- Foreign Ownership of Immovables in Turkey
- August 23, 2012
- Law Firm: HERDEM&Co. Attorneys At Law - Istanbul Office
Accordingly, compliance with legal restrictions, provided that the interests of the country where this is justified in terms of international bilateral relations established by the Council of Ministers, citizens (individuals) of foreign countries may acquire immovable property and limited real rights in Turkey. Immovable property acquired by a foreign person or independent and permanent limited real rights shall not exceed ten per cent of privately owned town and thirty hectares across the country. The Council of Ministers is authorized to increase up to twice the amount available from across the country.The foreign companies having legal personality and established under the laws of origin country, may acquire immovable and limited real rights only within the framework of private statues. Foreign companies not subject to private statues shall neither acquire immovable nor limited real rights in favor.
The Council of Ministers has authority to restrict or prohibit the acquiring immovable or limited real rights considering the country, person, geographic region, time, number, rate, type, quality, surface area.
Foreign real persons and companies having legal personality established according to the laws, shall submit the construction plans, if any, before the purchase of the immovable. With the exception of those covered by Article 28 of Turkish Citizenship Law number 5901 dated 29/5/2009, the foreign individuals, legal persons established under the laws of foreign countries and international organizations, whom owns at least fifty percent of shares or have the authority to assign or dismiss majority of managing persons in company established in Turkey may acquire immovable and real limited rights to carry out specified fields of activity as defined in articles of association.The same principles are applied in cases where there is majority share holding in direct or indirect partnership of a Turkish company.