Investment property: Turkmenistan

Updated 6 October 2026

Property in Turkmenistan is one of the most difficult markets in the world for a foreign investor.

All land belongs to the state, there is no free housing market for foreigners, and income in manats effectively cannot be taken out of the country. So this page mainly explains why investing here is risky and which lawful options still exist for companies and projects.

What the law says

The Law on Foreign Investment protects investments from nationalisation and requisition, and property can be seized only by court decision. But in practice there were cases in 2017 when foreign companies lost facilities despite licences and leases.

Why income is hard to receive

• Rent and revenue arrive in manats, and the state does not allow free exchange into dollars.
• The official rate of 3.5 manats per dollar is available only in cases set out in law and with approval; the unofficial rate is about 19.5.
• In some cases the state changed contract terms and paid only in manats with no right to exchange.

If a project is still needed

1. Project assessment: hotel, warehouse, production facility, staff housing.
2. A Cabinet of Ministers decision on the land lease and project approval.
3. A lease with a precise term, renewal terms and the fate of the buildings.
4. The payment structure: revenue in foreign currency where possible and permissions to transfer money.
5. Construction or purchase of the building and registration of rights.

A foreign company is usually also subject to staffing requirements: the state expects at least 90% of employees to be Turkmen citizens.

Documents needed for a project

• Registration of the foreign company in the country: a branch, representative office or local company.
• A land lease application describing the project, timing and investment.
• A business plan showing how the project will be funded and how it will obtain foreign currency.
• Approvals from the relevant ministries and local authorities.

Risks to know about

• Investments and income in manats practically cannot be returned abroad.
• At the end of leases in tourist zones the buildings pass to the state.
• Land decisions are taken by the Cabinet of Ministers, and timing and outcome are hard to predict.
• Official economic data is considered unreliable, which makes the market hard to assess.
• Entry requires a visa on invitation, and there is less freedom of movement and communication than in most countries.

What we suggest instead

If the goal is to preserve capital or earn rental income, we suggest markets where a foreigner owns property and takes money out freely. If property in Turkmenistan is needed for your company's operations, we support the project with local lawyers and structure payments to reduce currency risk.

What we do

Murblz specialists give an honest assessment of the project's risks, help with documents for the land lease and approvals, check the lease terms and the fate of the buildings, structure payments and, if the goal is investing capital, choose countries with clear rules. Before any payment we check how the investment and income can be lawfully returned abroad. We fix the estimate in writing.

What we do

• Property shortlist for your investment goal
• Legal due diligence on the property
• End-to-end transaction support
• Ownership structuring (company, trust)
• Property management and letting

See also

Company formation · Business account · Personal account

FAQ