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Officially the Turkish citizenship for the acquisition of 250 thousand US dollars

Officially the Turkish citizenship for the acquisition of 250 thousand US dollars
Publication date: 2018-09-19 Category: Tax & Legal

 On Wednesday, 19/09/2018 the Turkish Official Gazette published the provision of law in reference to amending the conditions of the Turkish Naturalization in exchange for buying property in Turkey or employment, investing and deposit in Turkish banks.

According to the new law, the foreigner can acquire the Turkish citizenship by property in the following cases:

  1. In the case of buying property in Turkey worth more than $ 250,000 instead of the previous value of $1 million, provided that the property is not sold within 3 years.
  2. In another amendment, the requirement to deposit a sum of money in Turkish banks in exchange for citizenship has been amended. The condition stipulates to deposit $500,000 instead of $3 million as was earlier mentioned in the previous law.
  3. Another provided amendment identified a reduction in the value of fixed investment in exchange for citizenship where the capital required for this investment was reduced from $2 million to $500,000.
  4. In addition, the entrepreneur, who provides employment opportunities for 50 Turkish citizens, is now able to obtain the Turkish citizenship where the previously the condition was to employ 100 citizens.

Special offices will be created to receive applications for obtaining the Turkish citizenship and facilitating their procedures. These offices will be subject to the supervision of the committee composed of the indicated Ministries.

The provision of the law was published in the Official Gazette which is considered the archival resource for decisions, decrees, and governmental and parliamentary laws. The provision of the two related articles of the law is as follows:

Resolution No. 106

The amendment of the regulations for the application of acquiring the Turkish Citizenship was adopted and the amendment was attached to Article (46) of the Turkish Citizenship law Act No. 5901.

18 September 2018

Recep Tayyip Erdoğan

President of the Republic of Turkey

Special Decree of Amendments for the Application of Acquiring the Turkish Citizenship

Adopted Mechanism for Applying for Citizenship through Real Estate:

In connection with the issue, the Ministry of Environment and Urbanization of Turkey issued the executive regulation related to the mechanism of implementation of the Nationality Law under No. 36189470 135, dated 15/10/2018.

According to the said regulation, the following criteria grant the owner of the property the right to benefit from the law to obtain the Turkish nationality through the property:

  1. The value of the property purchased before the issuance of the resolution shall be one million dollars signed by the President.
  2. The value of the property purchased after the issuance of the resolution shall be at least $ 250,000 and signed by the President; that is after the date of 19 September 2018. The value of the property should not be ignored and shall be transferred to the bank.
  3. Obtaining the title of the property, that is, the owner of the property paid the entire required price of the property. The physical value of the property is assessed by the issuing company which gives the owner a document regarding the value of the property.
  4. Signing the document of undertaking not to sell the property during the next three years in exchange for Turkish citizenship, and the order is within the Title Deed Foundation.
  5. Fixing a specific title for the property owner in Turkey. It does not necessarily have to be titled in the property that he owns, which means that he can rent his own property, and show the title of another property.

Documents Required for Applying for Citizenship through Property:

  • Real estate registration document (title deed document).
  • Payment receipt. This receipt can be obtained from the bank where the transaction was made.
  • Valid residence in Turkey.
  • Address fixation document.

Accordingly, all such papers shall be delivered to the Department of Souls and Nationality of the province in which the person who wishes to obtain the nationality resides.

In accordance with the Decree, the conditions that are stipulated for the foreigners to become eligible to acquire Turkish citizenship have been eased as following:

Article 1: Resolution (139)

  • The lower limit of the  invest in turkey in fixed capital condition has been lowered from USD 2,000,000 to USD 500.000,
  • The threshold for acquiring the citizenship through purchasing an immovable property which was at least at the amount of USD 1,000,000 has been lowered to USD 250.000,
  • The threshold of the employment condition has been reduced from 100 employees to 50 employees,
  • The least limit for the acquisition of the Turkish citizenship by investment via depositing money into banks operating in Turkey with the condition that the said amount shall not be withdrawn for at least 3 years has been lowered from USD 3,000,000 to USD 500.000,
  • The threshold for the acquisition the Turkish citizenship property via the purchase of government bonds has been lowered from USD 3,000,000 to USD 500.000,

Moreover, with the Decree, the sole competent authority that can decide upon the acquisition of the Turkish citizenship has been amended by the President. The former regulation stated that the citizenship may be acquired by the those who provide the said conditions with the proposal of the relevant Ministry and the decision of the Council of Ministers, but now it is the President who decides whether one is eligible to be awarded the citizenship or not.

Article (4): All the above-mentioned conditions are entered into force from the first day of its release.

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