Date :
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at the amount of USD 3,000,000 into banks operating in Turkey with the condition that the said amount shall not be withdrawn for at least 3 years, which is verified by the Banking Regulation and Supervision Authority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
Related News
- Trading with Turkish Companies Under the CISG: Scope, Opting Out, Notice of Non-Conformity, Avoidance and Damages
- Buying, Building or Leasing in a Turkish Organised Industrial Zone: What Investors Need to Know About Plot Allocation, Transfer Restrictions and the OIZ Rules
- Bank Guarantees Under Turkish Law: The Independence Principle, Manifest Abuse, Injunctions Against Payment, URDG 758 and Recovery After a Wrongful Call
- Pathological Arbitration Clauses Under Turkish Law: Clauses Turkish Courts Refuse to Enforce, Multi-Tier Dispute Resolution and Getting the Drafting Right
- Sanctions, Commercial Contracts and Arbitration: Impossibility, Force Majeure, the EU No-Claims Rule and Enforcement of Arbitral Awards in Türkiye
- The Ban on Foreign-Currency Contracts Between Turkish Residents: Decree No. 32 Article 4(g), the Exceptions in Article 8 of the Communiqué, Sanctions and Civil-Law Consequences
- The Agent's Goodwill Indemnity under Turkish Law: Conditions, Cap, Time Limit and Application to Distributors under Article 122 TCC
- Recovering Maintenance Across Borders: Türkiye and the 2007 Hague Child Support Convention, the Central Authority, Applicable Law and Enforcement of Foreign Maintenance Orders
- Recognition and Enforcement of Foreign Court Judgments in Türkiye: Reciprocity, Public Policy, Procedure and the Administrative Route for Foreign Divorces
- Turkey's Data Protection Watchdog, Principle Decision No. 2026/2035: Limits on an Employer's Power to Monitor Corporate Email and Communication Channels