Pi Legal Consultancy

Investment Advice can be properly offered by Turkish investment lawyers and|or Turkish business lawyers for investing in İstanbul. Investment advice is needed for every single long-term investment project in Turkey. Indeed, expert advice can have an enormous impact on duly planning the scope of any investment project.

Is Turkey good for business?

Taking into account the strengthening rates of foreign currencies including Euro and Dollars, Turkey is becoming a more popular investment area for alien investors. Turkish markets offer a business-oriented environment together with low employment and facility costs.  Besides, several Turkish companies are interested in growing their business and extending their investments inside or outside the country.

Is it a good idea to invest in İstanbul?

There has been a growing acceptance that Turkey is getting more capable of attracting more investment day by day. Investing in Istanbul may pave the way for ensuring an efficient solution for foreign investors. At the outset, we should bear in mind the main rationale behind this opinion.

Turkish investment lawyers of Pi Legal Consultancy provide comprehensive guidance and strategic investment advice to both foreign investors for Turkish markets and Turkish investors for international markets. Current and upcoming investment opportunities is the primary focus of our Investment Working Group.

Is Türkiye safe for investment? If you are curious about the answer to the question, you can read our article.

Why do you need investment advice in Turkey?

It is necessary to mention several advantages of setting up a business in Turkey.  Rapidly increasing young population, growing value of currency rates and thus decreasing production and labor costs have a substantial impact on strengthening the business sector.

Turkey is located in a very special territory connecting three continents, economic regions, and numerous people. Turkey offers a cost-effective environment to entrepreneurs. Besides, several Turkish companies are interested in growing their business and extending their investments inside or outside the country. Turkish markets offer a business-oriented environment together with low employment and facility costs. Embracing investment advice can be very useful to maximize all the aforementioned advantages. Turkish investment lawyers can be very helpful in improving a proper investment plan in Istanbul.

Why is Turkey attractive for FDI?

In light of the aforementioned observations, it is beyond hard to conclude that Turkey attracts and will attract foreign direct investments around the globe. Suffice to note that since the 2000s, the total capital stock of Turkey has risen gradually. Turkey also hosts a large number of people from different parts of the world. Turkey is becoming a more popular investment area for foreign investors.

The investment incentive regime in Turkey covers a wide range of incentives for legal and natural entities engaging in different sectors.

Do foreign investors have the same rights as Turkish Citizens?

Article 48 of the Turkish Constitution provides that everyone has the freedom to work and conclude contracts in the field of his/her choice and the establishment of private enterprises is free. More importantly, according to Article 10 protecting the right to equality, there shall not be any limitations for foreign entrepreneurs in Turkey. In the same way, Article 3 of the Foreign Direct Investment Law regulates that foreign investors shall be subject to equal treatment with domestic investors.

We would also like to remind you that there are many ways to obtain Turkish citizenship.

What kind of investment advice can be offered by Turkish investment lawyers in Turkey?

There is a global recognition that every single investment project needs comprehensive legal guidance about enforceable domestic and international norms. Therefore, Turkish and|or foreign investors prefer to benefit from international law firms in Turkey. A full-fledged legal guide to investing in Turkey is required for a right and workable investment solution.

Commercial activities such as the establishment of companies, opening a company branch, mergers and acquisitions, franchising and intermediaries must be managed through efficient legal guidance by foreign investors.

What is the role of Pi Legal Consultancy for investment advice?

Our Turkish business lawyers are very good at providing in-depth services to large, middle, or small-scale corporations and|or individuals for their upcoming investment activities. Our investment lawyers in İstanbul and commercial lawyers in Ankara offer workable guidance and strategic investment advice to both foreign investors for Turkish markets and Turkish investors for international markets. English-speaking lawyers are mostly preferred by international investors and large-scale corporations under the umbrella of Pi Legal Consultancy. In this context, Pi Legal Consultancy delivers full-fledged, effective, and solution-based consultancy for investing in Istanbul and Turkey about the below-mentioned areas:

• Anti-dumping measures and practice,
• Investment incentive regime in Turkey,
• Customs clearances and procedures in Turkey,
• Tax matters for investments,
• Specific advantageous areas for foreign investment,
• the acquisition of citizenship through investment in among others Turkey, the European Union, and the United States,
• Mergers and acquisitions in Turkey and European countries,
• The establishment of a company or opening a branch of a foreign company in Turkey,
• drafting and negotiating distribution, franchise, and agency agreements, and intermediary agreements for selling or buying products or services inside and outside Turkey.

Every intellectual property lawyer and specialist discharges a hard task in Turkey. Any intellectual property lawyer should provide effective consultancy in the field of intellectual and industrial property including trademark, copyright, industrial design, trade secrets, and patents.

Intellectual property rights aims at guaranteeing;

• Copyright and rights related to copyright,
• Industrial property rights such as trademarks, geographical indications, design, patents, utility models,s and traditional product names.

Pi Legal Consultancy has an extensive and detailed knowledge of the rights concerned and their protection within the framework of domestic and international legal instruments among others the European Convention on Human Rights.

Our Team also offers legal solutions to its clients in the preparation of agreements on transfer, license, and assignment, the implementation of settlement negotiations, and compulsory mediation negotiations.

Every real estate law firm works hard in order to handle very complex cases in this area. Real estate law is the division of law that regulates buying, using and selling land and other properties. It is significant to understand that issues related to real estate are relevant to various branches of law, such as tax law, inheritance law, citizenship law and administrative law. Disputes arising from real estate are, therefore, complicated and always take a long time for a settlement. Thus, real estate matters need always on-the-ground advice and support in all legal stages.

Pi Legal Consultancy plays a decisive role in overcoming complex cases and processes owing to its qualified attorneys and experts. Our expertise areas include a wide variety of subjects including;

• Taxation issues,
• Environmental law and relevant obligations,
• The development, planning and realization of real estate investment projects,
• The preparation and signature of lease agreements,
• Home purchase in a foreign country including the USA and its potential outcomes for residence permit,
• The acquisition of Turkish citizenship by investment.

Divorce lawyer in Ankara and divorce lawyers in İstanbul helps not only Turkish citizens but also foreigners under the framework of Pi Legal Consultancy. Family lawyers and Divorce lawyers specialize in giving legal assistance in family and divorce issues.

What is the meaning of divorce? 

The term “divorce” literally means the termination of marital union based on the judgment of the court. More specifically, it may be regarded as the “legal ending of a marriage”. Strong family ties, therefore, are regarded as being at the center of a functioning community and social life. The concept of family law covers whole procedures starting from engagement to divorce. It is quite concerning that divorce and follow-up procedures may have a crippling impact on the increase in violence against women.

Does Turkey allow divorce?

Family and divorce represent one of the most complicated issues for divorce lawyer teams. In this respect, one of the worst challenges facing the international community is increasing divorce rates over the world. That is the case for Turkey. It is possible to get divorced under the relevant Turkish regulations.  It is of course possible for foreigners to divorce by the judgment of Turkish Family Courts provided that their marriage is registered with the civil registration in Turkey and they have a valid marriage.

For more discussion about Turkish divorce procedures, see our article on Divorce Proceedings for Foreigners in Turkey

What are the different types of divorce in Turkey?

According to the Turkish legal framework, the most common types are consensual divorce and contentious divorce.

How long does a divorce take in Turkey?

A time frame for a divorce case depends on the specific circumstances of the case concerned. Besides, you should bear in mind that there is a huge backlog before family courts in Turkey. Therefore, it is not right to give a certain answer to that question.

What is the alimony law in Turkey?

Under Article 174 of the Turkish Civil Code (Numbered 4721), material and moral compensation may be granted to any party of the family. Under Article 175, a judge may decide on the alimony suffering from poverty because of divorce.

How much does it cost to get a divorce in Turkey?

That depends on the specific circumstances of the involved case such as the type of case, the workload of the relevant family court, the number of witnesses, and the evaluation process of other evidence. But of course, consensual and|or uncontested divorce is the most preferable and easiest way of divorce in Turkey.

How are assets divided in a divorce in Turkey?

During the trial, the family judge will try to detect the exact contributions of each party during the marriage. At the end of the trial, the judge will deliver a decision on dividing assets by producing a criterion for that matter.

What is the role of divorce lawyers in Ankara under the umbrella of Pi Legal Consultancy?

Divorce lawyers in Ankara provide full-fledged support to particularly foreigners.  Pi Legal Consultancy divorce consultants offer problem-solving consultation to both sides (husband and wife or partners) for any type of family divorce question. In doing this, each divorce lawyer in Ankara takes into account international instruments aiming at the elimination of violence against women. Our divorce lawyer team also observes the work of main UN organizations such as the UN Commission on the Status of Women. Besides, every divorce lawyer in Ankara and divorce lawyer in Istanbul has a high level of knowledge on the role of the Hague Convention of 25 October 1980 on the Civil Aspects of International Child Abduction for the protection of children from the harmful effects of abduction and retention across international boundaries.

What are the main family law consultancy areas by Pi Legal Consultancy?

Our talented family lawyers and divorce lawyers advise clients on, inter alia, the following aspects:

• Contractual and contentious divorce procedures, including conditions, protocols, petitions,
• Divorce due to life caste, bad or degrading behavior (the use of domestic violence), or due to being shaken at the foundation of the marriage,
• Division of property and follow-up disputes,
• Litigation proceedings for the adoption,
• The establishment of a personal relationship with a child,
• Alimony aid, compensation for pecuniary and non-pecuniary damages.

A long-term financial restructuring consulting in Turkey is necessary for particularly large-scale corporations. Financial restructuring consulting aims at aims at help revision and progressive change in the relevant company’s financial structure.0

What are the 3 main types of financial restructuring in Turkey?

Under the Turkish legal framework, there are three main mechanisms for financial restructuring for companies particularly suffering from financial problems:

• Bankruptcy;
• Concordat; and
• Framework agreements.

What is the Definition of Debt Enforcement, Insolvency and Bankruptcy? 

It has been largely accepted that those three terms are interrelated and interchangeable.

Firstly, debt enforcement action means filing a lawsuit to tolerate an overdue payment.

Secondly, the term insolvency means the condition of not having enough money to pay debts. It necessarily follows that the involved person cannot have a chance to meet debt payments on time.

Thirdly, bankruptcy refers to a legal process when the relevant natural or legal person declares his/her/its debts will not be able to be paid.

What is the meaning of Concordat?

Concordat looks like bankruptcy. Any natural or legal person that is unable to pay can be declared bankrupt. However, concordat is considered a more useful alternative to bankruptcy. Contrary to bankruptcy, concordat is used to avoid bankruptcy.

What is the Meaning of the Enforcement and Bankruptcy Law in Turkey? 

In general, the fundamental purpose of the enforcement and bankruptcy regulatory framework is to settle disputes between the creditors and debtors concerned.

Enforcement and Bankruptcy Law (Numbered 2004) regulates detailed procedures for insolvency, bankruptcy, and enforcement. What is more, the Law in question stipulates the bankruptcy liquidation steps for insolvent debtors.

For more discussion take a look at our article on Enforcement and Bankruptcy Law in Turkey

What is the meaning of financial restructuring?

Financial restructuring means the process of reorganizing the financial structure based on fresh economic requirements or emerging financial strategies. Such steps should be taken delicately by keeping in mind the concerned legal framework. Financial restructuring consulting in Istanbul presents a required step for large-scale companies located in Istanbul.

Financial restructuring is very related to financial restructuring firms including banking. Therefore,  enforcement of banking and finance law.

What are the main legal instruments applicable to Banking and Finance Law in Turkey?

To clarify there is no specific legislation focusing on payment and settlement systems. Despite this, it is significant to stress at the outset that there are three principal legislations concerning banking and finance:

• Firstly, Banking Law (Numbered 5411),
• Secondly, the Law on Financial Leasing, Factoring, Financing and Saving Financing Companies Law (Numbered 6361)
• Thirdly, Bank Cards and Credit Cards Law (Numbered 5464).

What is the role of financial restructuring consulting in Turkey?

Pi Legal Consultancy has a specialty in core financial restructuring advisory. Our financial restructuring experts offer an effective consultation to, among others, a wide range of sectors on the matter of key financial reactivations including insolvencies. Where there is a need for any application or procedure including a legal action, our proficient lawyers can represent our clients very efficiently before all national institutions. Pi Legal Consultancy financial restructuring consulting is very successful in overcoming the complexities of restructuring and bankruptcy cases involving extensive knowledge and problem-solving ability. Namely, we offer full-fledged support to a broad range of industries and individuals. Our intention is not only to maximize economic benefits but also to resolve any legal disputes properly.

Our many decades of restructuring and bankruptcy experience cover, inter alia, as following:

• Debt restructuring including secured or unsecured long-term borrowings
• Equity restructuring including the reorganization of the equity capital,
• Debtor and creditor-related disputes,
• Proceedings, investigations, and litigation for bankruptcy and/or insolvency,
• Taxation issues.

Employment lawyers in Turkey face several challenges in the practice of employment law. There have been several discussions in the protection and promotion of the rights of employees and employers together.

Which law regulates working life in Turkey?

The law on Occupational Health and Safety (Numbered 6331) is the primary legislation in Turkey. The Law entered into force in 2012. The Law on Occupational Health and Safety was prepared as a conducive work for Turkey’s EU accession process. Employment lawyers in Turkey are specialized in this legislation and related regulations.

What are the labour rights in Turkey?

National employment legal norms aim at designing the relationship between governments and employers or employees. Every single side has a broad range of rights and/or responsibilities, based on an “employment contract”, introducing working conditions, working hours, duration, wage, holiday entitlement, and termination. Besides, trade unions have a fundamental impact in the development of employment law and its practice.

There are four fundamental partners to be observed within the context of employment law: employers, employees, trade unions, and international organizations such as the International Labor Organization (ILO).

What are international labour standards?

ILO is devoted to the facilitation of labor standards and the promotion of decent working conditions for all women and men on the global level.

What is the labour law in Turkey for foreigners?

You can work as a foreign freelancer or as a worker for a foreign company.  Nevertheless, full-fledged legal assistance by international employment lawyers is very significant. Foreign workers should provide a legal stay in Turkey through the acquisition of a Turkish citizenship residence permit or work permit.

According to Article 6 of the Law on International Workforce (No:6735), ‘foreigners who are within the scope of this Law are forbidden to work or be employed without obtaining a work permit’. Hence, foreign workers need to provide a work permit from the relevant Turkish authorities. There is only one exception to this norm under the same provision. Foreigners have an exemption from work permits under national or international instruments.

Work Permit and Residence Permit Are the Same Thing?

Under Article 12 of the Law on Foreigners and International Protection Law (No:6458), a “work permit” or “work permit exemption” granted under this Law shall be deemed as a “residence permit”. Accordingly, a work permit implies a residence permit owing to this approach.

What is the role of employment lawyers in Turkey?

Employment lawyers in Turkey carry out significant duties by providing employment law consultation to all partners. Employment lawyers in Turkey can assist you in a wide range of matters within the context of Employment Law.

What is the role of employment lawyers in Turkey at Pi Legal Consultancy?

In the light of the work of international organizations including the ILO, Pi Legal Consultancy Istanbul employment lawyers and Ankara employment lawyers offer practical and cutting-edge solutions to trade unions, employers, and employees for their legal challenges. The best employment lawyers in Turkey share their experience under the framework of Pi Legal Consultancy particularly for, among others:

• Drafting, negotiation, and signature of collective bargaining agreements,
• Termination and release agreements,
• Immigration-related issues including residence and work permits,
• The implementation of leading international instruments including the European Convention on Human Rights regarding the prohibition of discrimination,
• The challenges of working from home,
• Rights of remote workers,

Citizenship represents one of the most challenging aspects for particularly Turkish citizenship lawyers over the years. According to internationally recognized principles, citizenship may be acquired at birth or through naturalization subsequent to birth. A citizen is considered to enjoy various rights from one side and also responsibilities on the other, as a member of a nation or community. The matter of citizenship may turn into a complex dispute beyond national borders by presenting a challenge between nations rather than individuals.

According to the Turkish legal citizenship law regime, foreign investors (briefly with a certain legal income, over 18, without criminal record and not without a contagious disease (an obstacle in respect of public health) are granted an opportunity to acquire citizenship.

How to get Turkish citizenship?

How to get Turkish citizenship? Turkish citizenship by naturalization is allowed under Turkish Immigration Law. According to the Turkish legal citizenship law regime, foreign investors (briefly with a certain legal income, over 18, without criminal record and not without a contagious disease (an obstacle in respect of public health) are granted an opportunity to acquire Turkish citizenship.

Can foreigners get Turkish citizenship?

Foreigners can gain Turkish citizenship in accordance with relevant regulations. Nowadays, Turkish citizenship by investment and Turkish citizenship by marriage is very popular in accordance with the Law on Turkish Citizenship (Numbered 5901).

Can you get Turkish citizenship by buying a house?

Yes, you can obtain Turkish citizenship through a property purchase. In that context, buying a house may open a golden gate for Turkish citizenship for foreigners or long-term residency in Turkey.

How do you apply for Turkish citizenship?

Application for Turkish citizenship requires a set of careful steps. The preparation of paperwork, and the provision and submission of related documents and information to the relevant Ministry are critical to receiving positive results. An embracing legal guidance by immigration lawyers is very critical.

What is the role of Turkish Citizenship Lawyers?

Turkish citizenship lawyers are specialized in obtaining legal stay in Turkey. Turkish immigration lawyers are very good at the acquisition of Turkish citizenship and|or related immigration issues.

How to get Turkish citizenship by investment?

How to get Turkish citizenship by investment? There has been a growing interest in obtaining Turkish citizenship by investment over the years. The Turkish citizenship application form has a specific list of paperwork for Turkish citizenship by investment. Acquisition of Turkish citizenship is granted by the decision of the President in Turkey within the context of Article 20 of the Regulation on the Implementation of the Law on Turkish Citizenship (No 5901).

What are the main advantages of Turkish citizenship?

There are several benefits of gaining Turkish citizenship. Accordingly, the acquisition of Turkish citizenship can have a crucial impact upon creating a new life in a fascinating country.

Is Turkish citizenship worth it?

In the beginning, the acquisition of Turkish citizenship for foreigners provides a legal stay in Turkey under Article 21 of the Law on Foreigners and International Protection (Numbered 6458). A citizen is also considered to enjoy various rights from one side and also responsibilities on the other, as a member of a nation or community. The lack of citizenship may turn into a complex dispute beyond national borders by presenting a challenge between nations rather than individuals. Severe administrative and criminal sanctions apply to foreigners within the context of illegal stay and|or entry into Turkey.

See our article on International Protection of Foreigners for more information.

What are the conditions for a legal stay in Turkey?

Primarily, obtaining Turkish citizenship is a workable solution for a legal stay in Turkey. Additionally, work permit, residence permit, or international protection may bring a short-term solution. In addition to Turkish citizenship, other citizenship-centric matters including work permits, residential permits, and international protection of foreigners are subject to complicated and long-lasting procedures.

Our Turkish citizenship lawyers deliver reliable and comprehensive strategic advice on the legal requirements of Turkish citizenship and related residency matters. Pi Legal Consultancy Istanbul immigration lawyers and|or Ankara Turkish citizenship lawyers offer legal guidance to the below-mentioned matters:

• Application for citizenship certificate and acquisition and/or renunciation of citizenship,
• Replacement of naturalization/citizenship document,
• Deportation and return orders,
• Immigration issues,
• Entry ban for foreigners,
• Dual nationality issues,
• Deprivation of citizenship and/or cancellation of citizenship certificate,
• Obtaining work permit and residence permit,
• Renewal of residence permit,
• International protection of foreigners,
• Exceptional citizenship,
• Acquisition of Turkish citizenship by investment,
• Acquisition of US green card through investment,
• Obtaining VISA and/or residence permits in the European Union countries,
• Home purchase in the USA and its potential outcome particularly for a residence permit.

Can I get Turkish citizenship after 5 years?

Provided any foreigner stays legally| resides in Turkey during the period of 5 years without any interruption, he/she merits to apply for Turkish citizenship.

Can I get Turkish citizenship by marriage? 

According to Article 16 of the Law on Turkish Citizenship, Turkish citizenship by marriage is possible. A marriage lasting at least three years with a Turkish citizen, you are entitled to make an application for Turkish citizenship.

For more information about marriage process in Turkey take a look at our article on Marrying in Turkey

Can Students get Turkish Citizenship?

Education may open legal stay through Turkish visa. Gaining Turkish citizenship requires more. Nevertheless, scientists and researchers who have internationally recognized studies in the academic area, and those distinguished in science, industry and technology, areas of which deemed strategic from the point of the Republic of Turkey may apply for Turquoise Card for long term stay in Turkey.

Dispute resolution consultancy requires an innovative and comprehensive strategy for each case. Overall, there are a wide variety of methods for conflict resolution at the domestic or international level. Dispute settlement lawyers have a substantial impact upon concluding disputes between parties. Dispute resolution lawyers have been at the center of providing best results for their clients. It has been already established that dispute resolution consultancy is very essential to provide a chance of success.

What are the 4 types of dispute resolution in Turkey? 

 It is significant at the outset that there are four main accepted forms of conflict resolution: negotiation, mediation, arbitration and litigation.

Firstly, negotiation brings partners together with a view to solving the relevant dispute on their own.

Second popular dispute resolution tool is mediation. Indeed, mediation requires the existence of a neutral third-party assuming responsibility to help disputants for a consensus. It is noteworthy to stress here that Turkey adopted the Law (No:7282) approving the ratification of the Singapore Convention on Mediation, published in the Official Gazette on 11 March 2021.

Official Gazette concerning the Law in question is available online here.

Thirdly, natural or legal persons are also free to choose the best dispute settlement process by selecting arbitration. Last but not least, litigation may be used to finalize any conflict complained of by the judicial authorities.

What is the meaning of dispute resolution for 2023 in Turkey?

It is not hard to maintain that the most commonly used method for dispute settlement is litigation in Turkey. Huge backlog before court rooms has already establishes this argument. Increasing number for civil and administrative litigation has been a matter of concern over the years in Turkey. Dispute resolution through arbitration agreements and|or dispute resolution arbitration is newly improving in Turkey. There is much work needs to be done for alternative dispute resolution methods. Building dispute resolution owing to the alternative ways such as consumer dispute resolution may be found very workable and reasonable solution to all parties of a dispute.

With regard to a comprehensive analysis of implementation of foreign arbitral awards see our article on Enforcement of Foreign Arbitral Awards

What is the most common dispute resolution?

Litigation has still been considered as the most workable solution in Turkey. Therefore, there is an increasing workload before civil and administrative courts in Turkey. Therefore, dispute resolution consultancy needs to more concentrate on other methods for faster solutions.

What is the role of Pi Legal Consultancy for dispute resolution consultancy? 

Every dispute resolution consultancy needs a careful process for an end-to-end analysis of the current situation and chance of success. Our Dispute Resolution Consultancy Working Group offers legal guidance for all the aforementioned dispute settlement methods as a dispute resolution. Thanks to qualified English-speaking lawyers, Pi Legal Consultancy offers Istanbul dispute resolution and Ankara dispute resolution services to foreigners for their negotiations and|or trial processes.  Pi Legal Consultancy represents one of the top international law firms in Ankara by presenting a convincing legal argument with a view to increasing the chance of success for each case.  Our dispute resolution attorneys in Ankara and litigation lawyers in İstanbul are specialized in settling the relevant dispute on behalf of our clients.

Data protection has presented one of the fragile areas across the globe for particularly data privacy lawyer. Legal professionals should be aware of comprehensive information and analysis of data privacy legal framework in Turkey. Clients need to benefit from best data privacy law firms for the protection of their rights and interests within the clause of data privacy.

What is the Meaning of Data Privacy Law in Turkey?

Data privacy law represents a set of rules to protect data from illegal access and illegal actions including theft or loss of personal data.

What Are the 4 Types of Data?

In general, data can be classified into 4 main forms: public, personal, confidential and restricted.

What Are Data Privacy Violation Examples?

We can offer numerous examples of data protection breaches. For instance, if a man takes some photographs of her girlfriend without her own will, stores them, or communicates those photos to people, each action will be a clear violation of the right to data privacy.

What is the Data Privacy Law in Turkey?

In accordance with Article of Data Protection Law (Numbered 6698), natural persons whose personal data are processed and to natural or legal persons processing such data wholly or partially by automated means or by non-automated means which provided that form part of a data filing system.

what is the data privacy law in Turkey

The following principles are legally binding for the processing of personal data:

a) Lawfulness and fairness

b) Being accurate and kept up to date where necessary.

c) Being processed for specified, explicit and legitimate purposes.

ç) Being relevant, limited and proportionate to the purposes for which they are processed.

d) Being stored for the period laid down by relevant legislation or the period required for the purpose for which the personal data are processed.

What is the International Data Protection Standard?

The international community has created and adopted numerous agreements in the field of the protection of personal data including,

• European Convention on Cybercrime (ETS No. 185),
• United Nations Human Rights Committee, in its General Comment No. 34 on Article 19 of the International Covenant on Civil and Political Rights, adopted at its 102nd session,
• The European Convention on Human Rights and Fundamental Freedoms,
• The jurisprudence of the international courts such as the European Court of Human Rights,
• United Nations Human Rights Committee General Comments on Article 19 of the International Covenant on Civil and Political Rights,
• Article 19 of the International Covenant on Civil and Political Rights

what is the international data protection standard

It is notable that financial technologies and information technologies play a critical role in violating or strengthening data privacy and security.  Therefore, the processing and storing of personal data through tech-driven innovations should be subject to the compliance of the principles of legitimate aim and proportionality.

For more information, take a look at our article on the The Right to Privacy and Respect for Private Life

What Is the Significance of Data Privacy Lawyers?

The promotion of data protection has been a matter of concern for legal system across the world. Individuals, businesses, businessmen and public and private organizations may be a victim of data infringement. It is obligatory to understand, absorb and execute specific rights and guarantees set forth in national and international instruments.  Our data privacy lawyers offer embracing consultancy and representation to particularly individuals within the context of data protection. Pi Legal Consultancy Data Privacy Working Group gives assistance to our domestic and international clients in legal strategies and compliance advice for data protection.

What is the meaning of FinTech?

The term “FinTech” describes emerging electronic payment methodologies based on the automation and facilitation of payment systems. The word FinTech contains a broad form of money transfer models such as electronic money institutions, payment institutions, digital banks, online insurance agencies, and crowdfunding platforms. The term of “Financial Technology (FinTech)” is used to refer to integration of technology into the exchange of goods and services. FinTech, dedicated to the development of faster and better delivery of financial services, is very different in many ways from traditional financial services.

What is the main objective of Turkish FinTech ecosystem?

The main objective of FinTech ecosystem is to facilitate and accelerate shopping and trade. There are several advantages of alternative virtual payment methods. There is a growing agreement that FinTech will play a substantial role in the payment ecosystems across the world. By virtue of those benefits, as of February 2023, 739 FinTech-led companies have been formed in Turkey according to recent studies by the Presidency of Republic of Turkey as a part of Turkish FinTech ecosystems.

What are main challenges of Turkish FinTech ecosystem?

The usage of FinTech presents a broad range of challenges especially where it touches on the use of crypto-currencies such as bitcoin.  The invention of digital money and digital payment services platforms have newly caused severe problems in capital markets. Data privacy and the protection of personal information has been a matter of concern over the years.

Data privacy implies the right to make any decision on when, how and to what extent personal and|private information can be communicated to outsiders. Generally speaking, the collection, processing, the supervision, and protection of the confidentiality of personal data are guaranteed by domestic legislation across jurisdictions. The right to data privacy is recognized to cover a broad range of rights including the right to access to their data, a right to portability, a right to be forgotten, and a right to share or not.

For more discussion about data privacy take a look at our article on the Right to Data Privacy and Respect for Private Life

Which authorities are competent for Turkish FinTech ecosystem?  

The Banking Regulation and Supervision Agency is granted an authority to ensure the compliance of the banking activities in line with the Banking Law and other applicable regulations. According to Article 93 of the Banking Law, the Agency is granted certain powers and duties for the implementation of the Banking Law.

Secondly, the Turkish Revenue Administration carries out certain duties dedicated to regulating payment systems.

Thirdly, the Personal Data Protection Authority, engaging in the protection of personal data processing in line with internationally recognized human rights standards.

Besides, the Payment and Electronic Money Institutions Association carries out a broad range of duties in Turkey under Article 1 of the Law Numbered 6493.

With regard to the design and implementation of FinTech norms applicable in Turkey, take a look at our article on FinTech Guide in Turkey.

What is the role of FinTech consultancy?

Innovative approach needs to be improved in order to handle current legal challenges regarding FinTech. Pi Legal Consultancy provides comprehensive guidance to global digital leaders, companies, business owners and consumers for particularly risky sides of Turkish FinTech ecosystem. Our guidance focuses on understanding and using specialized software instruments through computers and smartphones.

We assist our clients particularly in the following areas of expertise:

• Electronic money (e-money) and cryptocurrencies, digital foreign exchange platforms,
• Digital (participation) banking, electronic payment or loan services,
• Data protection and privacy, information security,
• The prevention of money laundering,
• The prevention of cybercrimes,
• Electronic commerce and online shopping,
• The protection of the right to copyright and intellectual property.