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Use in Violation of Article 35
The ownership rights acquired on a land may be ordered to be dis-
posed within one year time limit granted by Ministry, if: (i) the acquisi-
tion transaction is not compliant with the conditions set forth under
Article 35 of the Law; (ii) the properties are used against their acquisi-
tion purposes; (iii) the off-plan properties, which are not notified to the
relevant Ministry or the projects of which are not completed within the
time limits; (iv) the properties acquired by inheritance apart from the
restrictions within the scope of the first subparagraph of Article 35. If
the owner does not dispose the property within one year of the time lim-
its granted by the Ministry of Finance, the property shall be disposed
and the sums received after disposal shall be paid to the beneficiaries.
Acquisition of Immovable Properties by Foreign Investors
The conditions set forth under Article 36 of the Law, regarding
acquisition of ownership rights on a land or use of limited rights in rem
or immovables by the foreign investors in order to perform activities
specified in articles of associations of the incorporated companies in
Turkey, which they established or participated in, are amended. As per
the amendment, foreign national natural persons and legal entities
incorporated in accordance with legislation of foreign countries and
incorporated companies established in Turkey, fifty percent or more
shares of which are owned by international institutions or the autho-
rization of assignment and release of majority of directors for which
are granted to international institutions, can acquire ownership rights
on a land.
The foreign capital companies apart from the foregoing shall
acquire ownership on a land in accordance with the provisions envis-
aged for the domestic capital companies.
The use of immovable, acquired in accordance with Article 36 of
the Law, shall be supervised by governorships at regular intervals with-
in the frame of land registrations.
Use in Violation of Article 36
The ownership rights in any form acquired on immovable proper-
ties, which are not acquired or used in compliance with the conditions
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NEWSLETTER 2012