In short
The foreign currency exchange certificate must be presented to the land registry when a foreign individual acquires property by purchase. The requirement came into force on 24 January 2022.
It works as follows: the foreign currency brought in from abroad as the purchase price is converted into Turkish lira at a bank and sold to the Central Bank of the Republic of Turkey. The bank issues the certificate for that transaction, and the certificate is presented at the title transfer.
There is a link between the amount on the certificate and the value declared on the deed: the converted amount forms the basis of the declared value, which in turn directly affects the title deed fee. A different practice applies to payments made before the regulation came into force; in that case a bank receipt showing the transfer from buyer to seller is requested.
Why it matters to an investor
This is the step most often overlooked in a foreign buyer's timetable. It takes time for the transfer to reach the bank, for the conversion to complete and for the certificate to be issued. A registry appointment booked without accounting for that schedule is a wasted appointment.