INTRODUCTION
With (b) prepended to the first paragraph of Article 12 of the Law No. 5901, foreigners will be able to obtain Turkish citizenship if they meet at least one of the following conditions.
The application conditions for these subjects are as follows. Foreigners should carefully consider the Turkish citizenship application process to find the most suitable option for them.
A TYPE OF ACQUIRING CITIZENSHIP THROUGH INVESTMENTS
Acquiring Citizenship Through Investing in Shares Of Real Estate Investment Fund Or Venture Capital Investment Funds: A foreign investor determined by the Capital Markets Board, who has purchased a share of a real estate investment fund or venture capital investment fund of at least 500,000 USD (or equivalent in foreign currency or equivalent in Turkish lira) can acquire Turkish citizenship. In determining all the monetary values mentioned above, the CBRT sales rate or cross rate on the date of determination is based.
Citizenship By Providing Employment: It is necessary to create a minimum of 50 employ for Turkish citizens. Employment must be determined by the Ministry of Family, Labor & Social Services. All the related documents regarding opening a company in Turkey must be submitted to the related government authorities.
Acquiring Citizenship by Investing In Government Debt Instruments: A foreign investor determined by the Ministry of Treasury and Finance can acquire Turkish citizenship, provided that they hold at least 500,000 USD (or equivalent in foreign currency or equivalent in Turkish lira) worth of government debt instruments for three years.
Acquiring Citizenship Through Fixed Capital Investment: A foreign investor determined by the Ministry of Industry and Technology to have made a fixed capital investment of at least 500,000 USD (or equivalent in foreign currency or equivalent in Turkish lira) can acquire citizenship. Buying real estate alone does not fall into this type of investment. A fixed capital investment should be an investment in the production of goods and services. Therefore, it should contain elements related to the factory. For example, machinery, equipment, building, land etc.
Acquiring Citizenship by Investing In Banks In Turkey Through Opening Deposit Account: It is necessary to deposit deposits amounting to a minimum of USD 500,000 (or equivalent in foreign currency or equivalent in Turkish lira) to the banks operating within the Republic of Turkey, provided that they hold a minimum of three years. The transaction must be determined by the Banking Regulation and Supervision Agency.
Acquiring Citizenship Through Investment in Real Estate: A foreign investor, determined by the Ministry of Environment and Urbanization, to have purchased real estate worth at least 400,000 USD (or equivalent in foreign currency or equivalent in Turkish lira), can acquire Turkish citizenship. After the foreign person purchases or establishes a condominium or floor altitude and pays at least USD 400,000 or a different amount in advance, the contract to be held at the notary must be committed that the transfer and abandonment of the property cannot be made for 3 years. In addition, the deed also should be determined by the Ministry of Environment and Urbanization.
Acquiring Citizenship by Investing In Individual Retirement: A foreign investor can acquire Turkish citizenship, provided that they have a deposit of 500,000 USD or an equivalent amount of participation share in the Turkish Private Pension system which is determined by the Insurance and Private Pension Regulation and Supervision Authority for a period of three years.
ACQUIRING CITIZENSHIP THROUGH INVESTMENT IN REAL ESTATE
Before the amendment made by the Presidential Decree published in the Official Gazette foreigners could only buy condominiums and completed real estate. With the changes made, foreign persons can apply for Turkish citizenship by purchasing from ongoing projects provided that they meet the following conditions:
- Floor altitude or condominium must be established on the property.
- A minimum of USD 400,000 or equivalent must be deposited in advance in foreign currency or Turkish Lira.
- A notarized sales promise contract must be made for the property and this contract must be deeded with a commitment that no deed abandonment or transfer can be made to a third party for 3 years.
Installment Sales
With the new arrangements introduced, if the property was purchased after 2018 and the installments were to be paid after this date, it became possible to purchase in installments. Installment payments before 2018 will not be considered. The value of the installments in USD is calculated based on the CBRT effective sales rate at the time of the transaction. The payment in installments facilitate the process of purchasing real estate for foreign investors. Thus, foreign investors can plan an optimized payment to a real estate in Turkey.
Three-Year No-Sell Process
The record of the property subject to the sale and/or sale promise process; “Within the scope of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law, it is stated that it will not be sold for 3 years from the date of the annotation and/or that the transfer and abandonment of the sales promise contract shall not be made for 3 years from the date of the annotation.” All of the properties purchased by foreigners for acquiring Turkish citizenship must abide by this law. Otherwise, the foreigners might need to start the Turkish citizenship application process from the beginning.
ACQUIRING CITIZENSHIP THROUGH FIXED CAPITAL INVESTMENT
One way to potentially obtain Turkish citizenship through fixed capital investment is by investing a significant amount of money in Turkey and meeting certain other requirements. According to the Turkish government’s official website, foreign nationals who make a fixed capital investment of at least $500,000 USD in Turkey may be eligible to apply for Turkish citizenship. This investment can be made in the form of a cash deposit, government bonds, real estate, or a company. Additionally, they must also fulfill other criteria such as having no criminal record, no security issues and to have not been banned from entering Turkey. After this process, foreign investors can apply for a residence permit in Turkey. For the application process, the investors will need to provide documentation such as their passports, proof of investment, and a criminal background check. After meeting the above requirements, you can apply for Turkish citizenship by submitting an application to the relevant government agency, typically the Ministry of Interior.
ACQUIRING CITIZENSHIP THROUGH PROVIDING EMPLOYMENT
Another way to potentially obtain Turkish citizenship is by providing employment to a certain number of Turkish citizens. This method is also preferred among foreign investors who want to enter the Turkish market. Since Turkey is located at the intersection of some of the most important trade routes, business owners from different countries prefer to open a company in Turkey. According to the Turkish government’s official website, foreign nationals who create jobs for at least 50 Turkish citizens may be eligible to apply for Turkish citizenship. However, the rules might be subject to change depending on the sector and industry. Typically, the process for obtaining Turkish citizenship through providing employment to Turkish citizens involves establishing a business in Turkey that creates jobs for at least 50 Turkish citizens. The next step for this process is to register the business with the relevant government agency, typically the Ministry of Industry and Technology. However, the investor might need to register the company with other Turkish government bodies and agencies as well. After this step, the investor needs to provide proof of employment, such as payroll records, to the relevant government agency. These documents will be proof that the foreign investor is providing employment to Turkish citizens in the country.
CONCLUSION
As a result, the issue of Acquiring Turkish Citizenship is a sensitive issue that depends on various conditions and situations. It is important to carefully assess all the steps and find the most suitable option to start the Turkish citizenship process. Many times, people think that they have met all the conditions, but they have not been able to meet the conditions because they have missed important points. This article has been prepared to give a general idea about the subject and people who want to learn about the subject should definitely get legal expert opinion. Legal advice will help the investors to find the best option for them to apply for Turkish citizenship.
Ömer Fırat Kanber