The limit for acquiring Turkish citizenship through real estate purchase has been
increased to 400 thousand dollars. The decision will come into effect after one
month, and the purchased property must not be sold for three years. In addition,
those who invest 500 thousand dollars in the private pension system and stay in
the system for three years will be able to obtain Turkish citizenship.
The Regulation on the Amendment of the Regulation on the Implementation of
the Turkish Citizenship Law entered into force after being published in the
Official Gazette yesterday. Last month, it was announced that the limit for
acquiring citizenship with the purchase of real estate would be increased from
250 thousand dollars to 400 thousand dollars. However, no provision was made
for this. While this Regulation was made official with the amendment, it was
foreseen that the implementation would start after one month. Thus, citizenship
rights will continue to be acquired in real estate purchases of 250 thousand
dollars until June 13, 2022.
3 YEARS STAY CONDITION
The right of citizenship was also granted to foreigners who entered into
individual retirement with the Regulation. Citizenship will be granted to those
who bring 500 thousand dollars or the equivalent amount of foreign currency to
the system and comply with the 3-year stay requirement. The regulations of the
Regulation on BES came into force yesterday. According to the current
legislation, Turkish citizens who enter the PPS are also given a state
contribution. The state subsidy is received as much as 30 percent of the
contributions invested in the PPS. The state contribution is valid after three
years in the system. If you stay in the system between 3 and 6 years, 15 percent
of the state contribution can be received. This rate increases gradually over time.
The Insurance and Private Pensions Regulation and Supervision Agency also
stated that there is a requirement to be a Turkish citizen in the state contribution
to the BES. It said, “In this context, those who invest at least 500 thousand
dollars or equivalent in foreign currency to the BES to acquire Turkish
citizenship exceptionally. Since foreign participants did not acquire Turkish
citizenship during this process, receiving state subsidies is impossible.
With the changes made from time to time in the Regulation on the
Implementation of the Turkish Citizenship Law, the scope of acquiring
citizenship has been expanded. Accordingly, those who make a fixed capital
investment of at least 500 thousand dollars create employment for at least 50
people, keep at least 500 thousand dollars in banks in Turkey, and keep at least
500 thousand dollars in real estate investment funds or mutual funds can obtain
citizenship rights.
Along with the legal regulations;
Foreigners who bring a minimum fixed capital investment of 500,000 USD,
Those who have purchased immovable property worth at least USD 400,000,
provided that they do not sell within three years from the date of purchase,
Those who deposit a minimum of 500,000 USD in Turkish banks, provided that
it is not withdrawn for three years, will be able to acquire Turkish citizenship.
Foreigners who are determined by the Ministry of Industry and Technology to
have made a fixed capital investment of at least 500,000 USD or in a different
foreign currency or Turkish lira equivalent may be granted Turkish citizenship
by the decision of the President. This amount, which was $2,000,000 before
2018, was reduced to $500,000 after the change. Citizenship applications of
foreigners who request citizenship through fixed capital investment must be
submitted in writing to the Ministry of Industry and Technology together with
the required documents.
500.000 Dollars Citizenship Procedures and Principles
Capital Investment Advances Conditions of Turkish Citizenship The procedures
and principles of acquiring Turkish citizenship with a fixed capital investment
are as follows;
Fixed capital investment should include investment elements such as buildings,
land, equipment, and machinery for the production of services and goods.
Purchasing real estate alone does not entitle the right to apply for citizenship in
this context, but the expenditures made for the purchase of real estate are
considered as part of the investment.
If a foreign investor who wishes to apply for Turkish citizenship by investment
buys a non-public company completely or becomes a partner to a certain extent,
the amount corresponding to the share purchased must be at least 500,000 USD
or in a different foreign currency or Turkish lira equivalent. . In this case, the
applicant may also be asked to submit a company valuation report obtained from
the authorized institutions related to the market value determination of the
partner or acquired company.
In the case of additional investment in a previously made investment, the
increase in the investment amount and the share of the foreigner in the company
are taken into account as of the date of the additional investment. In other words,
if the foreign investor is a partner in the company at a certain rate, the ratio
corresponding to the partnership share is multiplied by the additional investment
amount. The resulting amount must be a minimum of 500,000 USD or the
equivalent of a different foreign currency or Turkish Lira.
Investments made before January 12, 2017, do not give rise to the right to apply
for citizenship.
For applications made after January 12, 2017, 3 years of retroactive expenditure
will be taken into account when calculating the capital investment.
A foreign person or persons who are entitled to citizenship by capital investment
cannot transfer their company shares to another legal or real person for a
minimum of 3 years.
Required documents;
Investment Information Form (This form contains information about the
invested company, the investment subject to the company’s equity, and the share
of the investor in the capital investment.),
A valid passport and notarized Turkish translation of the passport,
Four (4) passport-sized biometric photographs,
A copy of the residence permit,
Special purpose report with the approval of the Certified Public Accountant,
showing that a minimum of 500,000 USD or a different foreign currency or
Turkish lira equivalent has been invested as a capital investment,
Suppose the capital investment related to the application is made through a legal
entity. In that case, the Turkish Trade Registry Gazette Record shows the capital
amount and shareholding structure of the legal entity that made the fixed capital
investment.