INVESTMENT THRESHOLDS FOR ACQUIRING TURKISH CITIZENSHIP BY INVESTMENT HAS BEEN REDUCED

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The criteria for acquiring Turkish Citizenship by investment have been updated with the introduction of changes in the Regulation. In essence, the changes introduce a reduction in the investment thresholds and the number of workers required to be under employment for applicants who seek to acquire Turkish citizenship through investment in Turkey.

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Author: Att. Hatice Arabacı, Legal Trainee Diren Toprak

Date: 19.09.2018

In 2016, the requirements for acquiring Turkish Citizenship by way of investment in the country were regulated with the Regulation Regarding Application of Turkish Citizenship Law. This previous version of the Regulation outlined the criteria regarding the acquisition of Turkish Citizenship which are; to have specific types and amounts of investment, to have the investment confirmed by the authorities and meet various other conditions set out in the Regulation.

With the changes in the Regulation dated on September 19, 2018, the investment thresholds have been reduced. In addition, right of shift between investment tis introduced in order to complete the period between investments.

Types of Investment	Before 19/09/2018	After 19/09/2018
Fixed Capital	USD 2,000,000	USD 500,000 / its equivalent in TRY or other currencies
Real Estate	USD 1,000,000	USD 250,000 / its equivalent in TRY or other currencies
Providing Employment	100 employees	50 employees
Capital Deposit	USD 3,000,000	USD 500,000 / its equivalent in TRY or other currencies
Real Estate / Enterprise Capital Investment Fund	USD 1,500,000	USD 500,000 / its equivalent in TRY or other currencies

 

APPLICATION COMMISSIONS WILL BE ESTABLISHED

With the changes in the Regulation, a commission consisting of representatives of authorities will be established. As applications are made, this commission will examine the investments made by applicants in order to determine whether the investment meet the thresholds set out in the Regulation.

CONCLUSION: Under the new Regulation, foreign investors may acquire Turkish citizenship through;

• A fixed capital investment worth no less than USD 500.000 or its equivalent in Turkish Lira OR,
• Purchase of  real estate worth no less than USD 250.000 or its equivalent in Turkish Lira and an annotation in the land register with a commitment to not sell for three years OR,
• Provision of employment for no less than 50 employees OR,
• A deposit of no less than USD 500.000 or its equivalent in Turkish Lira at banks operating in Turkey under the condition of keeping it for 3 years OR,
• Purchase of  Public Borrowings worth no less than USD 500.000 or its equivalent in Turkish Lira or other currencies under the condition of keeping it for 3 years OR,
• Investment inn a Real estate investment trust share or enterprise investment trust share worth no less than USD 500.000 or its equivalent in Turkish Lira or other currencies and kept for 3 years.

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The text above is for information purposes and is not a legal advice.