Thresholds for the Minimum Requirements on the Acquisition of Turkish Citizenship to be Lowered
With the Presidential Decree Numbered 106 (“Decree”) the financial and investment criterias for foreigners who desire to become Turkish Citizen has been eased.
The Decree, which amends the Regulation on the Application of Turkish Citizenship Law, has been published on the Official Gazette dated 19.09.2018 and entered into force on the latter date.
In accordance with the Decree, the conditions that are stipulated for the foreigners to become eligible to acquire Turkish citizenship has eased as following: The lower limit of the investment in fixed capital condition has been lowered from USD 2,000,000 to USD 500.000,The threshold of the acquire the citizenship through purchasing an immovable property at least at the amount of USD 1,000,000 has been lowered to USD 250.000,The threshold of the employment condition has been reduced from 100 emplyee to 50 employee,The lower limit for the acquisition of the Turkish citizenship via deposit money into banks operating in Turkey with the condition that the said amount shall not be withdrawn for at least 3 years has been lowered from USD 3,000,000 to USD 500.000,The threshold for the acquisition the Turkish citizenship via the purchase the government bonds has been lowered from USD 3,000,000 to USD 500.000,
Moreover, with the Decree, the sole competent authority that can decide on the acquisition one the Turkish citizenship has been ammended as the President. The former regulation stated that the citizenship may be acquired by the those who provide the said conditions with the proposal of the relavent Ministry and the decision of the Council of Ministers.
Abdülkadir Güzeloğlu & Tarık Kurban