Amend the terms of granting Turkish nationality to investors

by Proact
Sep , 19
Amend the terms of granting Turkish nationality to investors

The Turkish Official Gazette published on Wednesday the decision to amend the executive regulations on the application of the Law for the acquisition of nationality in several ways.


The amendment’s decision included the conditions for which any person who has fulfilled any of them is entitled to apply for Turkish citizenship. The conditions are as follows:


– Buy a property worth 250 thousand US dollars instead of one million dollars and not selling it for three years.


– Fixed investment with no less than 500 thousand US dollars.


– Providing job opportunities for at least 50 Turkish citizens instead of 100 citizens.


– Reduction of the deposit requirement in Turkish banks from $ 3 million to $ 500 thousand.


– Children over 18 are not subject to nationality in real estates application.


– Children below 18 if married not subject to nationality


-Wife and husband are subject to nationality


The Turkish government announced last year, allowing foreign investors to apply for Turkish citizenship.


The Turkish State Gazette also published on Friday 07/12/2018 the text of the amendment of the conditions for the granting of citizenship for the purchase of the property, which also includes the purchase of properties under construction, after it was limited to completed properties only.


Under the new law, a foreigner can acquire Turkish nationality if he buys real estate in an unfinished housing project of at least US $ 250,000 or the equivalent in Turkish or hard currency by submitting the purchase contract to a notary.


The foreigner is required not to sell the property he buys within 3 years and to pledge to the property registrar not to transfer his property to other persons during the said period.


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