TURKİSH CITIZENSHIP BY INVESTMENT

Turkish citizenship can be acquired in various ways such as getting married, working or residing in Turkey for a certain period of time. Another popular option recently is the acquisition of Turkish citizenship through investment. Accordingly, it is possible for those who fulfill the conditions specified in the law to acquire citizenship.

The most preferred method for acquiring citizenship through investment is to purchase real estate with a minimum value of US$ 400,000. However, other investment methods are also presented in the Turkish Citizenship Law No. 5901.

Accordingly, the Regulation on the Implementation of the Turkish Citizenship Law regulates the following investment options for foreigners to acquire Turkish citizenship:

• Making a Capital Investment: Making a capital investment of at least 500,000.00 USD or its equivalent in another currency and this investment is determined by the Ministry of Industry and Technology.

• Purchase of Real Estate: At least USD$ 400,000.00 [this value has been increased from USD$ 250,000,000 to USD$ 400,000,00 as of June 13, 2022] or its equivalent in another currency, with an annotation stating that a real estate will not be sold for 3 (three) years after the purchase.

foreign nationals applying for Turkish citizenship by purchasing immovable must undertake that they will not sell the relevant immovable for 3 (three) years from the date of purchase.

• Employment Creation: Creating employment for at least 50 people and determining this by the Ministry of Labor and Social Security.

• Making Deposits to Banks Operating in Turkey: To deposit at least USD 500,000.00 or its equivalent in another currency to banks that are established and operating in Turkey, provided that the investor will not withdraw for 3 (three) years. This investment will be evaluated by Capital Markets Board.

• Purchasing Government Debt Instruments: To purchase government debt instruments with a value of at least 500,000.00 USD or its equivalent in another currency on condition that the investor will hold at least 3 (three) and This investment will be evaluated by the Ministry of Treasury and Finance.

• Investing in Real Estate Investment Fund or Venture Capital Investment Fund Participation Shares: buying up real estate investment fund participation shares or venture capital investment fund participation shares with a value of at least 500,000 USD or its equivalent in another currency on condition that the investor will hold these shares at least 3 (three). This investment will be evaluated by Capital Markets Board.

However, Turkish citizenship acquired by investment is the same as citizenship acquired by birth, and the applicant can benefit from all the rights of other Turkish citizens.

Obligation to Invest in Foreign Currency

As stated above, the applicant must invest in a currency other than Turkish Lira. However, the latest amendments to the law have made it mandatory for the investment to be made only in foreign currency and the foreign currency deposited to be converted into Turkish Lira through a bank operating in Turkey. In addition, the deposited foreign currency must be converted by the relevant bank through the Central Bank of the Republic of Turkey.

Who Can Acquire Turkish Citizenship?

In addition to the foreign applicant, their spouse and children can also benefit from this opportunity without requiring a separate investment. In other words, family members of the applicant’s would individually be able to acquire Turkish citizenship without meeting the relevant investment requirements. Application Process Acquiring Turkish citizenship by investment consists of three stages as described below:

(1) Fulfilling the conditions of at least one of the above-mentioned investments and obtaining a certificate of conformity from the relevant institution;

(2) Obtaining a short-term residence permit [It should be emphasized that foreign persons who meet the minimum investment requirements do not have to reside in Turkey permanently for a certain period of time.

(3) Making a citizenship application to the relevant authority.

In addition, some additional documents are requested from the applicant. In this context, in order for the applicant to benefit from the ‘purchase of real estate’ option, he/she must obtain a real estate valuation report showing the value of the purchased real estate and then obtain a certificate of conformity from the Land Registry Office.

Accordingly, only those who have obtained a certificate of conformity can apply for Turkish citizenship to the relevant authority. The applicant will be able to acquire Turkish citizenship as a result of the decision to be made upon the evaluation of the President of the Republic of Turkey, after the certificate of conformity is given from the relevant authority.

Acquiring Turkish citizenship through investment takes between 3 (three) and 12 (twelve) months.