“The Regulation on the Amendments to the Regulation on the Implementation of the Turkish Citizenship Law” (the “Amending Regulation”) has been published in the Official Gazette dated 19 September 2018 and numbered 30540 and entered into force as of its publication date. Along with the publication of the Amending Regulation, the financial and investment criteria to acquire the Turkish citizenship have been reduced.
According to the Amending Regulation, foreigners who meet the criteria stated herein-below shall be able to apply for Turkish Citizenship:
- Making a fixed capital investment in the amount of minimum USD 500,000.00 or the equivalent amount as Turkish Lira or other foreign currency and determination of such investment by the Ministry of Industry and Economy,
- Purchase of a property on the value of minimum USD 250,000.00 or the equivalent amount as Turkish Lira or other foreign currency and to annotate the Title Deed Registry that the property will not be sold in the following three (3) years and determination of such purchase and annotation by the Ministry of Environment and Urbanism,
- Employment of at least fifty (50) employees and determination of such employment by the Ministry of Family, Labour and Social Services,
- Depositing minimum USD 500,000.00 or the equivalent amount as Turkish Lira or other foreign currency in banks operating in Turkey and to hold it in the banks for the following three (3) years and determination of such deposit by the Banking Regulation and Supervision Agency (BRSA),
- Purchase of a public debt instruments in the value of minimum USD 500,000.00 and holding that instruments for following three (3) years and determination of such purchase by the Ministry of Treasury and Finance,
- Purchase of shares of real estate investment trust or venture capital fund and holding such instruments for three years starting from the date of purchase and determination of such purchase by the Capital Market Board.
The Amending Regulation indicates that the foreigners may switch between the aforementioned investment options in order to fulfil the time requirement.
Pursuant to Amending Regulation, it is stipulated that Central Bank of Turkey’s effective selling rate and/ or cross exchange rate as of the determination date shall be taken as a basis on the determination of the monetary value stated hereinabove.
By Duygu Bozkurt, Associate, Asu Motur, Trainee Lawyer, Sevgi Kılıc, Trainee Lawyer Moral & Partners