New opportunity: Turkish citizenship for foreign investors

turkish citizenshipThere has been a recent change in Turkish regulations allowing foreign investors to apply for Turkish citizenship if they meet certain investment conditions. I will try to give you here a short summary about such conditions and information regarding application process.

Basically there are 2 conditions for foreign investors who seek to obtain Turkish citizenship via investment.

Condition 1: Residence Permit

Foreign investor, who wants to be granted with Turkish citizenship as per the new regulation, must have either a residence permit in Turkey, as per Law No: 6458 Article 31/j, or a turquoise card which is a new opportunity but its subordinate regulations are not published yet therefore this card is currently not available.

In conclusion, first of all, the applicant must obtain a short term residence permit for investors, as per Law No: 6458 Article 31/j.

You may visit official website of Directorate General of Migration Management for residence permit applications: https://e-ikamet.goc.gov.tr/

Condition 2: Investment

In his/her citizenship application, the applicant must document that he/she has fulfilled ANY of the conditions below:

  1. It is ascertained by the Ministry of Economy that the applicant has invested at least USD 2M as a fixed capital.
  2. It is ascertained by the Ministry of Environment and Urban Development that the applicant has purchased a real estate with the price at least USD 1M with a “unsalable for 3 years” condition in land registry.
  3. It is ascertained by the Ministry of Labor and Social Security that the applicant created a business with at least 100 employees.
  4. It is ascertained by the Banking Regulation and Supervision Agency that the applicant has deposited at least USD 3M with banks in Turkey with the condition that the money will stay there for at least 3 years.
  5. It is ascertained by the Undersecretariat of Treasury that the applicant has purchased debt instruments of the State at least in the amount of USD 3M and with the condition that the instruments will be kept for at least 3 years.

Application:

Once both conditions are satisfied and documented, foreign investor may apply to the Ministry of Internal Affairs for Turkish citizenship.

Applicant’s foreign spouse and underage children should also be able to apply for citizenship in the same application file as per the law mentioned above.

Legal assistance:

I would be happy to provide legal assistance about residence permit and Turkish citizenship to foreign investors. Please do not hesitate to contact me.

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