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Strictly speaking its not legal to set-up a company for the sole purpose of buying property, but who the hell cares, right?
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Not correct. It's not illegal to set up a company to circumvent local buying restrictions; when the company law changed in 2003 the foreigner/property scenario either wasn't really an issue or no-one thought about it therefore it wasn't covered in the legislation. By using a company to buy property you're acting within the letter of the law, but not the spirit of the law.
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As a foreigner you may form a company and use that company to purchase property without contravening any laws.
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Correct. However, there's no guarantee's that this will always be the case and again, the main issue is likely to be property/land being purchased by foreigners in the east of Turkey as opposed to folks buying holiday homes in the south west. The up side is though that this is Turkey... there will always be a way round these thing, I hope.
JF