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FOREIGN CURRENCY PURCHASE LETTER
FOREIGN CURRENCY PURCHASE LETTER
- What is a Foreign Currency Purchase Letter (Döviz Alım Belgesi) ?
Foreign Currency Purchase Letter (FCPL) is a form of receipt that is obtained from a bank proving that the holder of the document has sold an amount of foreign currency to the Central Bank of Rebuplic of Turkey.
In return for the sold amount, the bank basically converts the sum into TL and issues a document (the FCPL) to be the ground for legal transactions.
- Who should obtain the FCPL?
Foreign nationals who invest via depositing a fund in a Turkish bank or purchasing properties in Turkey and persons (real/legal) who export goods and/or services from Turkey must obtain a FCPL .
- Who can apply for the issuance of the FCPL?
The person for whom the document will be issued, her/his attorney or proxy can apply for the issuance of the FCPL.
For the property sale proceedings, the seller of the property can apply for the issuance of the letter as well
- Where can the FCPL be obtained?
The FCPL can be obtained from a public or a private bank that operates in Turkey.
- What information must the FCPL include?
The FCPL must include at least all of the infomation below;
- Full name, passport no. or foreign ID no. of the person for whom the FCPL will be issued,
- USD equivalence of the converted foreign currency,,
- A reference that the transaction was made in accordance with the Art. 13 of the Circular Letter on the Capital Movements (Sermaye Hareketleri Genelgesi)
- Which foreign currencies can be exchanged to obtain a FCPL?
The foreign currencies that can be sold to the Central Bank for the issuance of the FCPL are USD, EUR and GBP.
- Where and until when the will the FCPL be valid after issued?
The FCPL are not limited to any specific duration or use, except, it can only be used by the beneficiary, i.e. the person for whom the letter is issued.
- Can the sales price stated on the title deed be different from the TL equivalence in the FCPL?
No. The sales price that will be stated on the deed must be the figure in TL that is indicated as the equivalence of the converted amount within the FCPL.