Why Turkey ?

Real estate acquisition of foreign and legal persons has been regulated in the article'35 of the Land Registry Law has been modified on July 3rd, 2003. By this amendment new regulations have been introduced concerning of real estate acquisition, in our country, of real persons of foreign nationality and trade companies having legal personality.

With the facilities brought by the new law on ownership of property for foreign nationality personalities, until today the following number of properties have been sold to E.U citizens:



Turkey has a wide range of opportunities on offer for the foreign investor. Reasons for investing in Turkey include the following:

Investment

• The country is strategically situated close to the Middle.
  
• East and the European markets.
  
• Agreements between Turkey and 39 other countries to promote and protect mutual investments as well as an agreement to preclude double taxation.
  
• Customs union with E.U. since 1996.
  
• A candidate member of the European Union.
  
• A very liberal investment climate, including free (international) movement of capital, profits, dividends and salaries, free-trade zones and subsidies.
  
• A large labor force at relatively low costs.
  
• A modern infrastructure.
  
• A well preserved European holiday destination.
  
• The World Trade Organization considers Turkey to be one of the most dynamic countries.
  
• Newly administered investment regulations for the foreigners

Living

• Properties at still very low prices
  
• Beautiful Climate
  
• Beautiful blue flag beaches
  
• Well preserved environment
  
• Low living costs
  
• Very hospital people
  
• Environment full of history and culture
  
• Tax facilities for foreigners

General Information

Area : 779,452 sq km (300,948 sq miles).

Population : 73.3 million (UN estimate 2005).

Population Density : 94.04 per sq km.

Capital : Ankara. Population: 3.5 million (2005 estimate).

Geography : Turkey borders the Black Sea and Georgia and Armenia to the northeast, Iran to the east, Iraq to the southeast, the Syrian Arab Republic and the Mediterranean to the south, the Aegean Sea to the west and Greece and Bulgaria to the northwest. Asia Minor (or Anatolia) accounts for 97 per cent of the country and forms a long, wide peninsula 1650km (1025 miles) from east to west and 650km (400 miles) from north to south. Two east-west mountain ranges, the Black Sea Mountains in the north and the Taurus in the south, enclose the central Anatolian plateau, but converge in a vast mountainous region in the far east of the country. It is here that the ancient Tigris and Euphrates rivers rise.

Government : Republic since 1923. Head of State: President Ahmet Necdet Sezer since 2000. Head of Government: Prime Minister Recep Tayyip Erdogan since 2002. Recent history: After a period of economic crisis in 2001 nearly brought Turkey’s economy to collapse, the country agreed a recovery programme with the IMF in 2002 and has since made good progress, with impressive economic growth and decreased inflation. The conservative and Islamist-based Justice and Development Party (AKP) won the General Elections in 2002 and had its domestic position consolidated when it won 42 per cent of the vote in local elections in 2004. Recep Tayyip Erdogan has been Prime Minister since 2002, and although his party has Islamist roots, Mr Erdogan insists that it is committed to secularism. He sees EU entry as a top priority and introduced reforms which paved the way for the opening of membership talks in October 2005. Accession negotiations are expected to take about 10 years. In November 2003,

Language : Turkish. Kurdish is also spoken by a minority in the southeast. French, German and English are widely spoken in cities and tourist areas.

Religion : Muslim with a small Christian minority. Turkey is a secular state which guarantees complete freedom of worship to non-Muslims.

Electricity : 220 volts AC, 50Hz.

SOCIAL CONVENTIONS : Shaking hands is the normal form of greeting. Hospitality is very important and visitors should respect Islamic customs. Informal wear is acceptable, but beachwear should be confined to the beach or poolside. Smoking is widely acceptable but prohibited in cinemas, theatres, city buses and dolmuses (collective taxis). 

Money

Currency : The New Turkish Lira (TRY) was introduced on January 1 2005. The old Turkish Lira (TL) was withdrawn from circulation on January 1 2006. It is now only possible to exchange old Turkish Lira for New Turkish Lira at the Central Bank until December 31 2015. TRY = 1,000,000TL. Notes are in denominations of TRY100, 50, 20, 10, 5 and 1. Coins are in denominations of TRY1 and 50, 25, 10, 5 and 1 New Kuruº (Ykr).

Currency exchange : Cash can usually be exchanged commission free in bureaux de change, banks or hotels. Traveller's cheques can only be exchanged in banks. ATMs are available in most areas. Travellers planning to exchange currency back before leaving Turkey, or making a major purchase which may need to be declared to customs, must retain transaction receipts to prove that the currency was legally exchanged.

Credit & debit cards : American Express, Diners Club, MasterCard and Visa are accepted. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.

Public Holidays : Below are listed Public Holidays for the January 2006-June 2007 period.Jan 1 2006 New Year's Day. Jan 9-13 (9th is a half-day holiday for the public sector) Kurban Bayrami (Feast of the Sacrifice). Apr 23 National Sovereignty and Children's Day. May 19 Commemoration of Ataturk and Youth and Sports Day. Aug 30 Victory Day. Oct 22-24 (22nd is a half-day holiday for the public sector) Ramazan Bayrami (End of Ramadan). Oct 28-29 (28th is a half-day) Republic Day. 30 Dec 2006-3 Jan 2007 (30th is a half-day holiday for the public sector) Kurban Bayrami (Feast of the Sacrifice). Jan 1 2007 New Year's Day. Apr 23 National Sovereignty and Children's Day. May 19 Commemoration of Ataturk  and Youth and Sports Day.

Note : Muslim festivals are timed according to local sightings of various phases of the moon and the dates given above are approximations. During the lunar month of Ramadan that precedes Ramazan Bayrami, Muslims fast during the day and feast at night and normal business patterns may be interrupted. Some restaurants are closed during the day and there may be restrictions on smoking and drinking. Generally, centres of tourism are unaffected. Some disruption may continue into Ramazan Bayrami itself. Ramazan Bayrami and Kurban Bayrami may last anything from two to 10 days, depending on the region. For more information, see the World of Islam appendix.

Traveller's cheques : Traveller's cheques can only be exchanged in banks. To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in Pounds Sterling or US Dollars.

Currency restrictions : There are no restrictions on the import of local or foreign currency, though visitors bringing in a large amount of foreign currency should declare it, and have it specified in their passport upon arrival to avoid difficulties on departure. No more than the equivalent of US$5000 in local or foreign currency may be exported. It must be shown that this has been obtained from authorised banks.

Banking hours : Mon-Fri 0830-1200 and 1330-1700. Some banks in tourist areas are open daily.

Health care : Turkey has a large health sector. A great number of Turkish doctors and dentists speak a foreign language, particularly at major hospitals. Private health insurance is recommended; ensure that it covers Asiatic as well as European Turkey.

Sport & Activities:

 Watersports : The Mediterranean coast, particularly Izmir, has very warm waters and watersports are widely available.

Mountaineering : Turkey has a number of mountain ranges with peaks ranging from heights of 3250m (10,660ft) to the 5165m (16,945ft) of Mount Agri (Ararat), the highest mountain in Anatolia, which provide excellent climbing possibilities for both novice and expert climbers. Permission is required from the Turkish Mountaineering Club.

Skiing : Skiing: Winter sports resorts in Turkey are generally located in forested mountains. Ski centres are often easily accessible by road or by Turkish Airlines domestic flights. Most resorts are in the north (near Ankara) and the western interior (see Resorts & Excursions section).

Trekking : Turkey's vast interior of unspoilt nature, mountains, plateaux, villages and ancient ruins is perfect for exploring on foot.

Golf : There are currently five championship courses in Turkey; one of which is at the Klassis resort close to Istanbul, the other four of which are in the resort of Belek in the Antalya region.and one course will avlaible in  ALTINKUM.

Entertainment:

 Food & Drink : Turkish food combines culinary traditions of a pastoral people originating from Central Asia and the influences of the Mediterranean regions. Guests are usually able to go into a kitchen and choose from the pots if they cannot understand the names of the dishes. Things to know: Turkey is a secular state and alcohol is permitted, although during Ramadan it is considered polite for the visitor to avoid drinking alcohol.National specialities:• Shish kebab (pieces of meat threaded on a skewer and grilled).• Doner kebab (pieces of lamb packed tightly round a revolving spit). • Barbunya (red mullet) and kilic baligi (swordfish). • Dolma (vine leaves stuffed with nuts and currants).• Karniyarik (aubergine stuffed with minced meat). • Turkish Delight (originally made from dates, honey, roses and jasmine bound by Arabic gum and designed to sweeten the breath after coffee). National drinks:• Raki (anisette), known as 'lion's milk', which clouds when water is added. Drinking raki is a ritual and is traditionally accompanied by a variety of meze (hors d'oeuvres).• Ayran (a refreshing yoghurt drink).• Tea.• Strong black Turkish coffee.• Turkish beer, red and white wines.Tipping: A service charge is included in hotel and restaurant bills.

Nightlife : There are nightclubs in most main centres, either Western or Oriental, with music and dancing. There are theatres with concerts in Ankara, Istanbul and Izmir and most towns have cinemas. Turkish baths (hamam) are popular.

Shopping : Istanbul's Kapali Carsi Bazaar has jewellery, carpets and antiques for sale. Turkish handicrafts include a rich variety of textiles and embroideries, articles of copper, onyx and tile, mother-of-pearl, inlaid articles, leather and suede products, jewellery and, above all, carpets and kilims. Shopping hours: Daily 0930-1900 in tourist areas. Closing hours vary, with some shops staying open until midnight. Outside tourist areas shops may close at lunchtime and on Sundays. Istanbul covered market: Mon-Sat 0800-1900 (closed Sunday).

Business:

bull; GDP: US$356.7 billion.• Main exports: Clothing and textiles, road vehicles, iron and steel, electrical machinery and fruit and vegetables.• Main imports: Machinery, appliances and parts, mineral fuels and oil, road vehicles, iron and steel products and plastics and products.• Main trade partners: Exports to: Germany, UK and USA. Imports from: Germany, Russia and Italy. 

Economy : Turkey is self-sufficient in basic foodstuffs including maize, sugar, wheat and barley. Cotton, tobacco, fruit, vegetables and nuts are grown for both domestic consumption and export. A variety of livestock is reared. The agricultural sector still accounts for around 12 per cent of total economic output and is a major employer, especially of women in the workforce, 60 per cent of whom work on the land. There is a sizeable mining industry producing copper, chromium, borax and, to a lesser extent, bauxite and coal. Manufacturing and services are the most important sectors. Manufacturing has grown significantly, in particular the production of textiles and clothing, road vehicles and electronic goods. The service sector too has seen steady growth. Tourism dominates this sector and is the second biggest revenue earner in the country.Economic performance between 1998 and 2002 was poor with negative GDP growth during most of the period (9 per cent during 2001), while inflation was between 40 and 65 per cent. There was improvement in 2003, when inflation was cut to near 20 per cent, and in 2004, when it was cut to 10 per cent. Growth of about five per cent is predicted for 2005 and 2006. Unemployment has remained steady at just over 10 per cent since 2002. Relations with the international financial community have been difficult. Successive governments have agreed reform programmes based on the usual diet of deregulation and privatisation. However, political instability has undermined Government attempts to sell utilities and key industries (including banking and food-processing). Turkey has long harboured an aspiration to join the European Union, having lodged its original application in 1963. Poor economic management, the unresolved situation in Cyprus, perennial disputes with Greece and a bad human-rights record have combined to thwart any prospect of EU membership in the past. However, official EU membership talks finally began in October 2005. Europe has increasing influence over the country; Turkish trade patterns have shifted from the Middle East in favour of Europe, and hundreds of thousands of Turkish workers are employed across the EU.

Business Etiquette : A formal suit or jacket and tie should always be worn for business. English is widely spoken in business circles, although an effort by the visitor to speak a little Turkish is appreciated. The majority of people in business value punctuality and visiting cards are widely used. Office hours: Mon-Fri 0830-1200 and 1330-1730. Summer: In the Aegean and Mediterranean regions of Turkey, government offices and many other establishments are closed during the afternoon in the summer months. The summer hours are fixed each year by the provincial Governors.

Climate : Marmara and the Aegean and Mediterranean coasts have a typical Mediterranean climate with hot summers and mild winters

Required clothing : Light- to medium-weights and rainwear.

Overview: Knocking at Europe’s door yet on the threshold of Asia, Turkey is truly a land of contrasts. Here you can scale the icy heights of remote Mount Ararat in search of Noah’s Ark, cross the historic Euphrates and Tigris rivers, follow in the footsteps of St Paul or simply relax on the golden Mediterranean sands of Patara beach. Vibrant Istanbul, straddling the blue waters of the Bosphorus separating Europe from Asia, beckons with its skyline pierced by countless minarets, chaotic bazaars and a history redolent with harem intrigue and despotic Sultans. In Turkey, you can also cruise along more than 1000km (620 miles) of Mediterranean coastline, past secluded coves, rocky headlands and pretty fishing villages, or explore a hinterland rich in the wonderfully preserved remains of Graeco-Roman cities such as Ephesus. For the adventurous, the austere beauty of the Anatolian plateau, the surreal rock-chimney landscape of Cappadocia and the atmospheric ruins of the enigmatic Hittites await discovery. Here, too, is the unique experience of watching the dervishes whirl in pious Konya. With a code of hospitality nurtured by their Islamic beliefs yet with a remarkable tolerance of other customs, the Turks offer a warm welcome wherever you travel – be it sipping sweet black tea or thick coffee with friendly villagers or sharing a bottle of raki over mezes (hors d’oeuvres) with cosmopolitan Istanbul ‘city slickers’. The modern Republic of Turkey was established in the 1920s by nationalist leader Kemal Ataturk. His ambition and achievement was to transform Turkey into a modern, secular state, and his legacy of political secularism was guarded throughout the 20th century by the powerful Turkish military, which has intervened in national politics whenever it has deemed the country’s stability to be at risk. In recent years, however, as Ankara has set its sights firmly on European Union membership, the military has kept a lower profile in public life. Turkey became an official EU candidate country in 1999, whereupon it initiated a series of important human rights and economic reforms in accordance with EU requirements. The death penalty was done away with, tougher measures against torture were introduced and the penal code was revised. There were also important reforms in the areas of women's rights and Kurdish culture, language education and broadcasting. Membership talks with the EU started in 2005. Both culturally and politically, Turkey is a fascinating society - a modern, westernised country, with a largely Muslim population, cautiously spanning the divide between religions and cultures. 

Telephone : Country code: 90. The cheapest way to make calls is from PTT telephone booths, which are found in all areas. Telephone cards are available for these.

Internet : Internet cafes exist in main urban areas.

Post : Turkish post offices are recognisable by their yellow PTT signs. Post office hours: major outlets Mon-Sat 0800-2400, Sun 0900-1900; smaller post offices have the same opening hours as government offices.