Turkish property rental rules are changing

Turkey is introducing a mandatory requirement for all property tenants to make rent payments exclusively through banks or post offices (PTT), regardless of the amount. This regulation is being drafted by the Ministry of Finance and the country's Tax Administration.

Violation of this regulation will be punishable by fines for both parties to the transaction. Tenants, in case of cash settlement, will have to pay a fine of 10% of the rental amount, but not less than 5,000 liras.

These changes should make the rental market as transparent as possible and eliminate the facts of non-payment of income from profits.