Below is the link to the events organized in 2024 by the Turkmenistan Chamber of Commerce
PURCHASE OF BUILDINGS FOR RESIDENTIAL USE.
The legal system of Turkmenistan does not expressly prohibit foreign citizens or foreign legal entities from acquiring residential properties (houses or apartments).
Some laws of Turkmenistan, directly or indirectly, address the right of foreign citizens and foreign legal entities to own property in Turkmenistan, including real estate and housing. Specifically, Article 2 of the Housing Code of Turkmenistan, dated 2 March 2013, specifies that “the housing regulations of the legislation of Turkmenistan also apply to foreign citizens and foreign legal entities, unless otherwise provided by law or another international agreement of Turkmenistan.” Paragraph 2 of Article 6 of the “Law on Property” dated 21 November 2015, also establishes that one form of property in Turkmenistan can be ownership by foreign states and their physical and legal persons.”
The acquisition of real estate property is subject to state registration with the State Service for the Registration of Rights to Real Estate and Related Transactions of the Ministry of Justice of Turkmenistan (Turkmen Law “On State Registration of Rights to Real Estate and Related Transactions” dated 3 May 2014).
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PURCHASE OF BUILDINGS FOR COMMERCIAL USE.
Also regarding this category of Real Estate, there is no explicit Turkmen law that prohibits foreign citizens or foreign legal entities from acquiring buildings for commercial use.
The Turkmen Law “On Property” dated 21 November 2015, and various other laws, address the rights of foreign states, foreign legal entities, and foreign citizens to own property in Turkmenistan, including real estate.
In accordance with the legislation of Turkmenistan “On Denationalization and Privatization of State Property” dated 18 December 2013, foreign individuals and legal entities (both local and foreign) have the right to participate in the denationalization and privatization process and to acquire state property (including real estate such as buildings, enterprises, etc.). Further to this point, paragraph 2 of Article 7 of the law explicitly states that “Legal entities established in accordance with the legislation of foreign states, international organizations, their branches, and permanent representations in Turkmenistan may participate in the denationalization and privatization of state property, subject to the approval of the Agency for Economic Risk Protection under the Ministry of Economy and Development of Turkmenistan.”
Also in this case, buyers, both foreign and Turkmen, must follow certain procedures and register their property rights with the State Service for the Registration of Rights to Real Estate and Related Transactions of the Ministry of Justice of Turkmenistan (Turkmen Law “On State Registration of Rights to Real Estate and Related Transactions” dated 3 May 2014).
PURCHASE OF LAND.
The Turkmenistan Land Code dated 25 October 2004 does not permit the acquisition of land ownership by foreign states, legal entities, or foreign individuals.
According to Article 20 of the Land Code, “foreign citizens and legal entities, as well as foreign states and international organizations, may be granted land leases only for:
– the construction of facilities or other uses, for non-agricultural purposes;
– temporary placement of facilities.
To obtain a land lease, it is necessary to acquire the required permits and complete the registration procedures for a land lease contract.
ESTABLISHMENTS OR ACQUISITION OF SHARES OR STOCKS IN COMPANIES .
The Turkmen Law “On Enterprises” dated 15 June 2000 and the Law “On Joint Stock Companies” dated 23 November 1999 explicitly state that enterprises (joint stock companies, joint ventures, subsidiaries, etc.) can be established in Turkmenistan according to the law, with full or partial participation of foreign individuals or legal entities.
ASSUMPTION OF CORPORATE POSITIONS.
Foreign citizens can occupy certain positions (consultants, professors, etc.) within public institutions registered in Turkmenistan (such as universities, public entities, and agencies), subject to the procedures related to obtaining work permits, visas, etc.
PURCHASE OR LEASE OF A BUSINESS.
The same rules mentioned in point 4 (establishment or acquisition of shares or stocks in companies) apply fully to the purchase and leasing of businesses in Turkmenistan.
Ultimo aggiornamento: 1 marzo 2024