The third session of the real estate investment and development system was held on the second day of the Turkish-Arab Economic Cooperation Summit for Building Supplies, Interior Decoration, Furniture, Investment and Real Estate Development which took place in Istanbul from 19 to 22 November 2018, in the presence of the main members of the system, in addition to the presidents and the directors of Chambers of Commerce, associations, Arab economic and investment organizations which were invited to the meeting in order to introduce them to the system firstly, and exchanging points of view and experiences regarding investment and real estate development in Turkey and the Arab countries secondly.
Mr. Sabouhi Attar, the president of both Turkish-Arab Countries Business Association and the Investment and Real Estate Development Authority, has opened the meeting by welcoming the attenders, and then read his opening speech, which included the founding articles of the real estate investment and development system.
Mr. Sabouhi Attar gave the word to Professor Soad Ismail, the representative of the legal consultation system in Turkey, who also talked about the new adjustments in the terms of giving Turkish nationality to foreigners in exchange for buying a property in Turkey or operating investment and deposit in Turkish banks.
From her part, Mrs. Suad stated that according to the new law, foreign investors can obtain Turkish citizenship in the following cases:
– In the case of buying a property in Turkey which worth $ 250,000 and above, but in condition that the property is not sold within a period of three years.
– Deposing $ 500,000 and above in a Turkish banks.
– In the case of a fixed investment with a principal which estimated at $ 500000 and above.
Ms. Suad also confirmed that the investor, after completing the official documents for buying a property, a bank deposit or fixed investment, can apply directly for the citizenship. She added that in the case of approval of the specialized authorities, the investor, his wife and his children under the age of 18 will all have the Turkish nationality.
From the part of Mr. Sabouhi Attar who stated the importance of the system of consulting’s role in providing legal rights in all matters related to the issues of buying, selling and real estate investments.
After that, the subject of investment in Algeria and the 51% formula versus 49% was discussed, which means that the Algerian partner, whether public or private owns 51% of the stocks of the investment which established in Algeria. The regulations oblige the Local investment in cooperation with local partners to invest in the same field of activity with a local company with the majority of its citizens.
In this regard, and to response to the special inquiry regarding investment in Turkey and whether there are similar rules, Professor Soad confirmed that the investment in Turkey is easy and there are no complicated conditions. In three days, the foreign investor can establish his own company in Turkey, with offering so many facilities.
Mr. Sabouhi explained that the foreign investor should know that the support and facilities which are provided by the Turkish government for investments vary from one city to another and from one specialization to another. Therefore, the foreign investor can choose what suits him according to the support given to a certain area or to a particular specialization.
In response to one of the questions which are asked about the inquiry on the investments in the Turkish cities, Mr. Sabouhi stated that there are different levels of municipal councils in all the provinces of Turkey, there are main municipal councils and there are subsidiary municipal councils, and in all these municipalities there are private offices to give information about these investments, but accuracy is needed when taking any information and inquire for the right and the correct way to achieve the wanted investment from all levels.
In his speech, Mr. Adel Rahmah, the President of the Arab Union of Cities and Urban Communities, mentioned about the importance of ensuring mutual Turk Arab cooperation, which means that the role of the system of investment and real estate development should not be limited only for Turkish cooperation. He urged the Arab companies to be present and to participate in such exhibitions.
Commenting on the speech of Dr. Adel Rahooma, Mr. Sabouhi Attar stated about the need for intensify and stimulate the exchange of specific information on investments in all Arab countries and Turkey. The more the system has enough information, the more it can offer and exchange investment opportunities between Turkey and Arab countries. Each member of the system must have a part of responsibility for providing the correct information of investments in his country.
In the end, Mr. Sabouhi Attar reiterated his willingness to guarantee and secure the investment in Turkey and the need for providing correct information regarding investments in Arab countries.