Bill for foreigner’s property rights in Parliament

TH4S · #1 24-04-2008, 09:08 AM

Bill for foreigner’s property rights in Parliament

Quote:

Taking into consideration the Constitutional Court's cancellation decision, a revamped bill about the right of foreigners to purchase property rights in Turkiye has been submitted to the Parliament Speaker's office.

According to the bill that foresees amendments to the existing Title Deeds Law, foreign national real persons will be able to acquire real rights over immovable property on a maximum of 10 percent of a total plot within the borders of a district development plan. But the cabinet, taking into account a district's importance in terms of infrastructure, economic conditions, energy, environment, culture, agriculture, and security, will have the authority to determine a different percentage on the condition that it doesn't exceed the permitted level.

According to the bill, the authority to determine areas where foreign national real persons cannot acquire property will again belong to the cabinet. Those areas include protected areas such as irrigation, mining, agriculture, energy sites and areas that are protected due to their special cultural characteristics. The latest bill has been prepared after a carefull review of legal grounds cited in the Constitutional Court verdict that canceled a previous bill including some amendments to the Title Deed Law.

Article from Turkey Herald /+TDN