and selling company

Member since 25 December 2009

doculifeMember18 November 2016 21:07:32

Hello expats in Turkey,

My name is Robin. I opened a short term rental company in Istanbul in 2007. It is a registered Turkish company (LLC). I've stopped doing business in Turkey and need to close my business. At the time I bought, foreigners could not buy Turkish properties in historic areas, only companies. So I was advised to open a limited Turkish company which I did in order to buy a flat.

I have returned to the US to care for my aging parents and have been unable to sell my flat. I am still required to pay an accountant each month as well as "stoppage tax" because I still have a company.

I need a trustworthy English-speaking expert who can help me transfer ownership of my flat from my company to myself - and I need help closing my Turkish limited company.

Have any of you purchased or sold properties and/ or closed companies with the aid of a Turkish lawyer or accountant? My accountant speaks only Turkish so we can not communicate. The Turkish lawyer who helped me set up the company and purchase my property is demanding a very high fee to help me.

Can you recommend someone? I live in the States and hope to be able to handle this from here, but can come to Turkey if necessary.

Robin

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oki38 Guest

oki38Guest19 December 2016 16:58:32

Moderated by Bhavna 8 years ago
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doculife Member

Member since 25 December 2009

doculifeMember19 December 2016 19:37:20

How do I PM you? Can you send your email and a website? I can send the link to my flat for renting short term or long term.

Thanks.

Robin

oki38 Guest

oki38Guest19 December 2016 20:50:47

Moderated by Christine 9 years ago
Reason : please do not post your contact details on the forum + promoting your services is not allowed.Thank you
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Accountant / Antalya Member

Member since 13 December 2016

Accountant / AntalyaMember29 December 2016 09:07:24

Questions
1- Is the company one partner?
2-Is there profit and loss of company activity?
3-What is the company's capital?
4- What is the value of the house registered in the company?

Accountant / Antalya Member

Member since 13 December 2016

Accountant / AntalyaMember29 December 2016 09:08:34

I have to ask them. To offer you a solution

doculife Member

Member since 25 December 2009

doculifeMember31 December 2016 22:32:45

Answers:

Questions
1- Is the company one partner? Yes, just me and my daughter as a 5% shareholder

2-Is there profit and loss of company activity? Only loss right now. In past years we showed some profit and paid Turkish taxes then.

3-What is the company's capital? $0 cash + my flat which is not worth very much right now due to the Turkish situation.

4- What is the value of the house registered in the company? How do I find this out?

doculife Member

Member since 25 December 2009

doculifeMember07 February 2025 21:26:09

@Accountant / Antalya

It is an LLC with my daughter owning a 5% share and me the other 95%. Transference of the company to another owner will allow the buyer to also own the company’s sole asset - a beautiful view flat near Galata Tower with excellent airbnb income. The flat is registered and permitted for use as an airbnb.

doculife Member

Member since 25 December 2009

doculifeMember07 February 2025 21:32:21

The flat needs to be appraised but I am guessing it would sell for $400,000usd.

It earns approximately $30,000 usd annually before expenses and taxes.

it has breathtaking views of The Bosphorus, Topkapki Palace, and Asia. Located very near Galata Tower. Perfect as an airbnb. Already registered and has 90% occupancy.