NEW LEGISLATION: Turkish Nationality Given to Foreign Residents in Turkey.
Like many other countries offerring citizenship programmes through investment now Turkey has also joined the ranks and is now giving Turkish nationality to foreign citizens who desire to invest in business or property here.
The new regulation on obtaining Turkish citizenship has now come into efffect and was published in Turkish Official Gazette on 12.01.2017regulation number 299946. This now allows foreigners to obtain Turkish citizenship simply by purchasing real estate or investingin business or a certain amount of foreign currency in the country. The new regulation does not invalidate the old law but extends its effect. The exact details of which we have summarized for Kaska clients in this page;
Under the new published regulation in Turkish Official Gazette on 12.01.2017 it is required that requires that one of the following conditions be low are in place…
- Minimum amount of 2.000.000.-USD fixed capital investment, confirmed by the Turkish Economy Ministry.
- Minimum amount of 1.000.000.-USD valued real estate purchase. This property must not be sold or the deeds amended for 3 years. To be confirmed by the Ministry of Environment and Urban Planning.
- Provide employment for a minimum of 100 persons, confirmed by the Ministry of Labour and Social Security.
- Minimum amount of a 3.000.000.-USD depositto be paid into the banks in business in Turkey and must remaint here for 3 years minimum. This transaction must be confirmed by Banking Regulation and Supervision Agency.
- Minimum amount of 3.000.000.-USD government dept means purchase. The purchase must not be sold for 3 years. The purchase must be confirmed by the Under secretariat of Treasury.
Given that one of these the above requirements is in place and that other essentialelements such as the lack of certain criminal records or other politcal infringements are fulfilled the applicant may be granted Turkish nationality and therin live with all ther ights of a natural citizen in this country.
The new Turkish citizenship owne rmay work live invest and enjoy all the privileges that this country affords. All legal transaction and formalities required there of may of course be successfuly completed for you by our experienced and professional international team of legal experts at Kaska International Law Firm.