- 01 October 2019
- Posted by: ExpatGuideTurkey
- Category: Invest in Turkey
In the last year, 2,611 foreign investors from many countries from USA to Russia, Canada and Brazil became Turkish citizens, while the number of foreign investors with their families reached 9,962.
According to the data of the Ministry of Interior General Directorate of Population and Citizenship Affairs, 2,611 foreign investors acquired Turkish citizenship in a year since the amendment of the Regulation on the Implementation of the Turkish Citizenship Law. Mostly, Iraqi people preferred being Turkish citizens in the explained time period.
Foreign investors from many countries from the USA to Russia, from Canada to the Dominican Republic, from Brazil to the Comoros also benefited from this right.
The Regulation on the Amendment of the Regulation on the Application of the Turkish Citizenship Law was published in the Official Gazette on September 19, 2018 and the amount of investment required to become a Turkish citizen was amended. Accordingly, the requirement of at least $ 2 million in fixed capital investment, which must be met in order to acquire citizenship, was reduced to $ 500,000. The provision of at least $ 1 million of the immovable property to be purchased on the condition that the annotation is not sold to the land registry records for 3 years was amended by the regulation and the figure was reduced to $ 250,000
Previously, the criteria for the concept of acquiring Turkish citizenship was 100 people. But, with the new regulation, it reduced to the 50 people. One of the conditions of naturalization, provided the total amount of deposits to be invested 3 years to keep banks operating in Turkey was reduced to $ 500,000.
At least $ 3 million in the amount of state borrowing instruments to keep the condition of purchase for 3 years provided that the condition was updated to $ 500,000. After these changes were published in the Official Gazette on September 19, 2018, foreigners’ housing investment increased visibly. Housing sales to foreigners in 8 months of this year increased by 50% compared to the same period of 2018 and reached 27,748.
The interest of purchasing a house and being a Turkish citizen by other ways showed an increasement also. After taking effect of the new regulation on September 19, 2018, we can observe 2,611 foreigners acquired Turkish citizenship. The number of foreigners who are Turkish citizens with the families of investors reached 9,962.
In the period in question, the number of foreign investors applying for Turkish citizenship was 3,859, while the number of family members was 14,876.
Iraqi Investors Take the First Place
With 327 investors, Iraqi people took the first place of the list of Turkish Citizenship according to the nations. Iraqis were followed by Afghans with 240 investors.
Other countries which are among the top Turkish citizens are Palestine with 170 investors, Egypt with 110 investors, Libya with 66 investors, Lebanon with 44 investors, Saint Kitts and Nevis Federation with 29 investors, Saudi Arabia with 28 investors, Pakistan with 26 investors. Sudan with 22 investors, Russia with 22 investors, Algeria with 21 investors and USA with 19 investors are the other countries in the list.
Citizens of countries such as Germany, Venezuela, the Dominican Republic, France, Syria, Belize, Belarus, Poland, Antigua and Barbuda, Australia, United Arab Emirates, Grenada, South Africa, India, Canada, the Union of Comoros and Ukraine also benefit from the citizenship right in Turkey.