981 foreign investors granted Turkish citizenship

981 foreign investors granted Turkish citizenship
12/07/2019 , by , in INTERNATIONAL

Since the amendment to the Regulation on the Implementation of the Turkish Citizenship Law on Sept. 19, 2018, 981 foreign investors, including citizens of the U.S., Canada, China, Russia, Italy, Australia and Greece, have become Turkish citizens, according to data from the General Directorate of Population and Citizenship Affairs of the Interior Ministry. Some 2,700 foreign investors wishing to become Turkish citizens have made investments totaling approximately $1 billion. Accordingly, 981 of these investors have been entitled to become Turkish citizens since the publication of the regulatory changes in the Official Gazette.

Pursuant to the regulation, the path to citizenship was opened to those investing in fixed capital in the scope. Purchasing immovable property provided that it will not be sold for three years or undertaking that the immovable property with condominium or construction servitude shall not be sold for three years; creating employment; depositing cash in banks operating in Turkey on the condition of leaving the amount for three years; purchasing government debt instruments on the condition to hold them for three years; or acquiring real estate mutual fund shares or venture capital mutual fund shares on the condition of holding on to them for at least three years.

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