Turkish Citizenship by Investment has been a matter of discussion over the years for academics and legal practitioners. There are several discussions and arguments on that matter. Therefore we will analyze that matter here.
This article will analyze the acquisition of Turkish Citizenship by Investment based on the decision of the President in Turkey within the context of Article 20 of the Regulation on the Implementation of the Law on Turkish Citizenship (No:5901). Other types of later acquisition after birth do not fall within the scope of this paper.
What is citizenship by investment?
Citizenship by investment is designed for granting individuals citizenship by means of local investment in a relevant country or region. Citizenship by investment programs (CIPs) currently offered by most jurisdictions across the world. Individuals apply to CIPs with a view to traveling freely, starting up a new business and or benefiting from educational or occasional opportunities in a different part of the world. Turkish citizenship by investment has been a matter of discussion in Turkey over the years. Turkish Immigration lawyers are very good at evaluating legitimate reasons for each program.
What are the main types of the acquisition of Turkish citizenship by investment?
In the case of Article 20 of the Regulation on the Implementation of the Law on Turkish Citizenship (No:5901), there are limited ways of obtaining Turkish citizenship through investment.
How many people got Turkish citizenship by investment?
According to unofficial reports, more than 7.000 foreigners obtained Turkish citizenship by means of home purchase only between 2014-2017.
For our work and all legal services on the matter of investment, please click our Practice Areas, titled Investment Advice.
Can you get Turkish citizenship by a capital investment?
Under the said Regulation, foreign capital investors may be eligible for Turkish citizenship in following exceptional states. In this context, making a minimum of fixed capital investment of USD 500.000 or equivalent foreign currency or Turkish lira, as attested by the Ministry of Industry and Technology may provide alien investors with citizenship in Turkey.
Can you get Turkish citizenship if you buy a house?
In the recent decade, the economic downturn has been a matter of concern facing the international community all over the world. As a response to economic hardships, new amendments are designed for attracting direct foreign investments. Granting citizenship owing to any kind of property purchase is a leading method.
In terms of real estate buyers, four main steps may be taken as follows: making an agreement on a Turkish property, the determination and confirmation of the relevant estate’s value, the examination and approval of the relevant national institutions, the proof of a title deed restriction on the resale of property for at least three years.
What is the news on the acquisition of Turkish citizenship through a house purchase?
Turkish government took a new decision increasing the minimum real estate investment to qualify for citizenship, from the previous USD 250.000 to USD 400.000. The said decision enters into force following the Official Gazette publication in May 2022.
Can you get Turkish citizenship through submission of employment opportunities?
Aliens creating jobs for at least 50 people may be granted Turkish citizenship. It should be attested by the Ministry of Family, Labor and Social Services.
Can you get Turkish citizenship through the deposit of a certain amount of money?
When a foreigner deposits at least USD 500.000 or equivalent foreign currency or Turkish lira in banks operating in Turkey with the condition not to withdraw the same amount for at least three years, an additional condition lays ahead. This investment must be attested by the Banking Regulation and Supervision Agency. Finally, they will be eligible for Turkish citizenship.
Can you get Turkish citizenship through buying a certain amount of currency?
Buying at least USD 500.000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share is another way. The main condition is that they are not sold for at least three years.
Can you get Turkish citizenship through a real investment fund share?
Buying at least USD 500.000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share may open Turkish citizenship certificate. Aliens should meet the condition that they are not sold for at least three years. Besides this procedure should be attested by the Capital Markets Board of Turkey.
Can you get Turkish citizenship through private pension funds?
Owing to a legislative change on Article 20 of the Regulation on the Implementation of the Law on Turkish Citizenship (No:5901), a new acquisition type of Turkish citizenship enters into force. When foreigners deposit at least USD 500.000 or equivalent foreign currency or Turkish lira in the private pension system with the condition of holding this fund for three years, as attested by Insurance and Private Pension Regulation and Supervision Agency, they may gain Turkish citizenship.
For our work and all legal services on the matter of citizenship, please click our Practice Areas, titled Citizenship.
This article essentially analyzes the question of how the acquisition of Turkish citizenship by investment is possible. Bearing in mind the aforementioned evaluations, it becomes clear that CIPs require a comprehensive legal guidance by Turkish Immigration Lawyers and Turkish Investment Lawyers. Every single method looks very simple and clear. However, that is not the case. There are very complex proceedings connected to each other. Substantial acts and actions should be carried out by different national authorities. Besides, there may be additional criteria that must be met by foreign investors for each. The initiation of the citizenship process through a certain investment does not guarantee an automatic ownership of citizenship. There will be various additional legal requirements for any genuine achievement. A comprehensive legal guidance and consultation is, therefore, needed for avoiding waste of time and substantial unnecessary expenses.