THE ACQUISITION OF REAL ESTATE AND LIMITED REAL RIGHTS BY THE TURKISH COMPANIES HAVING FOREIGN INVESTMENT

While the companies with foreign investment established in Turkey in accordance with the provisions of the Turkish Commercial Code and hence deemed to have Turkish nationality are not subject to any restrictions in the acquisition of real estates and limited real rights as a general rule, some exceptions to this rule are laid down with the article 36 of the Deed Statute numbered 2644. Within this context, in the first three paragraphs of the mentioned provision, it is stated that where the majority of the shares initially belong to or afterwards are transferred to foreign partners or where the power of appointment or dismissal of the management organ belong to them, those companies may acquire and use real estate or limited real rights to achieve the goals defined in their articles of association. Furthermore, they need to get permission if the real estate or the limited real right is within the boundaries of military prohibited zones, military security or special security zones. In the fourth paragraph of the same article, it is stated that those foreign invested companies out of the scope of the first three paragraphs may acquire and use the real estate and limited real rights under the provisions that the domestic capital companies are subject to