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Bağ & Günen Hukuk Bürosu

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The amendments on the Free Zones Law (“FZL”) numbered 3218 for facilitating investments and decreasing the financial burden of the public were published in the Official Gazette of 24.02.2017 numbered 29989. The details regarding these amendments are provided below: Expropriation Within the scope of the amendment a provision was added to the 5th Article on organization of free zones which determines that the Council of Ministers may decide for urgent expropriation of lands and facilities that are declared as a free zone. Expropriation procedures are undertaken as per the Expropriation Law numbered 2942 under Turkish law. In case of an urgent expropriation,

The amendment to the Article 20 of the Regulation on the Enforcement of the Turkish Citizenship Law which sets forth the (exceptional) acquisition of Turkish citizenship was published in the Official Gazette dated 12 January 2017 and numbered 29946. The amendment sets out the acquisition of Turkish citizenship via specific methods such as acquisition of property, making capital investment or generating employment. With the amendment, which entered into force on 12 January 2017, foreign citizens may acquire Turkish citizenship by a proposal of the Ministry of Interior and the Decision of the Council of Ministers provided that at least one of

Sovereign wealth fund may be defined as a state-owned investment fund or an entity that is typically created by governments with budgetary surpluses for mainly capital preservation and/or investment return purposes.Since 2005 at least 40 sovereign wealth funds were created globally and Turkey joined among these countries such as Canada, China, Japan, US and Qatar in 2016 by enacting the Law numbered 6741 on the Establishment of the Turkish Sovereign Wealth Fund Management Incorporation (“Law”).The Law was published in the Official Gazette dated 26.08.2016 and numbered 29813. The Law sets out that the Turkish Sovereign Wealth Fund Management Incorporation (“Company”)