Recent Development
On January 12, 2017, the Council of Ministers amended the Regulation on the Implementation of Turkish Citizenship Law published in the Official Gazette No. 27256 dated June 12, 2009 (“Regulation”). According to the amendment, foreign individuals that invest in Turkey are conferred Turkish citizenship under certain conditions.
New conditions for foreign investors to acquire Turkish citizenship
Upon the proposal of the Ministry of Interior and the decision of the Council of Ministers, foreigners holding a residence permit or Turquoise Card1 may acquire Turkish citizenship by fulfilling one of the following conditions:
- making a fixed capital investment of at least USD 2,000,000, as determined by the Ministry of Economy;
- purchasing real property/properties worth at least USD 1,000,000, and submitting an annotation stating that the real property will not be sold for three years, as determined by the Ministry of Environment and Urbanization;
- creating at least 100 jobs, as determined by the Ministry of Labor and Social Security;
- depositing at least USD 3,000,000 into Turkish banks and not withdrawing the funds for a minimum of three years, as determined by the Banking Regulation and Supervision Agency; and
- purchasing state debt instruments amounting to at least USD 3,000,000 and holding these for a minimum of three years, as determined by the Undersecretariat of Treasury.
Conclusion
Turkey continues adapting regulations to encourage foreign investment in the country. Foreigners who fulfill one of the conditions stated above may acquire Turkish citizenship by the proposal of the Ministry of Interior and the decision of the Council of Ministers.
Please do not hesitate to contact us if you have any questions regarding the conditions to acquire Turkish citizenship.
