According to the latest announcement published on the official gazette, the amount required to become a citizen will only be in foreign currency rather than the Turkish lira, while the amounts remain the same. Before this current change, foreigners could transfer amounts in Turkish lira if they wanted.
The amount obtained as a result of the sale will get kept for three years in Turkish lira deposits and Turkish lira-denominated government debt instruments. The matters regarding it will get determined by the Central Bank.
A Commission to Monitor the Citizenship Processes
With the same changes, forming a monitoring commission has come into effect. A commission consisting of representatives of the Ministry of Labor and Social Security, Ministry of Environment, Urbanization and Climate Change, Ministry of Treasury and Finance, Industry and Technology can be established within the Ministry of Interior to monitor the process regarding citizenship applications.
What Are the Amounts Required for Turkish Citizenship?
The amount changes by the persons’ objectives whether they purchase an immovable or invest in fixed capital. Here are the total amounts required for Turkish citizenship:
At least 500,000 USD or equivalent foreign currency worth of investment into fixed capitals.
At least 400,000 USD or equivalent in foreign currency worth of immovable purchase, annotated to be kept for three years by the owner.
Generation of employment for at least 50 people.
Deposition of at least 500,000 USD or its equivalent foreign currency in banks operating in Turkey on the condition to keep it for three years.
Purchase of government instruments worth at least 500,000 USD and its equivalent in foreign currency on the condition to keep it for three years.
Purchase of real estate investment fund share and venture capital investment fund share on the condition to keep it for three years.
While these conditions remain the same as before, each procedure will be monitored by a different governmental body now. Contact us now via +90 212 271 75 75 to find answers to all your questions about investment from Trem Global, a leading investment and real estate consultancy company.