The Council of Ministers has approved and published a new decree with the force of law regarding amendments to the Real Estate Acquisition and Long-Term Lease (Foreigners) (Amendment) Law. The decree aims to extend deadlines and introduce new regulations for existing sales contracts exceeding the acquisition rights of foreigners.

Key Provisions of the Decree

???? Deadline Extension – The six-month period for eligible sales contracts, originally set to expire on February 21, 2025, has been extended for an additional 90 days.
???? Preventing State Revenue Loss – The decree seeks to ensure the collection of taxes and duties from foreign real estate transactions, preventing financial losses for the state.
???? Facilitating Tax Compliance – Many foreign buyers and sellers face communication and logistical challenges in meeting legal payment deadlines, leading to delayed payments and uncollected state revenues.

Purpose of the Legal Adjustment

The decree emphasizes that challenges in implementing the current law have resulted in foreign individuals and legal entities failing to fulfill tax obligations within the stipulated timeframes. This extension is expected to:

✅ Allow more time for foreign buyers and sellers to meet tax and duty requirements.
✅ Ensure the state collects all relevant taxes and fees.
✅ Prevent financial losses and contribute to the economy.
✅ Support urgent state expenditures.

The amendment reflects the government’s commitment to regulating foreign real estate transactions effectively, while ensuring that state revenues are safeguarded.

Source: Official Gazette