Turkey on Thursday made changes to the conditions for foreigners to acquire Turkish citizenship.
According to the new regulation, which was published in the Official Gazette, the investment amount required for obtaining citizenship will be determined in a foreign currency, and this will be sold to the central bank through a bank prior to the investment transaction.
The Turkish lira amount obtained as a result of the sale will be kept in Turkish lira deposits or government debt instruments for at least three years, it said.
Also, the minimum amount of investment required to acquire citizenship was defined as the dollar equivalent of another foreign currency.
The investment amount will be determined in a foreign currency in the application for obtaining the right to Turkish citizenship in return for a fixed-term investment, real estate purchase and keeping the securities in banks for a certain period of time.
- Citizenship requirements
With a minimum fixed capital investment of at least $500,000 or equivalent in a foreign currency, the investor has the right to apply for Turkish citizenship in an exceptional way.
Those who purchase real estate worth at least $250,000 or the equivalent in a foreign currency will also be able to benefit from this exception, provided that an annotation is put in the land registry that it will not be sold for three years.
Citizenship can also be given to foreigners who have been promised the sale of the real estate, with a contract drawn up at the notary, provided that a condominium or floor servitude has been established, a minimum deposit of $250,000 or its equivalent is made in a foreign currency, and a commitment not to be transferred or abandoned for three years in the land registry is annotated.
