Deadline for Foreign Property Purchase Agreements Extended by 90 Days
A decree-law has been issued to extend the deadlines for existing sales agreements under the Foreigners' Immovable Property Acquisition Law, addressing the need for new regulations and timeline extensions.
The "Decree-Law on Amendments to the Provisional Article 1 of the Immovable Property Acquisition and Long-Term Leasing (Foreigners) (Amendment) Law" was approved by the Council of Ministers yesterday and published in the Official Gazette.
Purpose of the Extension
The decree extends the deadlines for sales agreements exceeding the acquisition limits outlined in the law. The extension aims to:
- Prevent revenue losses for the state by ensuring the collection of taxes and fees.
- Support the economy through tax revenue.
The previous six-month deadline, set to expire on February 21, 2025, has now been extended by an additional 90 days from that date.
Rationale Behind the Decision
The decree states that foreign individuals or legal entities have faced challenges in complying with the law due to:
- Being based abroad, making transactions difficult.
- Communication issues between buyers and sellers.
- Delays in tax and fee payments, resulting in financial losses for the state.
To prevent further revenue loss, facilitate tax and fee collection, and contribute to the economy—particularly in light of urgent government expenditures—the extension was deemed necessary.
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