Article 20 of the Regulation on the Implementation of the Turkish Nationality Law ("Regulation") stipulating the exceptional cases on which Turkish nationality is obtained, was amended by the Presidential Decree No. 106 ("Decree") which was published in the Official Gazette dated , September 19, 2018 and entered into force on the same date.
Upon the amendments introduced by the Decree, the quantitative limits set forth for investments in capital and real estate as well as employment have been dramatically decreased, and as the direct result of such decrease, meeting the prerequisites for becoming a Turkish citizen has become remarkably easier than before.
The amended limits are as below:
|Prerequisite for obtaining Turkish citizenship||The quantitative limit [TODAY]||The quantitative limit [BEFORE]|
|The determination by the relevant ministry of a fixed capital Investment||Minimum USD 500k or equivalent other foreign currency or Turkish Lira||Minimum USD 2 m|
|The determination by the relevant ministry of purchasing a real state by annotating sales ban for 3 years to the relevant land register||Minimum USD 250k or equivalent other foreign currency or Turkish Lira||Minimum USD 1 m|
|The determination by the relevant institution of employment||Minimum 50 employees||Minimum 100 employees|
|Purchasing public debt instruments provided that such instruments will be hold for 3 years||Minimum USD 500k or equivalent other foreign currency or Turkish Lira||Minimum USD 3 m|
In addition to the amendments on the quantitative limits, a new prerequisite for obtaining Turkish citizenship has also been introduced to Article 20 of the Regulation. Accordingly, if Capital Markets Board determines that a foreigner has purchased a share of real estate investment fund or venture capital fund with a minimum value of USD 500k or equivalent other foreign currency or Turkish Lira on condition that the share would be hold by such foreigner for three years at least, Turkish citizenship can be obtained upon a Presidential decree.
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