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FOREIGN INVESTMENTS

The following points are effective regarding foreign capital firms established in our country:

1. In the old regulation, foreign nationals could acquire real estate within the framework of reciprocality. With the new regulation, instead of the reciprocality principle, foreign nationals of countries that will be determined by the Council of Ministers will be able to acquire real estate

2. In the old regulation a foreign national could acquire a total real estate of 2,5 hectares (25.000 m2) and generally foreign nationals could have 10% of zoning area in a particular province. With the new regulation a foreign nation can have up to 30 hectares (300.000m2) and foreign nationals can have 10% the area that is subject to private property.

3. In the old regulations, foreign nationals could acquire real estate assigned as housing or business. With the new regulation zoning requirement was removed and in case of an acquiry of a non-developed estate, project development requirement (within two years) was put in force. The Project is to be ratified and monitored by the related ministry.

4. With the new regulation, The Council of Ministers is empowered to limit and forbid the acquiry of real estate by foreign nationals on the basis nationality, geographical region, person and quality of the real estate.