Amendments ease access to Turkish citizenship for foreign real estate 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 January 12, 2017.
Foreigners who meet any of the following conditions would be eligible to acquire citizenship under the new regulations.
– Proven by the Ministry of Economy to have made a minimum of USD 2,000,000 of fixed capital investment
– Proven by the Ministry of Environment and Urbanization to have acquired an immovable property worth a minimum of USD 1,000,000 with a title deed restriction of not to sell for at least three years
– Proven by the Ministry of Labor and Social Security to have created jobs for at least 100 people
– Proven by the Banking Regulation and Supervision Agency to have deposited at least USD 3,000,000 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 3,000,000 worth of government bonds and provided they are not sold 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.