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Acquisition of Turkish Citizenship by Foreign Investment

The Regulation of Implementation of the Turkish Citizenship Law (“Regulation”) has been amended by Presidential Decree No:106 effective from the date of publishing which is 19.09.2018. In accordance with the Turkish Citizenship Law No:5901 (“Law”), Regulation enables foreign investors to acquire Turkish Citizenship exceptionally by investment ways as below:

  1. to make fixed capital investment worth minimum 500.000 USD, equivalent foreign currency or equivalent amount of TL, to undertake not to transfer the company for following three years and to have the investment determined by the Ministry of Industry and Technology,
  2. to purchase real estate worth minimum 250.000 USD, equivalent foreign currency or equivalent amount of TL, to put an annotation onto the title deed stating that property shall not be sold in the following three years and to have the investment determined by the Ministry of Environment and Urbanism,
  3. to sign preliminary sales contract intended for the real estate, which has construction servitude or condominium registration, worth minimum 250.000 USD, equivalent foreign currency or equivalent amount of TL and to make the such payment in advance, to put an annotation states that preliminary sales contract shall not be transferred or abandoned for following three years onto the title deed and to have the investment determined by the Ministry of Environment and Urbanism,
  4. to employ minimum fifty employees and have such employment determined by the Ministry of Family, Labor and Social Services,
  5. to deposit minimum USD 500.000 USD, equivalent foreign currency or the equivalent amount of TL in banks operating in Turkey and to undertake not to withdraw the deposit for the following three years and to have such barred deposit determined by the Banking Regulation and Supervision Agency,
  6. to purchase public borrowing instruments worth minimum USD 500.000 USD, equivalent foreign currency or the equivalent amount of TL and to undertake keeping the instruments for following three years and to have the investment determined by the Ministry of Treasury and Finance,
  7. to purchase real estate investment trust or venture capital fund shares worth minimum 500.000 USD, equivalent foreign currency or the equivalent amount of TL and to undertake keeping the instruments for following three years and to have the investment determined by the Ministry of Treasury and Finance.

Ministry of Interior, General Directorate of Civil Registration and Citizenship has published Instruction of Procedures and Principles Regarding Acquisition of Turkish Citizenship by Foreign Investors (“Instruction”) which regulates the process of the application. The Instruction foresees that exclusive/joint offices shall be established in Ankara and Istanbul. Officers of General Directorate of Civil Registration and Citizenship, General Directorate of Migration Management and Determination Institutions shall provide the services in conjunction.

  • Applicants completed the investment according the Regulation, shall apply for Certificate of Conformity to the Determination Institutions. Obtaining the Certificate of Conformity allows the applicants apply for citizenship and residency permit referred to in article 31/j of the Law on Foreigners and International Protection No:6458 with joint documents. Application for citizenship shall be made to the Exclusive/Joint Offices with granted residency permit and required documents for citizenship. Required documents are as follows:
  • Applicant’s passport as translated and notarized. (should cover ID information, photograph and all the pages of entrances and leaves)
  • In case of statelessness, documents which certifies statelessness (As translated, notarized and authorized by the Turkish Consulate or by Apostille)
  • Birth Certificate or any official document covers applicant’s birth date/birth place/parents’ name information such as identity register copy. (As translated, notarized and authorized by the Turkish Consulate or by Apostille)
  • In the event of lack of birth date information; signed declaration to recognize Turkish Civil Registry Services Act’s authorization)
  • Certificate states applicant’s civil status such as married, divorced or widowed: Marriage Certificate, Divorce Certificate, Death Certificate. (As translated, notarized and authorized by the Turkish Consulate or by Apostille)
  • If applicant is married; identity register copy or similar document proves the family bond of spouse and children (As translated, notarized and authorized by the Turkish Consulate or Apostille)
  • If the child is in the guardianship of one parent; document states consent of the other parent as translated and notarized/certified by the authorized officer in Turkey, or document states consent of the other parent admitted from foreign representative offices/authorized institutions as translated, notarized and authorized by the Turkish Consulate/Apostille
  • Criminal record (in case of request)
  • 6 biometric photos (must be taken within last 6 months, regulated by ICAO, 50×60 mm size, white background, without pattern)
  • Receipt of Application Fee
  • Health Insurance
  • The Certificate of Conformity

Certificate of Conformity granted by the pertinent Authority is required to complete the application file as a determination of the investment. In acquisition of Turkish Citizenship through real estate purchase procedure, an application to authorized Directorate of Land Registry which is related to Ministry of Environment and Urbanization, shall be made to obtain a Certificate of Conformity. This document purports to indicate that the monetary value of the real estate purchase has exceeded the threshold figure of 250.000USD, and a record has been entered into land registry record stating that the ownership status shall not change for a period of three years.

In acquisition of Turkish Citizenship through bank deposit, an application to Department of Financial Consumer Relations of the Banking Regulatory Authority, shall be made to obtain a Certificate of Conformity purports to indicate that, 500.000 USD or equivalent amount of other currencies have already been deposited at a bank operating in Turkey and a record has been entered into the bank account inhibiting the withdrawal of the money for a period of three years.

Foreign investors who had been granted with the Turkish Citizenship should meet abovementioned requirements for the duration which has stated in the Regulation. In case the investor fails to maintain such requirements, determination institutions would notify General Directorate of Civil Registration and Citizenship and General Directorate of Migration Management. Subsequently, citizenship status shall be revoked in accordance with article 31 of the Law.

VEGAS LEX on The Legal 500 EMEA 2019 rankings

VEGAS LEX has improved its ranking in traditionally strong categories of The Legal 500 EMEA 2019. In particular, the firm ranks first in PPP and infrastructure projects category.

Many experts of VEGAS LEX have been recommended in the ranking. The following experts have been named in the individual ranking in the PPP and infrastructure projects category:

Competition Law

VEGAS LEX focuses on anti-monopoly cases, compliance projects and regulatory advice. Alexander Sitnikov heads the practice, which handles work for key clients such as pipe producer TMK and Roche Diabetes Care Rus.

Dispute Resolution: Litigation

At VEGAS LEX, managing partner Alexander Sitnikov’s extensive experience in the corporate space covers conflicts relating to investment projects, the protection and recovery of business assets, corporate governance and restructuring. Department head Victor Petrov has a strong track record in commercial, corporate, insurance and bankruptcy disputes. Evgeniy Rodin is recommended for energy disputes. The practice represents a mix of clients from the aerospace, energy, life sciences and retail sectors.

Energy & Natural Resources Law

Specializing in power generation projects, VEGAS LEX regularly represents clients such as OGK-2 and Irkutsk Electric Grid Company in contractual, commercial and tax-related disputes. Evgeniy Rodin and Alexander Sitnikov are the main practitioners.

PPP & Infrastructure Projects

According to one client, VEGAS LEX has ‘the leading practice in the Russian PPP sector’; the team is known for its strong focus on large-scale PPP projects in the energy, transportation, ports and healthcare-related areas. The ‘highly reputable’ practice is led by ‘industry expert’ Denis Shtirbu and is well known for advising federal and regional governmental agencies and state-owned companies including Russian Railways and the Ministry of Transport of the Novosibirsk region. Irina Dolgikh ‘demonstrates exceptional knowledge, professionalism and attention to detail’.

Real Estate & Construction Law

Headed by the ‘diligent and responsible’ Igor Chumachenko, the real estate department at VEGAS LEX provides ‘high-quality and cost-effective legal services’ and is recommended for its ‘deep familiarity with the Russian regulatory framework and the local implementation of EPC projects’. The team supported the Development Corporation of Kamchatka with the implementation of the modernisation project concerning the Petropavlovsk-Kamchatsky (Yelizovo) airport.

TMT Law

The TMT practice at VEGAS LEX is headed by Alexandra Vasukhnova and advises on regulatory, contractual and e-commerce matters. Natalia Abtseshko is also noted. Clients include animation studio Sky and creative digital marketing agency Jami, among others.

Tax Services

VEGAS LEX has expertise across a broad range of tax matters including domestic and foreign tax structuring, tax support for major infrastructure projects and M&A transactions and customs. Yuriy Ivanov specializes in contentious tax and tax planning; he recently advised Russian Post on taxation and customs clearance matters pertaining to international mail and cargo operations. Denis Kozhevnikov assists Ivanov with contentious tax matters.

Transport Law

At VEGAS LEX, Denis Shtirbu heads the transport practice, which assists clients with major railroad infrastructure projects. The team advised the Ministry of Transport of the Novosibirsk Region during negotiations with government agencies regarding a high-value railway concession initiative. Dorogi Rossii is another notable client, among others.

If you would like to get more information about VEGAS LEX, please visit https://www.vegaslex.ru/

AVELLUM successfully represents the client in GAFTA appeal

The GAFTA Board of Appeal satisfied in full the Client’s claim of approximately $150,000 (USD) seeking compensation for damages specified in a washout agreement that were caused by the failure to comply with the contract.

A washout agreement is a settlement agreement by which a party seeks to terminate the contract, without declaring a default, with compensation paid by the party who refuses to fulfil the contract. Typically, the compensation is the difference between the contractual price of the goods and the market price of the goods on the day of such a refusal.

The question of whether the parties concluded a washout agreement arises more and more often in trade disputes and has become the “cornerstone” of the case.

Iryna Moroz, partner of AVELLUM, commented as follows: “Our biggest challenge was that the parties discussed the agreement verbally through brokers. In addition, there were no formal labour or contractual relations between the representative of the counterparty and the company represented by him. These circumstances served as a ground for the counterparty to challenge the conclusion of the contract.

However, English law is flexible as to the form of a contract, which can be concluded either verbally or in writing using all possible means of communication. The authority of the company’s representatives is presumed in English law. That is why the existence of formal labour relations or other corporate restrictions in no way affects the possibility of concluding a contract.”

The AVELLUM team successfully proved that the parties had actually agreed the washout agreement verbally through the broker. Furthermore, arbitrators confirmed the general position of English law that any person who represents a company may enter into a contract, regardless of his or her position in the company and the existence of formal labour relations.

The AVELLUM team was led by partner Iryna Moroz with support of senior associate Dmytro Koval.

Arendt PHOTO

Arendt & Medernach appoints four new Partners

Leading law firm Arendt & Medernach has the pleasure of announcing the appointment of four new Partners.

Nicolas Bouveret

Partner Investment Management, Private Equity & Real Estate

Nicolas Bouveret is a Partner in the Investment Management and Private Equity & Real Estate practices of Arendt & Medernach. He advises global asset managers and institutional clients on the structuring, formation and marketing of Luxembourg investment funds.

Rodrigo Delcourt

Partner Private Equity & Real Estate

Rodrigo Delcourt is a Partner in the Private Equity & Real Estate practice of Arendt & Medernach. He advises fund sponsors and managers on all legal and regulatory aspects related to the structuring, setting-up and ongoing operations of regulated and unregulated alternative funds.

Vincent Mahler

Partner Tax Law

Vincent Mahler is a Partner in the Tax Law practice at Arendt & Medernach and Head of the Paris Tax Desk. He advises on both national and international tax issues, focusing on the tax aspects of unregulated and regulated real estate structures as well as private equity and finance transactions.

Astrid Wagner

Partner IP, Communication & Technology, Corporate Law, Mergers & Acquisitions

Astrid Wagner is a Partner in the IP, Communication & Technology practice area of Arendt & Medernach. She is in charge of specialised areas of the law such as data protection, e-commerce, IT and the full spectrum of IP rights. Astrid is also handling corporate law matters.

If you would like to view their full CV’s, please visit https://www.arendt.com/

Networking Event PHOTO

3 Simple Steps to Becoming a Better Networker

I’ve always been a natural extrovert in school and in business. I find it easy to socialise with others and connect with them personally and professionally. When I first embarked on my entrepreneurial journey and left the practice of law, I used to attend as many local networking events as possible. I deemed it important to get out there and connect with other business professionals to build both my brand and network for prospective clients, speaking engagements, and other business opportunities.

I realise that networking is not easy or simple for everyone. There are some who fear being in large crowds of people they do not know at networking events and being forced to strike up a conversation with someone they have little synergy with. Whether you are an introvert or an extrovert, you can build solid networking skills through these 3 simple steps:

Attend as Many Networking Events as Possible

I am sure you have heard many say, “You need to put yourself out there if you want to meet the right person.” Networking is a lot like dating. In order to find a date, you need to put yourself out there in the limelight, and practice makes perfect.

First, find out where the local networking events are in your community. A great place to start is your local chamber of commerce and other leadership organisations that are industry-specific. Many groups will offer the first event free to all guests. Some events may be as high £180 for a lunch. Either way, if you meet your next business contact or potential boss, suddenly that fee becomes pennies and the reward outweighs the risk. But don’t forget to dress professional to the networking event. Treat it like a series of mini interviews.

Bring Business Cards & Don’t Forget to Take Business Cards from Others

Every person you meet is an opportunity. A key step to networking is having your own professional image and brand. Don’t make the mistake of showing up to a networking event without a stack of professional business cards.

Make sure the business card has your name, professional title (i.e. Managing Director) or industry (i.e. Finance), phone number, email (keep it professional), and Linkedin URL. Before you put your Linkedin URL on your new personal business card, ensure that you have a customised URL.

When you go to networking events, take a business card from each person you meet and give them your business card. Easy and done, right? Not so fast.

Following-up is the most important part of networking. Always follow-up with each person you meet. Get on their contact list. Tell them you hope to see them at the next event (which may open the door to them inviting you to an event you didn’t know about!). Invite them to have lunch or coffee the next week. Being consistent and committed is key.

Connect on Linkedin & Beyond

If you are going to attend networking events and build connections on Linkedin with attendees from the events (which of course I highly recommend), make sure your Linkedin profile is fully optimised with a powerful headline, compelling summary, and details of your experience. It’s important that the image you put out at the networking events matches your digital footprint — i.e. your personal brand aligns. You never know where this connection may lead.

Develop a rapport with other professionals and connect on a greater level through Linkedin. Share and comment on each other’s content. Engage with one another beyond just being a connection. Join groups they are members of and possibly connect with their connections.

Elder Law

Hazen Law Group to Host Estate Planning Discussion at Walden Way

Hazen Law Group will host a free informational session and discussion at Walden Way 55+ Community in Mount Joy, Pennsylvania on April 3, 2019.

Marielle F. Hazen, Esq., will lead an information-packed session on Elder Law & Estate Planning for senior citizens, their loved ones, and anyone who wants to learn about proper estate planning, asset protection and elder law.

Marielle Hazen is a Certified Elder Law Attorney (CELA). She is also the founder of Hazen Law Group, a firm dedicated to the practice of elder law, estate planning and administration, nursing home planning and special needs law.

The session will take place at the Walden Way Community Center from 2:00 to 3:00 p.m. on Wednesday, April 3. For more information about Walden Way, contact Jean Young at 717-928-4432.

Marielle Hazen is a founding member and past president of the Pennsylvania Association of Elder Law Attorneys (PAELA) and a past president of the Special Needs Alliance.

Hazen Law Group provides expert guidance in elder law, special needs law and estate planning in Harrisburg, Pennsylvania and surrounding communities. For more about the firm or to schedule a consultation, call Hazen Law Group at 717-540-4332.

If you would like to find out more, please visit http://www.hazenlawgroup.com/