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INVESTMENT LIMITS HAVE BEEN REDUCED FOR THE ACQUISITION OF TURKISH CITIZENSHIP

October 23, 2018

 

I. Intro

 

Regulation on the Implementation of the Turkish Nationality Law (“Regulation”) has been amended by The Presidential Decree No. 106 ("Decree") which was published in the Official Gazette dated 19 September 2018 and numbered 30540 and entered into force on the same date.

 

II. Acquisition of the Turkish Citizenship

 

Turkish nationality law is based primarily on the principle of jus sanguinis which means the children who are born to a Turkish mother or a Turkish father are Turkish citizens from birth. Apart from that, there are multiple alternative ways to become a Turkish citizen divided under two titles as; (i) general acquisition and (ii) exceptional acquisition. 

 

The aforementioned amendment has affected the provisions regarding the exceptional acquisition that is a fast track to obtain Turkish Citizenship by investment. It includes exceptional requirements, such as buying real estate, hiring Turkish citizens or depositing money to Turkish banks etc. Ministry of Internal Affairs is dealing with the procedure and the finalizing decision is being issued by the Presidency.

 

III. The Decrease of the Investment Limits

 

Exceptional acquisition of the Turkish citizenship is a pathway that requires the applicant to meet certain thresholds in the meaning of investment. Due to the Decree, the minimum limits set forth for investments in capital and real estate as well as employment have been significantly eased.

 

The new minimum investment limits are as follows;

 

a. Investing in the form of fixed capital at least at the amount of USD 500,000 (Previously, the limit was USD 2,000,000) 

 

b. Buying immovable property at least at the amount of USD 250,000 and annotating in the land registry that the property shall not be sold for at least 3 (three) years. (Previously, the limit was USD 1,000,000)

 

c. Providing employment for at least 50 (fifty) Turkish citizens. (Previously, the limit was 100 (one hundred) Turkish citizens)

 

d. Depositing money at least at the amount of USD 500,000 into banks operating in Turkey with the condition that such money shall not be withdrawn for at least 3 (three) years. (Previously, the limit was USD 3,000,000)

 

e. Buying government bonds at least at the amount of USD 500,000 with the condition that such bonds shall not be sold for at least 3 years. (Previously, the limit was USD 3,000,000)

 

f. Buying real estate investment trust share or venture capital investment trusts share at least at the amount of USD 500,000 with the condition that such shares will be kept for at least 3 (three) years. (Previously, the limit was USD 1,500,000)

Provided that one of the above thresholds in USD is achieved, applicant shall be able to make the payment in another equivalent foreign currency or Turkish Liras.

 

IV. Conclusion

 

Applicant is free to commence his or her application in person or by means of a representative with special POA, before the General Directorate of Civil Registration and Nationality of Ministry of Interior.

 

By complex nature of such application, it is highly suggested for the applicant to receive assistance from a professional who is qualified in Turkish law, from the very beginning of investment and application.

 

 

 

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