Legal Updates

The amendment regulation, which increases the monetary limit of the value of real estate to be purchased for application for Turkish Citizenship and Regulates a new way of investment to acquire Turkish Citizenship exceptionally has been published in the official gazette dated 13th 2022

“Communiqué Amending The Communique On Supporting Conversion To Turkish Lira Deposit And Participation Accounts” (“Communiqué-A”) and “Communiqué Amending The Communique On Deposits And Participation System (Yuvam) Accounts For Citizens Residing Abroad” (“Communiqué-B”) published on the Official Gazette dated March 22nd, 2022 and numbered 31786; and entered into force on the same day.

SAFE is an acronym for “Simple Agreement for Future Equity” that is concluded between the investors and the target companies/start-ups; where the investors give the funds to start-ups in advance, in exchange for a promise from the company to give shares to the investor at a future date when start-up raises money on a priced round (equity investment).

The Communiqué No. 2022/2 (the “Amendment Communiqué”) on the Amendments to the Communiqué No. 2010/4 on Mergers and Acquisitions Subject to the Approval of the Turkish Competition Board (“Communiqué No. 2010/4”) is published in the Official Gazette dated 4 March 2022 and numbered 31768, which will enter into force in two months following its publication.

The first regulation regarding the acquisition of Turkish citizenship by foreigners in Turkey through investment was put into effect with the Decision numbered 2016/9601 which was published in the Official Gazette dated January 12th, 2017.

Although it is possible for any general manager of a public joint stock company to be also appointed as a general manager and/or a board member of a private joint stock company within the same capital group; the consequences of this situation must be evaluated separately with regards to Turkish Commercial Code (“TCC”) and capital markets legislation.

The Regulation on the Operating Principles of Digital Banks and Service Model Banking (“Regulation”) was published in the Official Gazette dated 29 December 2021 and numbered 31704; the Regulation entered into force on 1 January 2022.

With the pilot judgement published by the Constitutional Court on 07.01.2022, a readjustment was made within the scope of the Law No.

The “Amendment Regulation on the Regulation on the Implementation of the Turkish Citizenship Law” (“Amendment Regulation”), which was published in the Official Gazette dated 01/06/2022 and numbered 31711; brought changes to the Regulation on the Implementation of the Turkish Citizenship Law (“Regulation”), entered into force on the day of its publication.

The Regulation on Payment Services and Issuing Electronic Money and Payment Service Providers (“Regulation”) and the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in the Field of Payment Services (“Communiqué”) have been published in the Official Gazette dated December 1, 2021 and numbered 31676; the Regulation and Communiqué entered into force on the date of publication.

The Competition Authority (“ Authority ”) continues to work intensively. In this context, the first Competition Board (“Board”) decision on the termination of the preliminary inquiry procedure using the commitment mechanism has been published on the website of the Authority.

Circular numbered 2021/6 (1911) (“Circular”) by Ministry of Environment and Urbanism General Directorate of Land Title Registry and Cadastre (“General Directorate”) Department of Real Estate Valuation on the procedures and principles about the valuation reports prepared for transactions where foreigners are a party have been promulgated on 15.09.2021 (“Announcement”), on the official website of the General Directorate. Provisions of the Circular came into force starting from the date of 20.09.2021.

The Decisions of the Information and Communication Technologies Authority on the Prohibition of Placing Advertisements on Social Network Providers that Do Not Fulfill the Obligation to Appoint and to Announce Representatives ("ICTA Decisions") have been published in the Official Gazette dated 19 January 2021 and numbered 31369 and entered into force on the date of publication.

Stay updated with the latest legal updates , insights and analysis in Turkey prepared by Moral & Partners Compliance Team.