2611 Foreigners Became Turkish Citizens in One YearTurkey Citizenship by Investment
Due to the new regulation made in 2018 reducing the amount of money that needs to be invested in real estate property in order to acquire Turkish citizenship from $1.000.000 to $250.000, foreign investors’ eyes turned to Turkey. The General Directorate of Land Registry and Cadastre (TKGM) has issued a certificate of conformity of Turkish citizenship to a total of 6,694 foreign nationals from 101 countries in the year following the regulation.
In the first year of the regulation, 2.611 foreign investors from many countries including USA, Russia, Canada, Dominican Republic, Brazil and Comoros Union, became Turkish citizens. The number of foreign investors who acquired Turkish citizenship has reached to 9962, including their families. The number of applications made in this one-year period increased to 3859. According to the data of the General Directorate of Population and Citizenship Affairs, 2611 foreign investors became Turkish citizens in a year since the amendment of the Regulation on the Implementation of the Turkish Citizenship Law.
MOSTLY IRANIANS ARE INTERESTED
Iranians took the first place among foreigners with 1475 people who became Turkish citizens. Iraqis came second in the list of foreign investors who acquired Turkish citizenship with 842 people. Afghanistan is in the third place with 812 people, followed by Yemen with 658 people. Palestine with 390, Jordan with 365, Libya with 291, China with 268, Egypt with 229 and with Pakistan 139 people followed Yemen on the list. Last year, 1321 people from Iran, 756 from Iraq and 754 from Afghanistan were given conformity certificates. Foreign investors from many other countries have also benefited from this right. Citizens of countries such as Germany, Venezuela, Dominican Republic, France, Syria, Belize, Belarus, Poland, Antigua and Barbuda, Australia, United Arab Emirates, Grenada, South Africa, India, Canada, Comoros Union and Ukraine are among the beneficiaries of the said application.
THE AMOUNT OF INVESTMENT
The regulation made on the Implementation of the Turkish Citizenship Law was published in the Official Gazette on September 19, 2018. The amount of investment required to become a Turkish citizen was amended. The minimum amount of fixed capital investment was reduced to $500.000. The amount of minimum purchase was also regulated and became $250.000.
The amount of people needs to be employed by the investor decreased from 100 to 50. The amount of money needs to be deposited in banks for at least 3 years has also reduced to $500.000. The condition to purchase at least $3 million of government debt instruments provided that they are kept for a minimum of 3 years, is updated as $ 500,000. The final decision is made by General Directorate of Population and Citizenship Affairs for the investors who receive the certificate of conformity from TKGM in return for their investment and application for Turkish citizenship.
The employment figure that had to be created to pass citizenship, which was 100 people before, was determined as 50 people. Naturalization pass from one of the conditions which they must keep the deposit amount should be deposited in banks operating in Turkey for 3 years, it was reduced to 500 thousand dollars. The condition to purchase at least $ 3 million of government debt instruments for 3 years was updated to $ 500,000. The final decision is made by the Ministry of Interior General Directorate of Population and Citizenship Affairs for the investors who receive the certificate of conformity from TKGM in return for their investment, and apply for Turkish citizenship.