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NEW CHANGE IN THE CONDITIONS OF TURKISH CITIZENSHIP BY INVESTMENT FOR THE USD (United States Dollar) INVESTORS IN 2022

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NEW CHANGE IN THE CONDITIONS OF TURKISH CITIZENSHIP BY INVESTMENT FOR THE USD (United States Dollar) INVESTORS IN 2022

Change in the conditions of admission to Turkish citizenship for the investors investing USD (United States Dollar) :

Turkish Lira regulation was introduced in the transition to Turkish citizenship by buying real estate and investing in Turkey. According to the regulation which is published in the Official Gazette; The foreign currency amount to be obtained from the sale of a house to a foreigner will be sold to the Turkish Central Bank through a Turkish bank and converted into Turkish Lira. The amount that foreigners are obliged to keep in the Turkish bank for Turkish Citizenship investment will also be converted into Turkish Lira.

With the regulation published in the Official Gazette on 06/01/2021, a regulation supporting the Turkish Lira was made in the conditions of transition to Turkish citizenship.

Foreigners could acquire Turkish citizenship by buying a house worth at least 250 thousand dollars or by making a fixed capital investment of at least 500 thousand dollars.

According to the new regulation; The minimum amount of US Dollars required to acquire Turkish Citizenship was defined as ‘Dollar equivalent of another foreign currency’. According to this regulation, it will be accepted in another foreign currency amounting to dollars.

According to the most important change in the regulation; When foreigners buy real estate in Turkey, they will sell their foreign currency to the Turkish Central Bank through Turkish banks for this real estate, which will amount to at least 250 thousand dollars.

The ‘condition of keeping deposits in Turkish banks’, which is defined as at least 500 thousand dollars in the regulation, was also changed, and the condition that this amount should be exchanged at the Turkish Central Bank through Turkish Banks was introduced.

The regulation in the Turkish Official Gazette dated 06/01/2022 is as follows:

The second paragraph of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law, which was put into effect with the Council of Ministers Decision dated 11/2/2010 and numbered 2010/139, Subparagraphs (e) and the seventh paragraph have been amended as follows, and the following paragraphs have been added after the eighth paragraph.

a) It is determined by the Ministry of Industry and Technology that it has made a fixed capital investment of at least 500,000 USD or equivalent foreign currency.

b) At least 250.000 USD or equivalent in foreign currency is purchased, provided that an annotation is put in the land registry records that it will not be sold for three years, or condominium or floor servitude has been established, at least 250.000 USD or equivalent foreign currency deposited in advance and transferred to the land registry for a period of three years. It is determined by the Ministry of Environment, Urbanization and Climate Change that the sale of the immovable is promised with a contract drawn up in a notary public, provided that the commitment not to be abandoned and abandoned.

c) Those determined by the Ministry of Labor and Social Security to employ at least 50 people.

ç) As determined by the Banking Regulation and Supervision Agency, to have deposited at least 500,000 USD or equivalent in foreign currency in banks operating in Turkey, provided that they are kept for three years.

d) It is determined by the Ministry of Treasury and Finance that it has purchased government debt instruments of at least 500,000 USD or equivalent foreign currency, provided that they are kept for three years.

e) As determined by the Capital Markets Board, to have purchased real estate investment fund participation shares or venture capital investment fund participation shares in the amount of at least 500,000 USD or equivalent foreign currency, on the condition that they hold for at least three years.

(7) In order to follow the process regarding the citizenship applications to be made within the scope of the second paragraph, a commission consisting of the representatives of the Ministry of Labor and Social Security, the Ministry of Environment, Urbanization and Climate Change, the Ministry of Treasury and Finance, and the Ministry of Industry and Technology may be established.

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