Post by koycegizlad on Nov 15, 2005 15:22:17 GMT 2
Pursuant to the rejection of certain items by the Constitutional Court covering sales to the foreigners, the Minister of Finance, Kemal Unakýtan, is working on a revised draft law to be submitted to the Grand National Assembly in the immediate future. A limit is to be established for sales of land, which will be 10 thousand square meters for personal use of foreign nationalities and 50 thousand square meters for foreign companies.
Real estate sales to foreigners, which were held in abeyance for months, will finally be resumed. The government made required revisions on the items rejected by the Constitutional Court, in the light of objections raised. Expatriates will be permitted to buy a maximum of 10 thousand square meters while foreign companies will be able to purchase 50 thousand square meters of land. On the basis of application by the Republican Party, the Constitutional Court had cancelled article 19 of the law on real estate sales to foreigners and granted a period of 3 months to the government for the required revision. The AKP deputies and mayors approached the Minister of Finance at the Grand National Assembly and asked for the revision to be made as soon as possible. Unakýtan said that the draft law was submitted for signatures and would be presented to the Grand National Assembly in the immediate future. The revision contains the following items:
PRINCIPLE OF RECIPROCITY WILL BE APPLICABLE.
The principle of “reciprocity” will continue to be observed. Expatriates will be allowed to purchase a certain amount of land within the scope of the development plan while foreign companies will be able to buy land of certain sizes in regions set aside for touristic, industrial and technological investments, subject to approval of the government offices. The total area of real property to be owned by an expatriate will not exceed 10 thousand square meters. On the other hand, foreign companies will be permitted to buy real estates to invest in the fields of tourism, industry and technology provided they carry out the constructions and operations in line with their proposed activities. Companies will be allowed to buy maximally 50 thousand square meters in regions set aside for the purpose of cultural and touristic undertakings and as organized industrial sites.
NO RECIPROCITY FOR 49 YEARS
These companies will be allowed to acquire limited real rights up to 49 years on real estates in question under similar conditions, without the principle of reciprocity The Council of Ministers will have the right to increase the size of such real estates by 3 fold. The Ministries concerned will supervise whether the real estates purchased and the limited real rights granted are used for the purposes set out in the applications for investments.
LIMITATONS IN STRATEGIC REGIONS.
The Council of Ministers will be empowered to set limitations in certain conditions on the real estates owned by expatriates and foreign companies. Sales to and acquisition of real rights by expatriates may be prohibited in areas under protection due to water and energy supply, farming, mining, site and strategical regions and those with religious and cultural features, as well as regions under special protection because of endemic flora and fauna, based on proposals of government offices. A commission will be established to study the proposals for limitations.
CRITERIA ON REAL ESTATE SALES TO FOREIGNERS:
The establishment of RECIPROCITY will be based on legal and actual aspects. In practice. This principle will be set on the legal rights recognized by the countries of the prospective purchasers to Turkish citizens and commercial companies, as well as their own nationals, in the ownership of real estates.
The Ministry of Finance will have the authority for liquidation.
Real estates which are acquired contrary to regulations on real estate sales to foreigners or used for purposes outside the scope of the governing legislations will be liquidated by the owner within the period granted by the Ministry of Finance. Failing this, the real estates in question will be liquidated by the public sector and the proceeds will be paid to the holder of the right...
Bulent
Real estate sales to foreigners, which were held in abeyance for months, will finally be resumed. The government made required revisions on the items rejected by the Constitutional Court, in the light of objections raised. Expatriates will be permitted to buy a maximum of 10 thousand square meters while foreign companies will be able to purchase 50 thousand square meters of land. On the basis of application by the Republican Party, the Constitutional Court had cancelled article 19 of the law on real estate sales to foreigners and granted a period of 3 months to the government for the required revision. The AKP deputies and mayors approached the Minister of Finance at the Grand National Assembly and asked for the revision to be made as soon as possible. Unakýtan said that the draft law was submitted for signatures and would be presented to the Grand National Assembly in the immediate future. The revision contains the following items:
PRINCIPLE OF RECIPROCITY WILL BE APPLICABLE.
The principle of “reciprocity” will continue to be observed. Expatriates will be allowed to purchase a certain amount of land within the scope of the development plan while foreign companies will be able to buy land of certain sizes in regions set aside for touristic, industrial and technological investments, subject to approval of the government offices. The total area of real property to be owned by an expatriate will not exceed 10 thousand square meters. On the other hand, foreign companies will be permitted to buy real estates to invest in the fields of tourism, industry and technology provided they carry out the constructions and operations in line with their proposed activities. Companies will be allowed to buy maximally 50 thousand square meters in regions set aside for the purpose of cultural and touristic undertakings and as organized industrial sites.
NO RECIPROCITY FOR 49 YEARS
These companies will be allowed to acquire limited real rights up to 49 years on real estates in question under similar conditions, without the principle of reciprocity The Council of Ministers will have the right to increase the size of such real estates by 3 fold. The Ministries concerned will supervise whether the real estates purchased and the limited real rights granted are used for the purposes set out in the applications for investments.
LIMITATONS IN STRATEGIC REGIONS.
The Council of Ministers will be empowered to set limitations in certain conditions on the real estates owned by expatriates and foreign companies. Sales to and acquisition of real rights by expatriates may be prohibited in areas under protection due to water and energy supply, farming, mining, site and strategical regions and those with religious and cultural features, as well as regions under special protection because of endemic flora and fauna, based on proposals of government offices. A commission will be established to study the proposals for limitations.
CRITERIA ON REAL ESTATE SALES TO FOREIGNERS:
The establishment of RECIPROCITY will be based on legal and actual aspects. In practice. This principle will be set on the legal rights recognized by the countries of the prospective purchasers to Turkish citizens and commercial companies, as well as their own nationals, in the ownership of real estates.
The Ministry of Finance will have the authority for liquidation.
Real estates which are acquired contrary to regulations on real estate sales to foreigners or used for purposes outside the scope of the governing legislations will be liquidated by the owner within the period granted by the Ministry of Finance. Failing this, the real estates in question will be liquidated by the public sector and the proceeds will be paid to the holder of the right...
Bulent
(Yorkshire speak for not very intelligent) does all this mean that my 250 sq meters are safe for the next 49 years 
by which time I will be 97 years old, 
and not able to put up much of a fight when they try to take it off me ;D
