According to article 35 of the Land Registry Law No: 2644 (the “Law”), commercial companies having legal entities and established in compliance with the country of origin may only acquire immovable in accordance with private legislations. In this respect, currently such companies are able to acquire immovable in Turkey in accordance with the Industrial Zones act no. 4737, Petroleum Law no.6326 and the Tourism Incentive Law no.2634. Establishing immovable pledges in favor of the commercial foreign companies having legal entities shall not be subject to these restriction or limitations.
As per Article 35 of the Law, if the immovable is unstructured (such as a field, vineyard, garden etc.), the project related to the immovable must be approved by the related Ministry within two years as of the acquisition date of the concerned immovable and the approved project or the approval letter of the related Ministry should be recorded in the Land Registry declaration section. In case any declaration was not made in two years after the concerned land acquisition, a letter shall be served to the local Fiscal Administration (revenue office/fiscal office) regarding the liquidation of such immovable. Foreign legal entities, which fail to submit their projects to the approval of the related Ministry within two years, have to liquidate their immovable within one year. In case of failing to liquidate the immovable within one year, Ministry realizes the liquidation and the amount will be paid to the rights holder.