AMENDMENTS EASE ACCESS TO TURKISH CITIZENSHIP FOR FOREIGN INVESTORS
Access to Turkish citizenship has been eased for foreign investors with the amendments made to Turkey’s current citizenship law. The new regulations were published in the Official Gazette on September 18, 2018.
Foreigners who meet any of the following conditions would be eligible to acquire citizenship under the new regulations.
- Proven by the Ministry of Industry and Technology to have made a minimum of USD 500,000 of fixed capital investment
- Proven by the Ministry of Environment and. Urbanisation to have acquired an immovable property worth a minimum of USD 250,000 with a title deed restriction and minimum of USD 250,000 with an immovable sales contract of not to sell for at least three years.
- Proven by the Ministry of Family, Labor and Social Services to have created jobs for at least 50 people
- Proven by Banking Regulation and Supervision Agency to have deposited at least USD 500,000 in banks operating in Turkey with the condition of not to withdraw for at least three years
- Proven by the Turkish Treasury to have bought at least USD 500,000 worth of government bonds and provided they are not sold over the course of three years
- Proven by Capital Markets Board of Turkey to buy at least USD 500,000 worth of Real Estate Investment Fund Share or Venture Capital Investment Fund Share over the course of three years
The effective selling rate of the Central Bank of the Republic of Turkey as of the proving date will be used as a benchmark to determine the actual values of operations.