TL regulation was introduced in the transition to citizenship by buying real estate and investing. According to the regulation change published in the Official Gazette on 06.01.2022; The foreign currency amount to be obtained from the sale of a house to a foreigner will be sold to the Central Bank through a bank and converted into TL. The amount that foreigners are obliged to keep in the bank for investment will also be converted into TL.
Thus, the new conditions required for foreign nationals to acquire Turkish citizenship are listed as follows:
- It has been determined by the Ministry of Industry and Technology that it has made a fixed capital investment of at least 500 thousand USD or equivalent foreign currency. At least 250 thousand US Dollars and equivalent foreign currency is purchased, provided that an annotation is put in the land registry records that it will not be sold for 3 years, or condominium or floor servitude has been established, at least 250 thousand US Dollars and equivalent foreign currency deposited in advance and transferred to the land registry for a period of 3 years. It has been determined by the Ministry of Environment, Urbanization and Climate Change that the sale of the immovable has been promised with the contract drawn up in the notary, provided that the commitment not to be abandoned is made.
- It has been determined by the Ministry of Labor and Social Security that it employs at least 50 people.
- It has been determined by the Banking Regulation and Supervision Agency that he deposited at least 500 thousand US Dollars and equivalent foreign currency deposits in banks operating in Turkey on the condition of keeping them for 3 years.
- It has been determined by the Ministry of Treasury and Finance that it has purchased government debt instruments worth at least 500 thousand USD and its equivalent in foreign currency, on the condition of keeping them for 3 years. Persons determined by the Capital Markets Board to have purchased real estate investment fund participation shares and venture capital investment fund participation shares of at least 500 thousand USD or equivalent foreign currency, on the condition that they hold at least 3 years.
A COMMISSION CAN BE ESTABLISHED WITHIN DOMESTIC
With the change in the regulation, 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 within the Ministry of Interior in order to monitor the process regarding citizenship applications.
The procedures and principles to be applied in determining whether the investment conditions within the scope and amount specified in order to acquire citizenship are met will be determined by the institution making the determination.
REVENUES WILL BE HELD IN TL DEPOSIT
The 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 and to the Central Bank by this bank before the transaction. The Turkish Lira amounts obtained by the Banking Regulation and Supervision Agency as a result of the sale will be kept in Turkish Lira deposits, and the Turkish Lira amounts obtained by the Ministry of Treasury and Finance will be kept in Turkish Lira government debt instruments for 3 years. The Central Bank will determine the practices and principles regarding the subject.
