ERDEM-NEWSLETTER-2018-metin

244 NEWSLETTER 2018 The exceptions had been regulated firstly under Communiqué numbered 2018-32/51 (“Communiqué”), published in the Official Gazette dated 6 October 2018 and numbered 30557 which we have previously elaborated on in one of our articles entitled “Foreign Cur - rency Payment Ban” 1 , and the scope of these exceptions has been expanded upon through the Amending Communiqué. Contracts of Turkish Residents amongst Themselves As stated under Article 4(g) of Decree No. 32, the foreign cur- rency payment ban is foreseen for contracts made between Turkish residents. Under Decree No. 32, Turkish residents have been defined as those persons and legal entities whose place of residence is in Tur- key, including Turkish employees, or self-employed Turkish citizens, who are working abroad. Additionally, whilst it has been regulated that the Turkish resi- dents’ branches, offices, representative offices and liaison offices located abroad, overseas funds operated or managed by Turkish resi- dents, overseas companies in which Turkish residents have 50% or more ownership, or overseas companies that are directly or indirectly under the ownership of Turkish residents, shall be deemed to be “Turk- ish Residents” within the scope of the Communiqué, it is stated in the Amending Communiqué that the foreign currency payment ban shall not be applied if the contract is fulfilled abroad. Thus this provision prevents the veiled violation of the foreign payment ban through pay- ments to be made by intermediary entities to be established abroad, with the view to only avoid the scope of Decree No. 32; whereas, the penalty risk for the contracts to be fulfilled abroad that have been entered into, with no intention to violate this ban, has been eliminated. Immovable Sale and Lease Contracts The Amending Communiqué expanded the scope of exceptions regarding immovable sale and lease contracts, including residential premises and roofed workplaces, as in the following: 1 Çetinyılmaz, Ecem : Foreign Currency Payment Ban, Erdem&Erdem Newslet- ter, September 2018.