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The Communiqué Regarding Decree No. 32 on the Protection of the Value of Turkish Currency, which entered into force on 6 October 2018, had introduced restrictions against prices in agreements for the lease and sale of real estate, construction, employment, and services from being denominated in foreign currency. However, the Amending Communiqué dated 16 November 2018 and numbered 2018-32/52 eliminated most of these restrictions.
- Sale and lease agreements for real estate located in free zone areas are no longer subject to foreign currency restrictions.
- Agreements for the sale or lease of real estate are no longer subject to foreign currency restrictions if executed as buyer or tenant by non-citizens residing in Turkey; Turkish branches, representation offices, offices or liaison offices of persons residing outside of Turkey, or Turkish subsidiaries in which such persons directly or indirectly hold a 50% or greater interest and/or hold under joint control and/or control; or companies located in free zones, so long as the agreement is in relation to their activities in free zones.
For full copy of the alert, please click here.