THE NEW REGULATION CHANGE IN REGULATION ON THE IMPLEMENTATION OF TURKISH CITIZENSHIP LAW

24.10.2018

 

On September 2018, the article 20 titled “the exceptional acquisition of Turkish citizenship, necessary documents for the application and actions to be taken” of the Regulation on the Implementation of Turkish Citizenship Law was amended. According to this amendment, foreigners who invest in Turkey above a specified amount and provide employment or have deposit money are provided an opportunity to grant Turkish citizenship. Foreigners who meet one of five conditions published on the Official Gazette will be granted citizenship. Within this scope, the required conditions for Turkish citizenship which were published on the Official Gazette are as follows;

- Foreigners who are determined by Ministry of Industry and Technology to have made a fixed capital investment of at least USD 500.000 or equivalent foreign exchange or equivalent Turkish Liras,

- Foreigners who are determined by Ministry of Environment and Urbanization to have purchased immovable property amounted to at least USD 250.000 or equivalent foreign exchange or equivalent Turkish Liras on condition that an annotation is put on title deed registries for not selling 3 years,

- Foreigners who are determined by Ministry of Family, Labor and Social Security to have generated employment of at least 50 people,

- Foreigners who are determined by Banking Regulation and Supervision Agency to have made a deposit of at least USD 500.000 or equivalent foreign exchange or equivalent Turkish Liras into the banks being active in Turkey on condition that it shall be kept for 3 years,

-Foreigners who are determined by Ministry of Treasury and Finance to have purchased state debt instruments of at least USD 500.000 or equivalent foreign exchange or equivalent Turkish Liras on condition that it shall be kept for 3 years.

- Foreigners who are determined by Capital Markets Board to have purchased real estate investment fund participation share or venture capital investment fund participation share amounted to USD 500.000 or equivalent foreign exchange or equivalent Turkish Liras on condition that it shall be kept for 3 years at least, shall be assessed and may apply to exceptional Turkish citizenship through a decree of Council of Ministers.

In the determination of monetary values, effective selling exchange rate of Central Bank of Turkey shall be predicated on the determination date.