19 SEPTEMBER 2018 DATED LAW AMENDMENT REGARDING TO ACQUISITION OF TURKISH CITIZENSHIP

19 SEPTEMBER 2018 DATED LAW AMENDMENT REGARDING TO ACQUISITION OF TURKISH CITIZENSHIP

The regulation regarding acquiring Turkish citizenship is amended by the decision of the Cabinet of Ministers dated 18.09.2018 and is entered into force as of its publish date on Official Gazette 19 September, 2018. Thereby, “Regulation of Amending the Implementation of the Turkish Citizenship Law Regulation” made multiple amendments that apply to foreigners who have ambition to acquire Turkish citizenship or make investments in Turkey as follow:

• The minimum amount of the fixed capital investment that was required to perform from foreigners is reduced to USD 500.000 or equivalent foreign exchange/ Turkish Liras from USD 2.000.000.
• The minimum worth of real estate that was required from foreigners to purchase is reduced to USD 250.000 or equivalent foreign exchange/ Turkish Liras from USD 1.000.000.

The condition that foreigner who purchased the real estate must keep it at least 3 years in his name is still in force.

• Another amendment is regarding foreigners who provide employment opportunities. According to former regulation, the foreigners who were determined by the Ministry of Labor and Social Security to provide employment opportunity for at least 100 people could acquire Turkish Citizenship yet with the amendment this number is reduced to 50 people.
• According to the former regulation, the person who invests USD 3.000.000 deposit with 3 year retention requirement to the banks which are in service in Turkey could acquire Turkish citizenship, as of 19.09.2018 by the amendment USD 500.000 or equivalent foreign exchange/ Turkish Liras is enough for such deposit with the same terms.
• The requirement of purchasing public debt instruments worth at least USD 3.000.000 with 3 year retention requirement conforming to the previous regulation was reduced to USD 500.000 or equivalent foreign exchange/ Turkish Liras.

Finally; it is regulated that foreigners who determined by the Capital Markets Board to purchase at least USD 500.000 or equivalent foreign exchange/ Turkish Liras worth real estate investment fund participation share or venture capital investment fund participation share with 3 years retention requirement, obtain the right to acquire Turkish Citizenship. In order to follow of the process of acquiring Turkish Citizenship a committee will be established within the Ministry of Interior which will consists of representatives of the Ministry of Family Labor and Social Services, the Ministry of Environment and Urbanization, the Ministry of Treasury and Finance and the Ministry of Industry and Technology.