AMENDMENT ON TURKISH CITIZENSHIP ACQUISITION
The Code numbered 5901 on Turkish Citizenship (hereinafter mentioned as “Code”) defines the principles and the procedures related to acquisition and loss of Turkish citizenship. According to the Code, there are three main ways to acquire Turkish citizenship after birth; (i) by decision of the competent authority, (ii) by adoption or (iii) by choice. With the amendment of the Regulation on the Application of Turkish Citizenship Act, published on 12 January 2017 in the Official Gazette numbered 29946, from now on, it is possible to acquire Turkish citizenship for the foreign investors fulfilling the conditions explained below.
As per the new Regulation on the Application of Turkish Citizenship Act, foreigners who fulfill one of the conditions stipulated below may be eligible to acquire Turkish citizenship following the decision of the Cabinet on proposal of the Ministry of Home
Any investor who:
- Invests in fixed capital of at least USD 2,000,000.-, being confirmed by the Ministry of Economy, or
- Purchases immovable property in the amount of at least USD 1,000,000.- with the annotation to the land registry of an undertaking that the property shall not be sold for at least 3 years; which shall be checked by the Ministry of Environment and Urban Planning, or
- Invests in Turkey and employs at least 100 people; to be checked by the Ministry of Labor and Social Security, or
- Deposits money for at least USD 3,000,000.- into banks operating in Turkey under the condition that the amount shall not be withdrawn for at least 3 years, which shall be checked by the Banking Regulation and Supervision Authority, or
- Purchases government bonds for at least in the amount of USD 3,000,000.- providing that the bonds shall not be sold for at least 3 years, under the control of the Turkish Treasury.
According to the last paragraph of the amendment, in order to determine the value of the said amounts, the effective selling rate of the Central Bank of the Republic of Turkey shall be taken into consideration as of the date of verification.
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