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Law on the acquisition and investment of foreigners in Turkey

Law-on-the-acquisition

A historical perspective:

Prior to 2012, a system of reciprocity in terms of ownership and foreign investment was applied in Turkey, which narrowed the number of countries entitled to own land in Turkey, meaning that Turkey was following a system based on reciprocal relations between countries. If a particular state allowed Turkish citizens to own Turkey, on the other hand, allowed the citizens of those countries to own and invest in them. If a certain country does not allow Turkish citizens to own and invest in it, Turkey, in contrast, does not allow the citizens of that country to own and invest. Nevertheless, Turkey was able to attract for many foreign investments.

However, with the promulgation of the Turkish Real Estate Law, article 35 of the Land Registration Law No. 2644, amended by Law No. 6302, on 18 May 2012, which raised the quality of the many restrictions relating to the purchase of real estate and opened the Turkish real estate market to nationals of more than 180 countries , Where the principle of reciprocity between Turkey and other countries has been lifted and foreigners can own and invest in Turkey, which led to the recovery of the Turkish real estate market in an unprecedented manner.

Legal view:

 

According to Turkish law there are two types of legal figures:

 

First: The average real person:

Is the individual who represents himself only, and according to the law of acquisition and new Turkish investment, the foreign person is entitled to possess all types of real estate (land, housing, work place), but provided that follow the legal boundaries of ownership under Turkish law. The average person is entitled to 30 thousand square meters (30 hectares) in Turkey, and he is not entitled to own any more. The army’s permission is required to own any property for a foreigner or a foreign company in Turkey.

The foreigner, who has a resident of Turkey, has the right to invest in the land he owns in Turkey, but he must inform the ministry of the quality of the project and take the necessary approvals.

 

According to Turkish law, the transfer of real estate is done through the “Tabu Foundation” located in each Turkish city, which follows the process of registration and the process of writing contracts between each seller and inventor.

 

 

 

As for the documents required for registration of real estate in the Tabu are:

 

  • Passport (must be translated).
  • Secure the earthquake from an insurance company if the property is a residence or work place
  • A personal photo of the seller (number 1) and a personal photograph of the buyer (number 2), provided that the images are up to 6 * 4 dimensions).
  • Payment of sales or purchase charges from the tax department.

An important thing that an investor must consider before buying is to make sure that there is no reservation on the property that he wants to invest in. To make sure of this, you can check the Tabu Foundation. In the event of any dispute or dispute between the seller and the buyer, the dispute must be transferred immediately to the judicial courts.

 

Second: Owners of legal property in Turkey:

Legal persons are intended for companies with an official trade register, public associations, trade unions and institutions, where the subject of the ownership of real estate property in Turkey was regulated under article 35 of the Turkish Property Law No. 2644. Under special conditions that companies have a commercial register issued by their country (Turkish Law No. 6491, Tourism Promotion Law No. 2634, Industrial Zones Act No. 4737), and there is no limit to the size of the ownership and investment of foreign commercial companies for real estate, Bah Commercial companies can own and invest in the size they want without any limit. However, there is a law that defines the quality and how foreign companies invest in other areas in Turkey. As for other legal entities (not commercial companies), such as associations and trade unions, Ownership and investment therein, these limits are found in Article 34 of Act No. 2644.

Comments (2)

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