NEW REGULATIONS THROUGH THE MINISTRY OF FOREIGN AFFAIRS
With the decision published on 19.09.2018 on the Turkish Official Gazette, some regulations regarding the transition of foreigners to Turkish citizenship changed. Turkish Official Gazette published on Wednesday the decision to amend the executive regulations on the application of the Nationality Law, in several ways. The amendment’s decision included conditions for which any person who fulfills any of them will be entitled to apply for Turkish citizenship. The conditions are as follows: Buying a property worth 250 thousand US dollars at least instead of one million dollars in the previous decision and not sell it for three years. Fixed investment of not less than 500 thousand US dollars. Providing job opportunities for at least 50 Turkish citizens instead of 100 citizens. Reducing the deposit requirement in Turkish banks from 3 million US dollars to 500 thousand US dollars.
INFORMATION ON THE PREVIOUS LAW TO GRANT REAL ESTATE CITIZENSHIP
The Turkish government announced last year a law that allows foreign investors to apply for Turkish citizenship with different terms. The law granting Turkish citizenship to foreign investors in return for buying a property in Turkey was issued last year and was published in the Official Gazette on 12 January 2017. Turkey relies heavily on the real estate sector as one of the most important pillars of economic growth, which is linked to dozens of sectors directly or indirectly, and the government supports this sector to the maximum extent possible. Turkey encourages investment in the real estate sector and offers many advantages and facilities to those who invest or buy real estate in Turkey after the property market has experienced considerable growth, especially following the change in the Foreign Ownership Act of 2012, which allowed foreigners to own property. The law issued in this regard, which gives the right to obtain Turkish citizenship in return for buying a property is the most important advantages that show the great importance attached by Turkey to the real estate sector.