Amendment of the Regulation Regarding Turkish Citizenship Law

Some amendments have been introduced to the Regulation of the Turkish Citizenship Law (the "Regulation")with the Presidential Decree no. 106regarding Amendment on the Regulation of the Turkish Citizenship Law (the "Amendment Regulation") published in the Official Gazette dated 19.09.2018, numbered 30540.

According to the Amendment Regulation;

• Foreigners who purchase at least 250.000 USD or its equivalent in any other currency worth of immovable property with the condition of keeping the ownership of the propertyfor at least 3 years providing such purchase is acknowledged by the Ministry of Environment and Urbanisation,

• Foreigners whose fixed capital investment in Turkey are at the least 500.000 USD or itsequivalent in any other currencyproviding that such investment is acknowledged by the Ministry of Industry and Technology,

• Foreigners who generate employment for at least 50 people providing that these employments are acknowledged by the Ministry of Family, Labour and Social Services,

• Foreigners who hold a deposit account with at least 500.000 USD or its equivalent in any other currency in a bank which operates in Turkey with the condition of keeping the account for 3 years providing such account is acknowledged by the Council of Bank Audit andRegulation,

• Foreigners who purchase government debt instruments worth of at least 500.000 USD or its equivalent in any other currency with the condition of keeping them for 3 years, providing that such purchase is acknowledged by the Ministry of Treasury and Finance,

• Foreigners who purchase share of real estate investment fund or venture capital investmentfund worth of at least 500.000 USD or its equivalent in any other currency with the condition of keeping them for 3 years, providing that such purchase is acknowledged by the Capital Markets Board,

may be granted Turkish citizenship with the decisionof the President.

Accordingly, it is stipulated that foreigner’s spouse and minor or dependent children may also be granted Turkish citizenship with the decision of the President.

For further information please contact us.

                                                                                                                                                     Att. Melis ÖZSAN