Update On The Acquisition Of Turkish Citizenship

With the latest changes on the relevant Regulation, it is possible for a foreigner who invests in Turkey in the determined amounts, deposits certain amount of money in banks operating in Turkey, acquires immovable property in the determined value or provides employment for at least 100 people to obtain Turkish citizenship upon the decision of the Cabinet.

In accordance with the latest changes¹ on the Regulation on the Application of Turkish Citizenship Act ("Regulation²"), foreigners who fulfil either one of the conditions stipulated below may be eligible to acquire Turkish citizenship upon the proposal of the Ministry of Interior and the decision of the Cabinet:

A foreigner who:

• Invests in fixed capital at least at the amount of USD 2,000,000; which is verified by the Ministry of Economics
• Purchases immovable property at least at the amount of USD 1,000,000 and annotates in the land registry that the property shall not be sold for at least 3 years; which is verified by the Ministry of Environment And Urban Planning
• Provides employment for at least 100 people; which is verified by the Ministry of Labor and Social Security

• Deposits money at least at the amount of USD 3,000,000 into banks operating in Turkey with the condition that the said amount shall not be withdrawn for at least 3 years, which is verified by the Banking Regulation and Supervision Authority
• Buys government bonds at least at the amount of USD 3,000,000 with the condition that said bonds shall not be sold for at least 3 years, which is verified by the Turkish Treasury

The effective selling rate of the Central Bank of the Republic of Turkey as of the date of verification shall be taken into consideration in order to determine the value of the said amounts.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.