Alıntı: Yazan İzzet Hamle The reciprocity principle will not apply anymore. Council of Ministers will publish a list which will indicate the countries whose citizens will be entitled to buy property in Turkey. In your particular case, assuming that Iraqi citizens are not mentioned in that list, you may set up a company in Turkey where the foreign partner will hold at least 51 % of the shares, indicate in the articles of incorporation that the company will involve in hotel/motel/pension business, and for this purpose may buy/sell immovable property. Once formation of the company has been duly completed, the company may buy the type of immovable property falling into its scope of business mentioned in its articles of incorporation.

Regarding the sort of company to be established in Turkey, there is no mandatory rule, and therefore, you may set up a limited liability company, which requires at least two partners, or a joint stock company, which requires at least 5 shareholders. However, this requirement regarding number of the partners/shareholders in the above mentioned companies will have been amended after the new Turkish Commercial Code enters into force in July, 2012 in Turkey. The foreign shareholder in the company established in Turkey may be a real person, or a legal entity which was duly formed in a foreign country. However, regardless of whether the foreign shareholder is a real person or a company, the minimum amount of shares to be hold in the company in Turkey by the foreign shareholder is minimum 51 % the capital.