International Law Firm News

International Law Firms and Turkey

Following article quoted from lawfuel.com . You can read the full history from the given link.

" Clifford Chance has today announced its intention to extend further its business in the dynamic Turkish market and across South Eastern Europe with the opening of an office in Istanbul. The office will operate in cooperation with Yegin Legal Consultancy (YLC), Clifford Chance's well-respected associate Turkish law firm, headed by Mete Yegin. London-based Finance partner, Simon Williams will lead the Firm's practice in Turkey.

David Childs, Clifford Chance Managing Partner, explains, "Since formalising our consultancy arrangement with Mete in January last year, our business in Turkey and the wider region has gone from strength to strength. It is clear from discussions with our clients that they see this as one of a number of important growth markets and are keen to see us establish a presence on the ground. Their view reflects our own focus on the fast growing economies in Asia, Latin America, Africa and the Middle East and our long-standing commitment to Eastern Europe."Simon Williams, who will relocate to Istanbul in due course, adds, "The Turkish business environment is evolving fast and there is a strong group of very impressive corporations that are ambitious to expand.

These businesses, alongside the major multinationals, are looking for the highest-quality international and Turkish legal advice around inbound and outbound investment. Combining our network and our deep expertise in the key sectors that are driving development in the region with the best-in-class Turkish legal advice provided by Mete's team makes us particularly well placed to support these clients in meeting their ambitions."

Source: http://lawfuel.com

Sales of real estate to foreign companies in Turkey

Sales of real estate to foreign companies in Turkey

Turkey's Constitutional Court decides to annul a law allowing sales of real estate to foreign companies. According to Finance Minister of Turkish government Kemal Unakitan

"This decision does not help our efforts to attract foreign investors into Turkey,"

In the article of Guardian which depends on Reuters news about the sales of real estate to foreign companies stated that " The Constitutional Court ruling, which cannot be appealed against, on Wednesday cancelled a law allowing sales of property to companies established by foreign investors or joint ventures involving foreign firms."
The court ruling will come into force six months later following its publication in the Official Gazette.
The deals which are already made will not be affected from the latest development.
According to Wolfango Piccoli, an analyst for Eurasia Group, said that

"While the government is expected to make new changes in the title-deed law before the ruling comes into force, the decision by the court is certainly negative."

Economists fear the ruling could scare off investors in the real estate sector at a time when foreign direct investment (FDI) is most needed to protect the $620 billion economy from global financial turbulence.
Turkey attracted $22 billion in FDI in 2007 and expects to receive more than $20 billion this year through privatisation and greenfield investments as well as real estate sales ahead of the ban.
Turkey's real estate market has seen a boom in recent years, helped by a young and fast-growing population, economic growth averaging 7 percent a year, foreign buyers and prospects of European Union membership.
"Foreign investors' real estate purchases amounted to around $2.9 billion in 2007, an important part of FDI that is the main financing tool of the growing current account deficit."

Source: www.guardian.co.uk

Foreigner Employment Acc. to the Turkish Law and Regulations

Foreigner Employment According to the Turkish Law and Regulations

Following article will give you a short information about the turkish law and regulations how to regulate the employed foreigners.

All foreigners have to get a work permit to work in Turkey.

Where to apply for a work permit:
If the applicant has a residence permit for Turkey, you can apply directly to the Ministry of Labor and Social Security.
Without residence permit you can not get a work permit. You should get first the residence permit

What kind of documents are required for the applicaton of work permit?
1- Foreign Personnel Application duly filled out with personal pictures attached
2- The approved translation of the applicant’s passport
3- Applicant’s diplom certified by a notary public and its turkish translation.
4- Contract of employment
5- A residence permit valid for min. six months.
6- CV of the applicant.
Supplementary documents are needed in some cases. These are mainly the letters of approval of the related ministries.

The validity of the work permits:
As a rule the work permits are for a maximum period of one year for their first application. If needed, in the following subsequent applications the work permit can be extended for up to three years.

A SHORT HISTORY OF TURKISH LAW

A Short History of Turkish Law

"After the proclamation of the Edict of Reorganization of 1839 (Tanzimat Fermanı), Ottoman rulers aimed at renewing the social and the political structure of Turkey along western lines, and some European codes of law were adopted. In 1856 another Edict confirmed the principles of the Edict of 1839. The reforms introduced after 1839 were not radical in nature and old institutions were preserved while the new ones introduced. In the period between 1839 and 1923. though some modern western statutes were adopted from Europe, the old Islamic laws and institutions were also maintained.
After the proclamation of the Republic in 1923, radical reforms were introduced in legal matters as in other spheres of social life.The adoption of the Swiss Civil Code and Code of Obligations which contain the law of persons, familiy law, succession, property, contracts, torts, and unjust enrichment, both of which adopted in 1926 with some minor alterations, represented a profound change in the social life of Turkey. The swiss lawyer and scholar Sauser - Hall, referring to the adoption of the Swiss Civil Code by Turkey says that "such a radical and rapid change is unknown to history"
Not only in the field of private law but also in the spehere of public law western codes were adopted."*
* Introduction to Turkish Law Tugrul ANSAY, Don WALLACE Jr. Ankara,1978