Firsty in Republic of Turkey, in 2016, people who obtain a residence permit and their foreign spouses and children under the age of 18, can acquire Turkish citizenship within the scope of exceptional conditions. Finally, in 2018, the way was opened for foreigners to acquire Turkish citizenship by purchasing real estate worth at least USD 250,000.
Conditions for Turkish Citizenship by Investments
With the amendment numbered 418 made on 07.12.2018 with the Presidency’s decision numbered 106 and published in the Official Gazette on 19.09.2018, foreigners will be able to obtain Turkish citizenship if they meet at least one of the following conditions.
Turkish Citizenship by Fixed Capital Investment
Foreign investors should make a minimum capital investment of USD 500,000 or a different foreign currency or Turkish lira equivalent. This amount, which was USD 2,000,000 before, was reduced to USD 500,000 after the amendment. The capital investment made should be determined through the Ministry of Industry and Technology.
Turkish Citizenship by Purchasing Real Estate
It is necessary to register a with a minimum of USD 250,000 or a different foreign currency or Turkish Lira equivalent, provided that a explanation that it cannot be sold for a minimum of 3 years is put into the land registry. In the contract to be drawn up at the notary, after the foreign person has purchased or established a condominium or condominium servitude and paid at least USD 250.000 or the amount equivalent to a different foreign currency or Turkish Lira in cash, it should be committed that the property cannot be transferred or abandoned for a period of 3 (three) years. The explanation to the registry must be determined by the Ministry of Environment and Urbanization.
Turkish Citizenship by Creating Employment
Foreign investors must create 50-people employment. Employment must also be determined by the Ministry of Family, Labor and Social Services.
Turkish Citizenship by Deposit Investment in Banks
Foreign investors are required to deposit a minimum of USD 500,000 or equivalent amount of foreign currency or Turkish lira deposit or participation fund in any bank operating in Turkey, with the condition of keeping for 3 (three) years. The investment must be determined by the Banking Regulation and Supervision Agency.
Turkish Citizenship by Public Debt Instruments
It is necessary to purchase a public debt instrument with a minimum amount of USD 500,000 or a different foreign currency or Turkish lira equivalent, provided that it is kept for a minimum of three (3) years. The investment must be determined by the Ministry of Treasury and Finance.
Turkish Citizenship by Mutual Funds Participation Share
It is necessary to purchase venture capital investment fund participation shares or real estate investment fund participation shares amounting to a minimum of USD 500,000 or a different foreign currency or Turkish lira equivalent, provided that they hold for a minimum of three (3) years. The investment must be determined by the Capital Markets Board.
In the determination of all monetary values mentioned above, the CBRT (Central Bank of the Republic of Turkey) selling rate or cross rate on the date of determination is taken as basis.
The Process of Obtaining Turkish Citizenship by Investment
During the process of obtaining Turkish citizenship by investment method, the following 3 stages should be proceeded:
- Fulfilling at least one of the investment conditions specified in Article 20 of the relevant regulation and obtaining a Certificate of Conformity from the relevant institution.
- Obtaining Turkish Short Term Residence Permit pursuant to Article 31, first paragraph, sub-paragraph J of Law No. 6458.
- Completing the application of Turkish citizenship by investment.
You can review the procedures and principles and the necessary documents for the 3-step process to be followed in detail in the rest of the article.