‘Turkish Citizenship’ for foreigners who buy a property
UPDATE 12.01.2017 NEW - CONDITION FOR EVALUATION OF INVESTORS
According to the amendments in the implementing regulations of the Turkish Citizenship Act which wass published today 12.01.2017 in the Official Gazette, foreigners has a right to obtain Turkish citizenship;
- Purchased a property for at least 1 million US dollars in Turkey which will not be sold for three years,
- Fixed capital investments should be at least 2 million US dollars
- Turkish citizenship will be granted to foreigners who will deposit at least 3 million US dollars which will be keep deposited in banks for 3 years or will borrowed to the government instruments for three years
Moreover, with the new amendment, the foreigner who will employ at least 100 employees would be entitled to receive Turkish citizenship.
The Republic of Turkey has developed the Turquoise card system in order to ensure that not only large investors but also foreign entrepreneurs invest in Turkey. The year 2017 is supposed to be a great year for foreign investment, the government authorities have introduced two different Turkish citizenship systems for investors and entrepreneurs.
The first system is the Turkish Citizenship right(Türk Altın Vize) given in the above mentioned Turkish Citizenship Act for foreigners who make : a one million dollar real estate investment, a two million dollar commercial investment, employ a hundred Turkish worker or make a three million dollar cash investment.
The second system is the Turquoise card (Turkuaz Kart) which require a slightly lower amount of investment required and gives the right to become a Turkish citizen within five year, as 3 + 2 years. The Turquoise card is not intended for material gains only, but it aims to award Turkish citizenship to qualified foreigners such as scientists, sportsmen and artists.