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rated under Turkish Law”
is granted with such exclusivity. Pursuant to
the article 6 of the Mining Law;
“Mining rights shall be granted to the
Turkish citizens that are qualified to enjoy civil rights, companies that
are legal entities established in accordance with the laws of the
Republic of Turkey and whose statute prescribes that mining is includ-
ed in their field of activity, public economic enterprises authorized on
this matter and their entities, subsidiaries and affiliates and other
public institutions and administrations.”
Nationality of Entities regulated under the Direct Foreign
Investment Law:
The Direct Foreign Investment Law no 4875 published in the
Official Gazette dated 17.06.2003 and numbered 25141 deems
“the
legal entities incorporated in accordance with the foreign countries
laws”
as foreign investors. Art. 2 of the Direct Foreign Investment
Law, defines a foreign investor as
“1) Real persons who possess for-
eign nationality and Turkish nationals who reside abroad 2) legal enti-
ties established under the laws of foreign countries and international
institutions who make foreign direct investment in Turkey.”
Moreover, the clearest and explicit provision is provided in art. 7
of the Foreign Investment Framework Resolution (The Council of
Ministers’ resolution no 95/6990, dated 07.06.1995; published in the
Official Gazette no 22352; the “Decision”) which states that the com-
panies and branches incorporated according to the provisions of TCC
are Turkish companies and branches subject to the existence of the
approvals required by the Law no 6224. However, the Law no 6224 has
been abrogated by the Direct Foreign Investment Law and art 5/c of the
Direct Foreign Investment Law provides that any reference to the Law
no 6224 in the legislation shall be deemed to be done to the Direct
Foreign Investment Law.
Conclusion
In the light of the above, although there is not a clear and explicit
definition and criteria regarding the nationality of the legal entities,
there are some regulations indicated in the TCC, the Banking Law, the
Mining Law and the Direct Foreign Investment Law which points the
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