Amendments to the law on Turkish citizenship in return for investment

Turkey announced, on Thursday, 6/1/2022, amendments to the conditions for obtaining Turkish citizenship through exceptional ways, such as: investing or buying real estate.

Foreign exchange for those wishing to obtain citizenship

In the new amendments, the foreign currencies required to be deposited in Turkish banks, for the purpose of obtaining Turkish citizenship, will be sold only to the Central Bank of Turkey.

Besides, the new amendments stipulate that a foreigner wishing to obtain Turkish citizenship, through one of the investment methods, must sell his specified foreign currencies to the Central Bank of Turkey through active banks in the country.

The Turkish lira that resulted from selling the dollar to the Turkish Central Bank, will be kept in lira accounts with banks, or with one of the government debt instruments, for a period of no less than 3 years.

Previous amendments

Turkey had made amendments on 09/19/2018 regarding obtaining Turkish citizenship in exceptional ways, such as: investing, buying real estate, or hiring citizens.

According to these amendments, the foreigner can now obtain Turkish citizenship in return for buying a property worth more than $250,000, instead of $1million, but on the condition that the property is not sold within a period of 3 years.
Note: The law on obtaining Turkish citizenship in exchange for real estate has been amended as of April 2022, to become $400,000 instead of $250,000.

The condition for depositing a sum of money in Turkish banks in exchange for citizenship was also amended, as the condition stipulates the deposit of $500,000 instead of $3 million.

The amendments also stipulated setting the value of the fixed investment in exchange for Turkish citizenship at $500,000, and the amount was previously $2 million.

 

Edited by Imtilak Real Estate©

Reference: Anadol

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