REAL PROPERTY ACQUISITION OF FOREIGN LEGAL PERSON (ENTITY) IN TURKEY:

As a general rule, (exclusion of some exceptions ) real property acquisition right has not been recognized to the foreign legal entities in our legislation. Although foreign legal entities have no possibility to acquire real property in our country as a general rule, changing conditions and legal arrangements put out concerning the enterprises necessary for economy of our country have brought out some exceptions for the rule of inability to acquire real property of foreign legal entities. a.In the article 10 of the Law of Encouragement of Foreign Capital numbered 6224 has been stated 'Foreign capital and enterprises working in same sectors may also profit under same conditions from all rights, exemptions and facilities recognized to internal (native) capital and enterprises' and real property acquisition right and other authorities have been recognized to the foreign capital companies in Turkey by this provision. b.According to the article 8/E of the Tourism Encouragement Law numbered 2634, in the process of real property acquisition within the mentioned areas, foreign legal entities which will establish commercial enterprise in order to realize commercial activities in tourism sector within the areas available to tourists and regions may be excepted from conditions and restrictions taken part in the article 35 of the Land Registry Act and in the article 87 of the Village Law by decision of the Council of Ministers. Also, Ministry of Tourism has authority of renting and allocation of real properties assigned to the Ministry of Tourism within the tourism centers and areas to the foreign natural and legal person having tourism investment certificate as well as establishing charges on these real properties including real and permanent rights in accordance with the article 8/D of the mentioned Law. c.Foreign banks establishing their branches in Turkey by decision of the Council of Ministers can acquire real property which is necessary for realization of their banking activities according to the Banking Law numbered 3182. d. According to the final form of Oil Law numbered 6326 which has been changed by the Law numbered 1702 gives permission of acquiring land as working areas in Turkey to the foreign legal entities.