Amendments to the Turkish Citizenship Law over the years
Amendments to the Turkish Citizenship Law. Although the Turkish law allows foreigners to apply for Turkish citizenship in return for investment and government support for them, several amendments have occurred. Therefore, in this article from Ebla Real Estate.. We will talk about the amendments to the Turkish Citizenship Law over the years.
Turkish citizenship law in exchange for investment:
When the Turkish government launched the Turkish citizenship by investment program in 2017.. A law was issued that allows obtaining citizenship by:
Buying a property, making a bank deposit in Turkey, buying shares, establishing a company and employing 50 Turkish citizens.
Undoubtedly, the Turkish government has followed the approach of granting Turkish citizenship to foreign investors to encourage investors and strengthen the economy.
It is worth noting that Turkish citizenship is one of the most desirable nationalities for investors, as Turkey is a perfect place for investment, it has provided all facilities to investors from all over the world. Moreover, there are many investment opportunities and projects in Turkey that attract foreign investors and offer profitable returns.
In view of the foregoing, the two most common investment methods followed by foreigners to apply for Turkish citizenship are buying a property and depositing an amount of money in a Turkish bank.
Buying a property in Türkiye to obtain Turkish citizenship:
A foreign citizen can obtain Turkish citizenship by buying a property in Türkiye, whether it is agricultural or architectural land, and whether the building is under construction or ready; If the property meets the conditions and criteria of Turkish citizenship. The most prominent of these conditions are:
- The investors should invest 400.000 $ or more in real estate in Türkiye or its equivalent in foreign currencies.
- Moreover, the buyer must not sell the property for 3 years.
- Additionally, the specified value of the property must be paid by bank transfer.
Obtaining Turkish citizenship by bank deposits:
Foreigners have a number of investment options to become eligible to acquire Turkish Citizenship for themselves as well as their families. The applicant’s spouse and children who are less than 18 years old. One of these investment options is a bank deposit. The conditions for obtaining Turkish citizenship by bank deposits are:
- The applicant should deposit a minimum of USD 500,000 or its equivalent currency or equivalent Turkish Lira to banks that operate in Turkey.
- Moreover, the investor must keep the deposit in the bank for 3 years.
- The investor has the right to take the benefits of the amount at any time during the 3 years.
Amendments to the Turkish Citizenship Law over the years:
Among the amendments to the Turkish Citizenship Law through investment, the required limit to obtain Turkish Citizenship reduced from 1.000.000$ to 250,000$ in September of 2018. Then, it raised from 250,000$ to 400,000$ in June of 2022.
Moreover, the right to obtain Turkish citizenship through the title deed known as dever mülk has been abolished.
Furthermore, it is no longer acceptable to have a partnership in the title deed.. If the goal is to obtain Turkish citizenship.
In the amendments to the Turkish Citizenship Law 2023.. It became not possible to apply for Turkish citizenship in the event of buying a property from a company, owned by foreigners even if they have Turkish citizenship.
Moreover, the holder of Turkish citizenship cannot sell his property after the end of the 3-year period to a foreign person with the aim of obtaining Turkish citizenship.
Additionally, the foreigner who obtained the Turkish nationality can not resell thw property to the same company or to the person from whom he purchased the property even after three years.
In addition, the property should not be owned by a foreign person in the last three years.. Even if he had Turkish citizenship.
To obtain Turkish citizenship by owning a property.. It is also required that there is no kinship between the seller and the buyer.. Even if the seller is of Turkish origin.
Thus, we provided a guide to the amendments to the Turkish Citizenship Law.
Edited by: Ebla Group Real Estate
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