The minimum investment requirement for Real Estate Investment Fund or Venture Capital Investment Fund participation shares in the amount of 500.000 USD or equivalent in foreign currency or equivalent Turkish Lira is the date on which the participation shares are transferred to the investor’s account is calculated using the USD (US Dollar) selling rate or cross exchange rate announced by the Central Bank of the Republic of Turkey.
In order for the investor to be entitled to Turkish citizenship within the framework of the regulation, he/she must have the relevant participation shares continuously for 3 (three) years from the date on which the minimum investment requirement is met, and within this scope, the participation shares must not be reduced by the will of the investor through transactions such as transfer and sale.
As a result of the change in the exchange rate, the value of the participation shares falling below USD 500,000 does not affect the application for the acquisition of Turkish citizenship.
Citizenship by Fund Participation Share…
In the event of a decrease in the number or value of Real Estate Investment Fund or Venture Capital Investment Fund participation certificates (with transactions such as cash dividend or participation share refund or liquidation in accordance with the provisions of the Fund’s internal statute and issue document) against the will of the investors, the minimum investment requirement is not considered lost.
If it is determined by the Central Registry Agency that the foreigner applying for citizenship meets the minimum amount and scope sought, this situation is notified to the Capital Markets Board within 3 (three) business days.
Ownership of lien, real right, precautionary injunction or precautionary lien or participation shares on Real Estate Investment Fund or Venture Capital Investment Fund participation shares within a period of 3 (three) years to be taken into account in exceptional Turkish citizenship applications to be made within the scope of the second paragraph of Article 20 of the Regulation. In case of any encumbrance that may limit the right of the owner, it is considered that the condition of “purchasing with the condition of holding for 3 years” sought in the regulation is not met.
Investors who, in the weekly checks to be made by the Central Registry Agency, are determined to have a decrease in the account balance with the condition of transfer and sale, or any lien, real right, precautionary lien, precautionary measure or any encumbrance that may limit the right of ownership, shall be notified of the Capital Markets Board within 3 (three) working days. Thereupon, necessary notifications are made promptly by the Capital Markets Board to the Directorate of Migration Management, the Directorate of Population and Citizenship Affairs and the applicant.
Required documents
- Valid passport of the person and notarized Turkish translation of the passport
- Copy of the foreign person’s valid and current short-term residence permit card
- Written application containing the MKK (Central Registration Agency) registration number and investment information regarding the GYFF (Real Estate Investment Fund) or GSYF (Venture Capital Investment Fund)
Within 2 (two) business days from the date the foreign investor submits the necessary documents to the Capital Markets Board, the Capital Markets Board requests information from the Central Registry Agency as to whether the participation share of the foreign investor’s Real Estate Investment Fund or Venture Capital Investment Fund fulfills the conditions sought in the regulation.
If it is determined by the Central Registry Agency that the applicant foreigner meets the minimum amount and scope required in the regulation, this situation is reported to the Capital Markets Board within 3 (three) business days. The “Certificate of Conformity” is issued by the Capital Markets Board upon the letter received from the Central Registry Agency within 2 (two) working days.
