Investment and Business Opportunities in Real Estate
There is a prevailing myth that foreigners need to have a Turkish partner in order to work or open businesses in Turkey. This is not the case, and informal agreements between foreigners and Turkish partners which seem an easy option at the start of a new venture all too frequently end in acrimonious feelings all round.
All non-Turkish nationals wishing to start companies in Turkey should apply to the General Directorate of Foreign Investment in Ankara for official approval of the project. In general, Turkey’s policy is to encourage and welcome foreign investors so the formalities are relatively straightforward. Helpful booklets in English may be obtained from Consulates which explain both the application procedure and the economic framework of the system. As in all official matters, the assistance of a competent legal advisor and translator (if needed) is absolutely essential
Foreign Investment Companies can benefit from a wide range of tax concessions and incentive programs, which are particularly favourable when the company is operating in a sector or geographical area that is valuable to the country. For example, an advanced technological enterprise committed to employing and training local people in the under-populated North-East would be considered to be more desirable than a disco in the Aegean
The official road to a legal business is not a hard one, and beats any alternatives, but one would be wise to carry out detailed feasibility studies of a new project before making major decisions
Further resources are available upon request to info[at]marmarisinfo.com including the new Real Estate Law.
Amendment to the Law on Title Deeds Law No. 5444 Date of Adoption : 29.12.2005
For other real estate inquiries and questions please contact real estate consultants listed below