http://www.bizcovering.com/tags/turkey New posts about turkey http://www.bizcovering.com/Business-Law/Foreign-Property-Purchase-in-Turkey.79574

Purchasing of properties in Turkey is only possible in according of the Turkish law.

• The fully ownership of a property and the attachments is similar to the German property ownership regulations.
• The "floor ownership" which is regulated in law no. 634 of 23/06/1965 is also similar to the ownership regulations and contents special ownership like a commonhold property, for example one floor together with a part of the common used area of the property.
• The periodic property ownership (time sharing) was opened by law no 3227 of 10/06/1985. It is a variation of "floor ownership", but with a temporary time in year for using the property for every one of the owners continually every year.

Foreign natural persons or legal persons are allowed to buy in according of the article 35 of the Turkish fundamental law (law no. 2644 of 22/11/1934 as amended and promulgated on 7/1/2006 , retroactive valid since 26/07/2006) by fullfilling the following conditions:

• The first condition is the reciprocity. This means that Turkish natives and companies must have the same rights to buy a property in the country of these foreigners. Reciprocity can be guaranteed by bilateral agreements or national laws. The conditions of reciprocity is valid and fullfilled on the basis of the bilateral agreements of following european countries: Germany, Netherlands, Belgium, United Kingdom, France, Spain, Italy, Ireland, Luxembourg, Norway, Greece, which have intergovermental agreements.For other countries the territorial regulations/modifications need a proof. By proof of reciprocity the law and legal practice has to be considered.
• A foreign private person or a company is allowed to buy maximum 2,5 Hectare of land (complete sum of all properties which are ownership). The Turkish government has the right to enlarge it up to 30 Hectare. The data about the ownership and the rights of use of the foreigners are registered in a computer system where these data is open for all local land registry offices. So control is guaranteed. The owners have to sign a document where they ensure that they do not own more than 2,5 Hectare of land and will accept termless the sale of these land which is above the allowed capacity.
• It is an exeption if the foreigner is heir by law. But also only up to 2,5 / 30 Hectar land if there is reciprocity .

• Foreign natives is only allowed to buy properties in areas where qualified Floorplans and ownershiprights and rights of use are existing.
• For the charge of property (for example mortgage) are these modifications not valid. There is also no proof of reciprocity.
• Foreign companies of trade are only allowed to buy in according to special laws like support of Tourism, Industry, or oil
• Apart from foreign natural persons or trading companies, a property ownership or rights of use is not possible for foreign foundations, clubs, or communities, funds in Turkey. The application of such institutions will be immediatly dismissed by the local land registry offices.
• In defined areas foreign natural persons and legal persons are not allowed to buy properties or rights of use. This areas are : agricultural and mine areas, areas of irrigation, nature resorts, areas of energy production, areas which are important because of specialities of culture or religion, areas of important strategy and military zones.

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