Do foreigners have the right to own property in Turkey?

The great development witnessed by Turkey in the last ten years and its economic and political stability has made many foreigners, especially from Arab countries, view the real estate market in Turkey as one of the most promising and safe commercial opportunities, so that the real estate market in Turkey will achieve an unprecedented recovery. A new law on real estate investment passed by parliament in 2012 to abolish the reciprocity law that was in force in Turkey, and open the way for ownership of property in Turkey for all nationalities.


 According to the new law, foreigners are allowed to own property in Turkey, with the exception of four nationalities, including the Syrian nationality, which is not entitled to own the property because of the historical dispute between Turkey and Syria over land owned by Syrians in Turkey and land for Turks in Syria that have not been liquidated after the demarcation of the border between the two countries after the collapse of the state. Ottoman.


 The director of this restriction was that the Syrian citizen establishes a private company in his personal name and does not have to have a Turkish partner or others. Through the company, he and those who do not have the right to own property in Turkey can own any real estate in the name of the company. It owns the property and is also entitled to engage in any commercial, industrial, agricultural or services activity without condition or restriction. The only negative of this method is the additional expenses on the establishment of the company and some additional taxes, but it is a safe way to save the property and his offspring.


 It takes two days to establish the company, obtaining the tax number and the commercial register. A bank account can then be opened, for the company to conduct its business activities in the country.


 Steps to start a foreign company in Turkey


 There are several types of companies in Turkey, including a joint stock company, a limited liability company, an unlimited liability company and a limited liability partnership company, all of which can be owned by one or an unlimited number of partners.


 It is necessary to prepare some of the papers necessary for the establishment of a company, which is prepared by the law firm or financial office.


 Application for incorporation of the company, power of attorney, declaration of incorporation, company memorandum of association, registration of personal identity, photocopies of passport and identity, signature statement, certified copies of foreign documents, bank receipts, chamber registration statement, undertaking, if the partner is a foreign national His passport translation and a notarized translation of the notary also need to obtain a personal tax number.


 The owner of the company is required only a passport and photographs and the headquarters of the company, and the rest of the documents prepared by a financial office or law firm.


 Due to these facilities, the number of new foreign companies in Turkey reached 37,737 in 2013, compared to 5,600 in 2002.


 The area of ​​real estate purchased by the Gulf this year amounted to nearly 2 million square meters, up from 735 thousand square meters in 2013, and Saudi citizens ranked first among Arabs in owning real estate in Turkey with a total area of ​​910 thousand square meters