Turkish Government has significantly eased the required limits for foreign individuals to acquire Turkish citizenship in order to encourage investments in Turkey, in accordance with Decree No: 106 amending the Communique on the Implementation of Turkish Citizenship Law numbered 5901 (“Turkish Citizenship Law”) published in the Official Gazette on September 19, 2018.
Foreign individuals who meet the following criteria shall be evaluated in that scope and they can apply for Turkish Citizenship exceptionally with the decision of the Cabinet of Ministers;
- Proven by the Ministry of Economy to make fixed capital investment in the amount of minimum USD 500.000;
- Proven by the Ministry of Environment and Urbanism to purchase real estate in the amount of minimum USD 250.000 provided that it is registered in the Title Deed Registry not to be sold for three years;
- Proven by the Ministry of Labor and Social Security to provide employment for at least 50 people;
- Proven by the Banking Regulation and Supervision Agency to deposit minimum USD 500.000 in banks operating in Turkey provided that such amount shall be kept in the banks for three years;
- Proven by the Undersecreteriat of Treasury to purchase State debt instruments in the amount of minimum USD 500.000 provided that such instruments are kept for three years;
- A regulation regarding the Turkish Citizenship Law was added to Article 20, which regulates the conditions for the exceptional acquisition of Turkish citizenship. It was also decided that citizenship rights should be provided for foreigners investing in capital market instruments and other investments. According to this, a share of real estate investment fund participation of at least 1.5 million dollars or foreign investors who hold a venture capital investment fund share and keep it for three years will be entitled to Turkish citizenship.
Foreign investors should hold the properties or continue the minimum limit of financial investments for at least three years to meet the criteria for Turkish citizenship.
Atty. Erman Muzaffer YURDAKUL
Yurdakul International Legal Consultancy