Blogs
Articles and insights on Turkish and international business law
Obtaining a Residence Permit in Türkiye
Foreigners who intend to extend their stay in Türkiye beyond the time limit specified in their visa, those who require a visa exemption, or those who intend to stay for more than ninety days must obtain a residence permit. SHORT-TERM RESIDENCE PERMITS Foreigners who own real estate in Türkiye or who intend to establish a business or make business connections in Türkiye must submit the required documents to the relevant Provincial Directorate of Migration Management (İl Göç İdaresi Müdürlüğü) once an application has been submitted through the e-residence system at e-ikamet.goc.gov.tr. Short-term residence permits are issued for a maximum of two years as a principle. However, foreigners who intend to invest in Türkiye in amounts and scopes attested by the Council of Ministers, along with their spouse and children, may be granted a five-year short-term residence permit. Furthermore, these investors may apply for acquisition of Turkish citizenship or for a long-term residence permit. According to Turkish legislation, natural person foreigners shall prepare and submit the initial application documents to the related immigration authority. Legal person foreigners who intend to apply for a short-term residence permit by establishing a business or making business connections in Türkiye shall submit additional documents relating to the company. APPLICATION FOR EXTENSION For extensions, foreigners shall submit the required documents to the relevant Provincial Directorate of Migration Management by mail within five business days once the application has been submitted through the e-residence system. Applications for extension of the residence permit may be made sixty days prior to its expiration, but under no circumstances shall this be done after the expiry date. LONG-TERM RESIDENCE PERMITS Foreigners who have continuously resided in Türkiye for at least eight years may apply to the relevant Provincial Directorate of Migration Management for a long-term residence permit. Long-term residence permits are issued indefinitely; therefore, no extension application is required. Balta Consulting prepares and follows residence permit files from the first application through to collection of the permit. Author: Atty. Mustafa Kemal Balta, LL.M., Attorney at Law • Managing Partner
27 Apr 2024
Aircraft Finance in Türkiye
The volume of aircraft financing in Türkiye has recently increased due to the reduction of costs in general and securities, as well as the stable economic atmosphere in Türkiye. It is not necessary for individuals and legal entities willing to purchase an aircraft to have the total cash in order to purchase the aircraft outright. Even though they have the cash available, tax or cash-flow implications may dictate against paying in cash for the aircraft. Thus, these individuals and businesses may purchase their aircraft using financing provided by a third party. Aircraft financing includes many players, such as financial institutions and lenders that will finance the aircraft for those interested in purchasing. However, it is a fact that only a limited number of these lenders and financial institutions are experienced with aircraft financing. Therefore, other lenders and financial institutions may not be able to process aircraft financing transactions as efficiently or economically as those with more aircraft finance experience. Thanks to the adoption of the Convention on International Interests in Mobile Equipment (the "Convention") and the Protocol to the Convention on Matters Specific to Aircraft Equipment (the "Protocol" and, together with the Convention, the "Cape Town Convention") by 2013, the Republic of Türkiye has become a country which is very fit for aircraft finance in all aspects. Aircraft leasing should be considered as one of the main means of aircraft finance. Moreover, it should be noted that aircraft finance is very common and popular in Türkiye. This is because of their nature and the option to buy at the end of the termination of the term. Although the processes and procedures involved in an aircraft finance transaction are similar to other finance transactions, an aircraft finance transaction involves many nuances and unique aspects. Having a general understanding of the nuances associated with an aircraft finance transaction can assist a borrower in successfully closing an aircraft finance transaction. Real and legal persons interested in financing the purchase of an aircraft should find a lender who can satisfy their needs and aims. Procedures of financing certainly get more complicated once the features of the aircraft and the financed amount increase. Author: Atty. Mustafa Kemal Balta, LL.M., Attorney at Law • Managing Partner
01 Jul 2024