The Regulation on The Implementation of Turkish Citizenship Law has been amended by the Council of Ministers and amendments has been promulgated in the Official Gazette on 19 September 2018 and entered into force on the publication date.
The amendments set lower financial limits on the grant of Turkish citizenship in exceptional circumstances. According to the amendment, who satisfy at least one of the below investment options will be able to acquire Turkish Citizenship for themselves and their families;
– The minimum amount of the fixed capital investment that foreigners are required to fulfill is reduced to 500.000 USD (formerly 2.000.000 USD) or equivalent foreign exchange/Turkish Liras and the investment is now recognized by the Ministry of Industry and Technology (formerly Ministry of Economy).
– The minimum worth of real estate that foreigners are required to purchase is reduced to 250.000 USD (formerly 1.000.000 USD) or equivalent foreign exchange/Turkish Liras with the condition of keeping the ownership of the property for at least 3 years.
– The minimum employee number that foreigners who provide employment opportunities reduced to 50 people (formerly 100 people) providing these employments are now recognized by the Ministry of Family, Labour and Social Services (formerly the Ministry of Labour).
– The minimum amount of a deposit account in a bank which operates in Turkey that a foreigner needs to keep for 3 years is reduced to 500.000 USD (formerly 3.000.000 USD) or equivalent foreign exchange/ Turkish Liras.
– The minimum amount of procurement of public debt instruments reduced to 500.000 USD (formerly 3.000.000 USD) or equivalent foreign exchange/ Turkish Liras with the condition of keeping them for 3 years, providing such procurement is now recognized by the Ministry of Treasury and Finance (formerly Undersecretariat of Treasury).
– The minimum amount of purchase of real estate investment fund participation share or venture capital investment fund participation share is reduced to 500.000 USD (formerly 1.500.000 USD) with the condition of keeping them for 3 years, providing such procurement is recognized by the Capital Markets Board.
The amendment states that foreigners who fulfil one of the above conditions may be granted Turkish citizenship with the decision of the President (formerly Council of the Ministers).