Miran Legal | View firm profile
In accordance with Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law, various investment options are offered to foreigners who want to acquire citizenship.
Before the amendment, according to Article 20 of the Regulation, it was possible for foreigners to acquire Turkish citizenship in the following cases that;
Pursuant to subparagraph a, a fixed capital investment of at least 500,000 USD or equivalent in foreign currency or equivalent Turkish Lira,
Pursuant to subparagraph b, the purchase of immovable worth at least 250,000 USD or equivalent in foreign currency or Turkish Lira, provided that they are not sold for three years,
Pursuant to subparagraph ç, deposits of at least 500,000 US Dollars or equivalent in foreign currency or Turkish lira are deposited in banks operating in Turkey, provided that they are kept for three years,
Pursuant to subparagraph d, purchase of government debt instruments amounting to at least 500,000 US Dollars or equivalent in foreign currency or equivalent Turkish Lira, provided that they are kept for three years,
Pursuant to subparagraph e, purchase of real estate investment fund participation shares or venture capital investment fund participation shares in the amount of at least 500,000 USD or equivalent in foreign currency or Turkish lira, on condition that they hold for at least three years.
As a result of the amendment made in the Official Gazette on 06.01.2022;
The phrase “or its equivalent in Turkish Lira” in the text of the regulation has been removed. After that, foreigners who want to acquire Turkish citizenship must make the investment amount specified in Article 20 of the Regulation either in American Dollars or in the corresponding foreign currency. Investments made in Turkish Lira will no longer grant Turkish citizenship to foreigners. The principles to be applied in determining whether the investment conditions are met or not will be determined by the institution making the determination.
Pursuant to the additional clause added to Article 20 of the Regulation with the amendment made on 06.01.2022, the foreign currency amounts specified in subparagraphs (b), (ç), (d) and (e) are sold to a bank operating in Turkey before the transaction. From this bank, it is sold to the Central Bank of the Republic of Turkey. As a result of the sale; Turkish Lira amounts obtained pursuant to subparagraph (ç) of the second paragraph of Article 20 are kept in Turkish Lira deposits, Turkish Lira amounts obtained pursuant to subparagraph (d) are kept in Turkish Lira State debt equipments for a period of three years. The implementation principles regarding this issue are determined by the Central Bank of the Republic of Turkey.
With another additional paragraph brought to Article 20 of the Regulation, it is foreseen that a commission may be established by the relevant Ministries in order to follow up the related citizenship processes. In order to follow the process related to the above-mentioned citizenship applications, a commission may be established within the Ministry of Interior, consisting of representatives of the Ministry of Labor and Social Security, the Ministry of Environment, Urbanization and Climate Change, the Ministry of Treasury and Finance, and the Ministry of Industry and Technology.