August 1, 2023
Real estate and certain limited real rights can only be acquired by commercial enterprises that were formed under the laws of their respective nations and have legal personality in Türkiye. Other than such commercial companies, legal persons (foundations, associations, etc.) are not permitted to purchase real estate and real rights.
Commercial companies with legal personality founded abroad are permitted to purchase real estate under the laws of their home nations in unusual circumstances and it is considered possible only if it is stipulated by the provisions of international agreements or special laws. Among the special laws containing the provisions on this subject are the Turkish Petroleum Law No. 6491, the Tourism Encouragement Law No. 2634 and the Industrial Zones Law No. 4737.
NOTE: The formation of mortgages on immovable property in favor of foreign real and legal persons is not prohibited, thus this is an exemption in the case of mortgages.
Source: INVEST- Translated by Karen Audit – KarenAudit owns the rights to this translation, and any unlawful use is forbidden.
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
