After its amendment, the new Turkish naturalization law represents a treasure map, through which it is possible to know the requirements for access to Turkish citizenship, so that foreigners can obtain the benefits of Turkish citizens, such as obtaining a strong Turkish passport at the international level.
The methods of obtaining Turkish citizenship vary, but they share the need to adhere to general conditions, such as compatibility with national security, and the morals of society, and each method has special conditions.
This article deals with the amendments to the Turkish naturalization law in the manner of investment, and real estate investment in Turkey.
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New Turkish Naturalization Law by Investment
The investment path to obtaining citizenship requires financial ability, but in return it provides, in addition to citizenship, profits that vary according to the risks.
In addition, there have been changes in some investment-related decisions, the most important of which is the type of currency used to invest in order to obtain Turkish citizenship, which can be clarified as follows:
- On January 21, 2022, the government decided to support the Central Bank's reserves in foreign exchange, so it made the foreigner who wants to invest to obtain Turkish citizenship present the price of the property in dollars, to be spent by the Central Bank, and transferred to the seller's account in Turkish lira exclusively.
- As for the new Turkish Naturalization Law 13/5/2022, the government has given freedom in the type of currency used to pay for the investment necessary for Turkish citizenship.
1. The new Turkish Naturalization Law for Non-Real Estate Investment
Forms of investment - except for real estate - to obtain Turkish citizenship include the following:
- An investment of at least $500,000, after it previously required at least $2 million, and the ministry responsible for deciding whether this investment matches the requirements of Turkish citizenship is the Ministry of Industry and Technology.
- Providing job opportunities for 50 or more people in Turkey, after it was at least 100 people in the past. The ministry responsible for deciding whether this investment meets the requirements of Turkish citizenship is the Ministry of Family, Labor and Social Policies.
- Depositing at least 500,000 US dollars or its equivalent in other currency in Turkish banks, after it was 3 million, and must not be withdrawn for a period of 3 years. The Agency for Banking Regulation and Supervision is responsible for deciding on the compliance of this investment with the requirements of Turkish citizenship.
- Purchasing government debt instruments of $500,000 or its equivalent in another currency, after the amount was 3 million, and keeping it for a period of no less than three years. The ministry responsible for deciding whether this investment matches the requirements of Turkish citizenship is the Ministry of Treasury and Finance.
- Investing the equivalent of $500,000 or more, in a local or foreign currency, after the minimum required amount was equivalent to 1.5 million, in:
- Purchasing the shares of participation in the real estate investment fund, or the investment capital fund, and keeping them for a period of no less than three years. The Capital Markets Board is responsible for deciding whether this investment meets the requirements of Turkish citizenship.
- Investing in the private pension system the equivalent of $500,000 or more provided that it is kept within the specified funds in the Insurance and Private Pensions Regulatory Agency, without withdrawing it for a period of no less than three years.
2. The new Turkish naturalization law for real estate investment
There have been major amendments to the law on obtaining Turkish citizenship by real estate investment on 13/5/2022, and these amendments include:
The increase in the estimated price of real estate to obtain Turkish citizenship to no less than 400,000 US dollars or its equivalent in any currency, after it was 250,000 dollars in the past.
And the amount of $400,000 is an opportunity for many, compared to the $1 million that was required to obtain citizenship before the 2018 amendment, and despite the amount of investment being more than $250,000, the applications for naturalization did not decrease.
It is important to benefit from the investment in obtaining citizenship, to provide an explanatory comment on the real estate registry to continue ownership of the property without selling it for a period of three years from the date of registration of the title deed.
The importance of a lawyer in applying for Turkish citizenship
The application for Turkish citizenship needs to be under the supervision of a lawyer, because:
New Turkish Citizenship Law[/caption]- Lawyers are more aware than foreigners of the legislation, laws, general approach, and functioning of institutions in Turkey.
- The application may also be rejected due to a small error or simple negligence, because the state is very sensitive in this matter.
- This leads to wasting time and money provided in the registration fees, which amounted to about 13 thousand Turkish liras in 2022, and the presence of a lawyer who protects against falling into this.
- In addition, the citizenship application takes 4 months to a year, and the presence of an experienced lawyer helps speed up it.
We at Rumeli Real Estate offer the service of submitting a citizenship application on your behalf, based on an agency that you grant us, even if you are outside Turkey.
And if you want to invest in the real estate field, the experience in the Turkish market can be obtained through our real estate company, which seeks with you to get the best real estate suitable for you.
Edited by: Rumeli Real Estate©
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