Changes in Requirements for Acceptance of Turkish Citizenship Are in Force

Tue, Jan 11, 2022 12:00 AM

According to the decision published in the Official Gazette, a change was made in the regulation on the admission of foreign nationals to Turkish citizenship by meeting some conditions.

The Turkish government made a change in the transition to citizenship by buying real estate and investing. According to the regulation change published in the Official Gazette, the foreign currency amount to be paid for the purchase of the real estate by foreigners will be deposited at Turkish banks and converted into Turkish Lira. The amount that foreigners are obliged to keep in the bank for investment will also be converted into TL.

Foreigners could acquire Turkish citizenship by buying real estate worth at least $250,000 or by making a fixed capital investment of at least $500,000.

According to the new regulation; The minimum amount of US Dollars required to acquire citizenship was defined as the Dollar equivalent of another foreign currency. According to this regulation, it will be accepted in Turkish Lira amounting to dollars.

A Commission Can Be Established Within the Ministry of Interior

A commission consisting of representatives of the Ministry of Labor and Social Security, the Ministry of Environment, Urbanization and Climate Change, the Ministry of Treasury and Finance, and Industry and Technology can be established under the Ministry of Interior to follow the process related to citizenship applications with the amendment of the regulation.

The procedures and principles to be applied in determining whether the investment conditions within the scope and amount specified to acquire Turkish citizenship are met will be determined by this commission.

Revenues Will Be Held in Turkish Lira Accounts

Foreign currency amounts specified by the Ministry of Environment, Urbanization and Climate Change, the Banking Regulation and Supervision Agency, the Ministry of Treasury and Finance, and the Capital Markets Board will be sold to a bank operating in Turkey before the transaction. This bank will sell the currency to the Central Bank and convert it into the Turkish Lira.

Turkish Lira amounts obtained by the Banking Regulation and Supervision Agency as a result of the sale will be kept in Turkish Lira deposits. Additionally, Turkish Lira amounts obtained by the Ministry of Treasury and Finance will be kept in Turkish Lira government debt instruments for 3 years.

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