“Amendment Regulation on the Application Regulation of Turkish Citizenship Law” (“Amendment Regulation”) was published in the Official Gazette dated 12.01.2017 and numbered 29946 and entered into force as of its publication date. The Amendment Regulation stipulates that Turkish Citizenship will be given to foreigners who meet any of conditions mentioned under the provisions added to Article 20 of the Application Regulation of Turkish Citizenship Law. These conditions are provided below;
• The detection of the Ministry of Economy that a fixed capital investment at least in the amount of USD 2.000.000 has been performed by a foreigner,
• The detection of Ministry of Environment and Urbanization that a real estate with a value of at least USD 1.000.000 has been purchased by a foreigner on condition with an annotation on the land registration that the real estate shall not be sold within 3 years as of such purchase,
• The detection of Ministry of Labor and Social Security that a foreigner has generated employment for at least 100 people,
• The detection of Banking Regulation and Supervision Agency that a cash investment in the amount of at least USD 3.000.000 has been performed by a foreigner to the banks operating in Turkey on condition that such amount shall not be withdrawn for 3 years as of such investment,
• The detection of Undersecreteriat of Treasury that State Debt Instruments have been purchased by a foreigner in the amount of at least USD 3.000.000 on condition that such amount shall be held for 3 years following such purchase.
Accordingly, a foreigner who fulfills at least one of the criteria mentioned above which shall be detected by the relevant Ministry, the foreigner can acquire Turkish citizenship with the decision of the Council of Ministers upon the proposal of the relevant Ministry. Please also note that the effective selling rate of Central Bank of the Republic of Turkey on the day of determination shall be taken into consideration in the calculation and determination of the monetary amounts provided in the Amendment Regulation.
Bilge Binay Kanat & Hande Solak