Citizenship in Turkey for the buyers of Turkish real estate
For the first time ever, Tolerance presents a full translation into English of a new act of obtaining Turkish citizenship when buying real property in Turkey.
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Major provisions of the Act:
For the first time ever in the history of the Turkish Republic, Turkish citizenship may be granted to those who have acquired real property in Turkey worth at least US$1 million, performed investments worth at least US$2 million or have a deposit account at a bank for an amount of no less than US$3 million.
According to the Regulations published in issue 201 2016/9601 of the Official Gazette dated 12 January 2017, relating to the introduction of amendments to the provisions of the Regulations on the implementation of Turkish Citizenship Act, to foreign citizens who:
- have acquired real property worth at least US$1 million with a condition prohibiting the sale of such for the next three years, or
- performed investments in fixed assets for an amount at least US$2 million, or
- have a deposit account for three years at any bank operating in Turkey, with an amount, placed into it, of no less than US$3 million, which is confirmed by documents, or purchased for the same amount government securities (bonds) for a period of at least three years,
may be granted Turkish citizenship.
- An additional provision also states: the right to obtain Turkish citizenship shall also be conferred on foreign nationals who have corroborated with documents the fact of creating at least 100 new jobs in Turkey.
Source in the Turkish language – the Official Newspaper of the Republic of Turkey:
Issue of the Resolution publication: 201 2016/9601
Addition – by the Council of Ministers, according to the order of the Ministry of Internal Affairs number 3972 of 6 December 2016, and under paragraph 46 of Turkish Citizenship Act No. 5901, it was decided to set the date for the coming into force of the Regulation for the introduction of changes to the provisions of the Rules for the implementation of Turkish Citizenship Act, for 12 December 2016.
REGULATION ON THE INTRODUCTION OF CHANGES TO THE PROVISIONS OF THE RULES FOR THE IMPLEMENTATION OF TURKISH CITIZENSHIP ACT
ARTICLE 1 – INTO the Rules for the implementation of Turkish Citizenship Act, which came into force in accordance with resolution of the Council of Ministers No. 2010/139 of 11 February 2010, the following additional paragraph shall be added, which shall follow the first paragraph of Article 20 of the said Regulation; also, on these grounds, changes shall be made to the composition of the current paragraphs, the wording "in sub-paragraph (b)" contained in the fourth paragraph of the same article shall be substituted with "in subparagraphs (b) and (c)," the word "second" shall be replaced by word "third", and the following paragraph shall be introduced to the same article.
"(2) According to the proposal of the Ministry and the resolution of the Council of Ministers, a foreign citizen who has ensured the performance of any of the following conditions shall be eligible to receive Turkish citizenship within the scope of the provisions of sub-paragraph (b) of the first paragraph of Article 12 of the Act:
a) The establishment by the Ministry of Economy of the fact of the performance by the person of investments in fixed assets for an amount of no less than 2,000,000 US dollars,
b) The establishment by the Ministry of Environment and Urban Planning of the fact of purchase by the person of a real property with a value of at least US$1,000,000, subject to making a mark, at the bodies registering title to real estate (TAPU), of a prohibition to sell the real estate for the next three years.
c) The establishment by the Ministry of Labor and Social Security of the fact of the creation by the person of 100 new jobs,
ç) The establishment of the Agency for Banking Regulation and Supervision of the fact of placing by the person of an amount of no less than US$3,000,000 into a term deposit account at any bank operating in the territory of Turkey for the period of 3 years.
d) The establishment of the Secretariat of the Treasury of the fact of acquiring by the person of government securities for a period of at least 3 years for an amount no less than 3,000,000 US dollars."
"(6) When determining the amounts of funds mentioned in the second paragraph, the effective selling exchange rate set by the National Bank of the Republic of Turkey on the day of the establishment of the relevant fact shall be used"
ARTICLE 2 – This Regulation shall enter into force on the day of its publication.
ARTICLE 3 – Execution of this Regulation shall be governed by the Council of Ministers.