13/01/2017

Update on the Acquisition of Turkish Citizenship

With the latest changes on the relevant Regulation, it is possible for a foreigner who invests in Turkey in the determined amounts, deposits certain amount of money in banks operating in Turkey, acquires immovable property in the determined value or provides employment for at least 100 people to obtain Turkish citizenship upon the decision of the Cabinet.

By Abdülkadir Güzeloğlu & Fatma Esra Güzeloğlu

13 January 2017

In accordance with the latest changes[1] on the Regulation on the Application of Turkish Citizenship Act (“Regulation[2]”), foreigners who fulfil either one of the conditions stipulated below may be eligible to acquire Turkish citizenship upon the proposal of the Ministry of Interior and the decision of the Cabinet:

A foreigner who:

Invests in fixed capital at least at the amount of USD 2,000,000; which is verified by the Ministry of Economics
Purchases immovable property at least at the amount of USD 1,000,000 and annotates in the land registry that the property shall not be sold for at least 3 years; which is verified by the Ministry of Environment And Urban Planning
Provides employment for at least 100 people; which is verified by the Ministry of Labor and Social Security

Deposits money at least at the amount of USD 3,000,000 into banks operating in Turkey with the condition that the said amount shall not be withdrawn for at least 3 years, which is verified by the Banking Regulation and Supervision Authority
Buys government bonds at least at the amount of USD 3,000,000 with the condition that said bonds shall not be sold for at least 3 years, which is verified by the Turkish Treasury

The effective selling rate of the Central Bank of the Republic of Turkey as of the date of verification shall be taken into consideration in order to determine the value of the said amounts.

You may reach us at info@guzeloglu.legal for more information on Turkish citizenship law and rules and regulations on how to obtain work and residence permits.

[1] Relevant changes were made with the Regulation on the Changes on the Regulation Regarding the Application of Turkish Citizenship Act, published in the Official Gazette dated 12 January 2017 and numbered 29946.

[2] The Regulation was published in the Official Gazette dated 6 April 2010 and dated 27544.

Author: Abdülkadir Güzeloğlu & Fatma Esra Güzeloğlu