Turkish Citizenship by Investing 250.000 USD on Real Estate
Within the framework of the “Regulation on the Amendment to the Regulation on the Implementation of the Turkish Citizenship Law” published in the Official Gazette today, 18.09.2018, the minimum immovable property required for naturalization of foreigners was reduced from 1.000.000 USD to 250.000 USD. The Ministry of Interior announced that it would open special offices for foreigners who would like to get citizenship and the procedures would be completed as soon as possible.
According to the news in AA, “The Regulation on the Amendment of the Regulation on the Implementation of Turkish Citizenship Law” was published in the Official Gazette with the signature of the President.
250.000 Dollars will be Enough Instead of 1 million Dollars
According to the new regulations, a fixed capital investment requirement of at least 2 million USD, which would have to be met before, was changed to 500.000 USD or its equivalent in Turkish Lira.
The provision of the purchase of at least 1 million US Dollars to the title deeds of the immovable property not to be sold for three years has also been changed by the regulation. Foreigners who buy the real estate in the amount of 250.000 US Dollars or foreign currency or its equivalent in Turkish Lira will be able to benefit from this right.
Employment Reduced from 100 to 50 people
Similarly, the expression of providing employment to at least 100 people, which is among the conditions of eligibility to citizenship, has been changed to 50 people. As one of the conditions of naturalization, the total amount of deposit in banks operating in Turkey which must be kept with the admission of at least three years is reduced from 3 million US Dollar in exchange or in compensation to 500.000 US Dollars or its equivalence as Turkish Lira.
1.5 million Dollars Investment Requirement Reduced to 500.000 Dollars
The requirement of obtaining at least 1 million 500 thousand USD real estate investment fund participation share or venture capital investment fund participation shares and keeping it in the reserve for three years was also changed by the regulation. The ones fit to the requirement of holding at least 500 thousand US Dollars or its equivalent in foreign currency or fulfilling provisions of Turkish Lira in the real estate investment fund shares or venture capital investment fund shares for at least three years will be eligible for the citizenship.
Private Offices will be Opened
On the other hand, a commission consisting of representatives of the Ministry of Family, Labor and Social Services, the Ministry of Environment and Urbanization, the Ministry of Treasury and Finance, the Ministry of Industry and Technology will be established within the Ministry of Interior in order to follow the process related to citizenship applications.
By opening private offices, the foreign citizens who apply for Turkish citizenship will be attended in one-to-one manner and the transactions will be done as soon as possible. The follow-up of these offices and the process will be followed by the commission formed by the Ministry of Interior.
Which countries other than Turkey give residence permit or citizenship right to what amount of purchase?
Country – Minimum house purchase amount for residence permit – Citizenship / Residence Permit
Montenegro – No lower limit – Residence permit (Renewed annually)
Fiji – 41.000 USD – Citizenship through 5 years of residence
Colombia – 86.000 USD – Residence permit
Uruguay – 100.000 USD – Citizenship through 10 years of residence
Brazil – 128.120 USD – Residence Permit
Hungary – 200.000 Euros – Citizenship through 8 years of residence
Dominican Republic – 250.000 USD – Citizenship (immediately)
Greece – 250.000 Euros – Citizenship though 5 years of residence
Latvia – 250.000 Euros – Citizenship through 5 years of residence
Dubai – 272.000 USD – Residence permit
Panama – 300.000 USD – Residence permit
Cyprus – 350.000 USD – Residence permit
Cyprus – 2.000.000 Euros – Citizenship
Bulgaria – 310.000 Euros – Citizenship through 5 years of residence
Malta – 350.000 Euros – Citizenship (immediately)
South Korea – 444.000 USD – Citizenship through 5 years of residence
Andorra – 400.000 Euros – Residence permit
Spain – 500.000 Euros – Citizenship through 5 years of residence
Portugal – 500.000 Euros – Residence permit through 6 years of residence
Switzerland – 1.000.000 USD – Citizenship through 12 years of residence
Monaco – 500.000 Euros – Citizenship through 10 years of residence
Ireland – 1.000.000 Euros – Citizenship through 8 years of residence