The main source of Turkish citizenship is The Turkish Citizenship Law (“TCL”) promulgated on 29.05.2009. The Law regulates the principles and legal grounds relative to the acquisition of Turkish citizenship. The Turkish citizenship can be acquired either by birth or after birth by the decision of the competent authority (Ministry of Interior or the President). Article 12/1/b TCL provides the acquisition of the Turkish citizenship by investment. In this respect, those who obtain a residence permit by investing within the scope and amount determined by the President may acquire Turkish citizenship provided that there are no impediments thereto pursuant to national security and public order.
The Regulation on the Implementation of the Turkish Citizenship Law regulates the details of the acquisition of Turkish citizenship by investment. Article 20 of the Regulation lays down the scope and amount of the investment. Accordingly, subject to the decision of the President of the Republic of Turkiye, the foreigners may be eligible for the Turkish citizenship through one of the following investment options:
- Making a minimum fixed capital investment of USD 500,000 or equivalent foreign currency,
- Acquiring a property worth a minimum of USD 400,000 or equivalent foreign currency with a title deed restriction on its resale for at least three years,
- Creating jobs for at least 50 people,
- Depositing a minimum of USD 500,000 or equivalent foreign currency in banks operating in Türkiye with the condition that it is not withdrawn for at least three years,
- Buying government bonds worth a minimum of USD 500,000 or equivalent foreign currency with the condition that they are not sold for at least three years,
- Buying real estate investment fund shares or venture capital investment fund shares worth a minimum of USD 500,000 or equivalent foreign currency with the condition that they are not sold for at least three years.
In respect of the above options, acquisition of the Turkish citizenship through real estate purchase has recently become one of the most preferred options. According to the statistics declared by General Directorate of Land Registry and Cadastre, 17.968 foreign persons from 122 countries acquired Turkish citizenship by purchasing a real estate from 48 different cities, between January 2017 and June 2021. Additionally, as of February 2022, real estate sales to foreign investors grew by 77 % compared to February 2021. Iranian, Iraqi and Russian citizens are consecutively ranked top three investors.
Following the amendments to the Regulation on the Implementation of the Turkish Citizenship Law which was published on 12.05.2022 in the Official Gazette, the minimum amount required for the property worth was increased from USD 250.000 to USD 400.000. Moreover, with this amendment “depositing a minimum contribution of USD 250.000 or equivalent foreign currency in funds determined by the Insurance and Private Pension Regulation and Supervision Agency with the condition that it remains in the private pension system for at least three years, as attested by the Insurance and Private Pension Regulation and Supervision Agency” was introduced as another investment option for acquisition of the Turkish citizenship. These amendments will be entered into force one month after the publication of the regulation.
You can contact Demir Gökyayla for enquiries regarding Turkish Citizenship by Investment at [email protected]
