Social Security

Thursday, 18. February 2016

One of the major real estate obstacles faced by foreign investors in Turkey were the bureaucratic hurdles for the purchase of land by Turkish firms which have foreign shareholders. The law says that firms based in Turkey and foreign-owned, may acquire ownership and other similar rights in real property in Turkey. Acquisition of real estate directly to foreign firms still remain prohibited. Foreign individuals can buy property on condition of reciprocity, with registration at the Land Registry Office, as before. Dispute Resolution From the legal point of view, foreign investors have ability to make commercial disputes to international arbitration and international courts. Indecision and debate on the issue stems more from the reluctance of the authorities to transfer Turkish legal disputes to the jurisdiction of any bodies other than the Turkish courts. Apparently, in order to create more convenience for foreign investors, the Act makes it clear that recourse to domestic and international arbitrators and alternative dispute resolution mechanisms available to foreign investors of capital. Despite the fact that the formulation of the principle in itself encouraging, is to some extent for the benefit of foreign investors if they can convince the Turkish side of the dispute to resolve it is not Turkish, and other courts.

Hiring Foreign nationals to work The main condition for hiring foreign nationals to work in Turkey is still is an official permit. Work Permits are no longer subject to the jurisdiction of GUII, according to released in the past year, the Law 4817 "On the work permits of foreign Citizens' permits are issued by the Ministry of Labor and Social Security. According to the Law 4817 the procedure for obtaining a work permit does not become easier than ever before, are only major exception of specialists and control firm. The main thing of Foreign Investment Law GUII much limited role GUII, except for preserved competence of the Office to issue a permit to open office or contact to deny them. The law requires foreign investors to provide the Office of certain statistical data which it may request from time to time. The Act confirms that in this way provided information can be used for statistical purposes only and in no case will not be used as the basis for any claims it.

Terms of use Support For Foreign Investors Act repeats well-established principle that they are guaranteed equal treatment with local investors. An interesting fact is that despite all efforts to attract foreign capital, the Act does not provide tax or any other methods of stimulation, designed exclusively for foreign investors. In addition, we can say that the law again and again reminds us that the requisition and nationalization are permissible only in cases necessary for the public good and only the payment of adequate compensation. Conclusion In any case the law is a big step in the right direction. Thanks to him, the ability of foreign investors to make investments in Turkey have greatly improved. We hope that the drastic changes in legislation will help to attract new investors to the Turkish economy.

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