How to Become A Citizen of Turkey by $250.000 Property Investment?
Turkey may be one of the most fascinating countries in our world. Its location between continents has made it a constant crossroads of historical cultures, influences, and great civilizations. A confluence of East and West is just one of the many aspects that make it special. But today we’re not going to get into the (very interesting) multicultural influences inherited by Turkish society, nor on how to cook a kebab. The subject that today occupies us is how to get Turkey Citizenship by Investment.
The amendment of the Citizenship Act of Turkey was published in the TC Resmi Gazette (Official Gazette of Turkey) on the 12th of January 2017. The new regulation will allow for the acquisition of Turkey citizenship by investment. We are going to discuss this and a few other aspects to consider, such as whether to apply for citizenship, residence, visas, and some keys factors to bear in mind when investing or doing business in Turkey.
Turkey Citizenship by investment
(Updated October 2018 – Investment requirements have been lowered)
On January 12th, 2017 the Regulation for the Amendment of the Regulation on the Application of the Citizenship Act of Turkey was published in the T.C. Resmi Gazette (Official Gazette of Turkey). This amendment announced the formation of an Economic Citizenship program that allows the acquisition of Turkey citizenship by investment. Its main objective is to stimulate the Real estate market, which has a current oversupply, and to attract foreign currencies and create jobs. There are five types of investment:
•Investment of fixed capital of at least USD 500,000 confirmed by the Ministry of Economy.
•Acquisition of real estate for a minimum value of USD 250,000, including an annotation in the cadastral records of a commitment to not sell the property within three years from the date of purchase, confirmed by the Ministry of Environment and Urbanism.
•A foreigner who, through their business, has generated employment for at least 50 Turkish people, confirmed by the Ministry of Labor and Social Security.
•A foreigner who holds a bank deposit of at least USD 500,000 for three years, supervised by the Banking Regulation and Supervision Agency (BDDK).
•A foreigner who invests in Treasury bonds or any type of government loan instruments worth USD 500,000 and maintains them for three years, under the supervision of the Undersecretariat of the Treasury.
The applicable exchange rate shall be that established by the Central Bank of Turkey (CBTR) at the time of the transaction.
It is important to note that Turkey allows dual citizenship.
The Council of Ministers is the competent authority in charge of deciding the granting of citizenship to a foreigner, therefore, even if the aforementioned requirements have been fulfilled, they reserve the right of approval.