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The legal grounds for acquisition of real estates and rights in rem by foreign natural and legal persons in our country are articles 35 and 36 of the Land Registry Law No 2644. The citizens of the countries, which are determined by the President under the authorization granted in the Land Registry Law, may acquire real estates and limited rights in rem in our country subject to the legal limitations.
At present, citizens of total 184 countries may acquire real estates from our country.
Companies, which are established according to the laws of our country and whose shareholders include foreign natural persons, foreign enterprises or trading companies, qualify as “company with foreign capital” and may acquire real estates and limited rights in rem suitable for their operations. Among them, acquisition of real estates and limited rights in rem by those, in which foreign natural persons, enterprises or companies own 50% and more of the shares or with respect to which the foregoing foreign persons are authorized to appoint the managers even if they own less than 50% of the shares, shall be subject to authorization by governorships.
For example: A company that is established in Germany under the legislation of such country, which, however, has shareholders who are citizens of Germany, France or Turkey, qualifies as a foreign company; and may only acquire limited rights in rem in our country within the scope of tourism, industrial or oil operations only; a trading company, whose shareholders representing 50% and more of the shareholding are not Turkish citizens, yet which is established and registered into Turkish Trade Registry according to the applicable legislation of our country, on the other hand, qualifies as a “Company with Foreign Capital” and may acquire real estate ownership under the provisions of the legislation in force.