The Regulation Regarding the Implementation of the Turkish Citizenship Law has been amended by the Regulation on Amending the Regulation Regarding the Implementation of the Turkish Citizenship Law, which was published in the official gazette on January 12, 2017 ("Amendment Regulation") and the Amendment Regulation has come into effect on the same date. As per the new amendments, the individuals who satisfy any one of the conditions listed below may acquire Turkish citizenship upon a proposal by the Ministry of Interior and the decision of the Council of Ministers:
- Making a fixed capital investment in the amount of minimum USD 2,000,000, provided that the investment is identified by the Ministry of Economy.
- Acquisition of real property worth at least USD 1,000,000 on the condition that a restriction with respect to sale of the real property for a period of three years is registered onto land registry records, provided that the acquisition is identified by the Ministry of Environment and Urbanization.
- Employment of at least 100 persons, provided that the employment is identified by the Ministry of Labor and Social Security.
- Depositing a minimum amount of USD 3,000,000 in banks operating in Turkey with the condition of not withdrawing the same for a period of three years, provided that the deposit is identified by the Banking Regulation and Supervision Agency.
- Purchase of government bonds worth at least USD 3,000,000 provided that they are not sold for a period of three years, provided that the purchase is identified by the Turkish Treasury.
As per the Amendment Regulation, the effective selling rate of the Central Bank of the Republic of Turkey at the time of identification shall be taken into account while determining the abovementioned monetary values.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.