Buying Process of property in turkey
Buying Process of property in turkey 2020
Turkish Law For Foreign Buyers
- Buying Process of property in turkey in accordance with the Article 35 of the Land Registry Law No. 2644, amended by Law No. 6302, which entered into force on 18 May 2012, the condition of reciprocity for foreigners who wish to buy property in Turkey is abolished.
- It is important for Buying Process of property in turkey to clarify whether there is reciprocity between Turkey and your country. In this respect if you could provide us with copy of your passport, this issue will be clarified.
Legal Restrictions for Foreigners in Buying Property
- People with foreign nationality can buy maximum 30 hectares of property in Turkey in total and can acquire limited in rem right It can be increased to 60 hectares buy the Foreign Ministry.
- Foreigners cannot acquire or rent property within military forbidden zones and security zones.
- People with foreign nationality can acquire property in Turkey or limited in rem right in a district/town up to 10 % of the total area of the said district/town.
- Legal restrictions do not apply in setting mortgage for real people and commercial companies having legal personality which are established in foreign countries.
Acquisitions by Foreign Companies
- Acquisition of property by the companies which are registered in Turkey is governed by the Article 35 of the Land Registry Law No 2644.
- Foreign commercial corporations which are established according to the relevant laws of their countries of origin can acquire property in Turkey and limited in rem rights within the provisions of special laws in Buying Process of property in turkey.
- No restriction is implemented in favor of the said commercial companies in establishing mortgage.
- Other foreign corporations (i.e. foundation, association,…) cannot buy property and acquire limited in rem right.
Acquisition of Property by Companies with Foreign Capital
- The companies with foreign capital,
- If the foreign investors hold, individually or collectively, 50 % or more shares of the said company,
- If the foreign investors do not hold any share of the said company, but have a right to assign or remove the managers of the said companies on the condition that the said company has a legal personality in Turkey, could buy property in Turkey.
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