The Regulation on the Amendment of the Regulation on the Implementation of the Turkish Citizenship Law entered into force by being published in the Official Gazette dated 6 January 2022 and numbered 31711.
Scope of the Amendments
Certain changes were made in Article 20 regarding the acquisition of Turkish citizenship through investment, and the important changes in respect thereof are as follows:
- The regulation that the following investments may be made in Turkish Lira instead of foreign currency has been abolished. The investment methods in question are as follows:
- (i) Purchasing an immovable property worth 250.000 USD or equivalent in foreign currency, provided that it is not sold for three years,
- (ii) Capital investment of 500,000 USD or equivalent in foreign currency,
- (iii) Deposit of 500.000 USD or equivalent foreign currency deposit to a bank operating in Turkey, provided that it is not sold for three years,
- (iv) Purchase of government debt instruments amounting to USD 500,000 or equivalent foreign currency with the condition of keeping them for three years,
- (v) Purchase of real estate investment fund participation shares or venture capital investment fund participation shares of 500,000 USD or equivalent foreign currency, with the condition of keeping them for three years.
- Pursuant to the new paragraph added to the Regulation, it is obligatory to deposit the foreign currency amounts specified in subparagraphs (i), (iii), (iv), (v) to a bank operating in Turkey before the transaction and have them sold to the Central Bank by the said bank.
- Regarding the transaction to be made within the scope of subparagraph (iii), it is obligatory to keep Turkish Lira in deposits for three years following the sale of 500,000 USD or equivalent foreign currency deposits to the Central Bank.
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