A TOTAL of 981 foreign investors have been become Turkish citizens since amendments to the Regulation on the Implementation of the Turkish Citizenship Law in September 2018.
Citizens from the US, Canada, China, Russia, Italy, Australia and Greece, have become Turkish citizens, according to data from the General Directorate of Population and Citizenship Affairs of the Interior Ministry.
Some 2,700 foreign investors wishing to become Turkish citizens have made investments totaling approximately $1 billion.
Accordingly, 981 of these investors have been entitled to become Turkish citizens since the publication of the regulatory changes in the Official Gazette.
The path to citizenship was opened to those investing in fixed capital. Purchasing immovable property provided that it will not be sold for three years or undertaking that the immovable property with condominium or construction servitude shall not be sold for three years; creating employment; depositing cash in banks operating in Turkey on the condition of leaving the amount for three years; or acquiring real estate mutual fund shares or venture capital mutual fund shares on the condition of holding on to them for at least three years.
Iran took the lead in the list of investors who gained Turkish citizenship with 253 people, followed by Iraq with 143, Yemen with 97, Afghanistan with 94, Syria with 59, Palestine with 58, Jordan with 57, Egypt with 45, China with 21 and Azerbaijan with 16.
Meanwhile, six investors from the US and Russia each, four from Canada, Italy and Israel each, two from the UK and Ukraine each, and one investor from Australia and Greece each were granted Turkish citizenship.
Turkey reduced the limits for foreigners to acquire Turkish citizenship to encourage investment in September 2018.
Foreigners who own real estate in Turkey worth a minimum $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship.
Turkey’s housing sales to foreigners have presented an upward trend since 2012, the year when parliamentary law made it easier for foreign investors to purchase real estate in the country.
According to the new regulation, the lower limit of fixed capital investments to acquire Turkish citizenship for foreigners has been reduced to $500,000 from $2 million.
The regulation also covers foreigners who deposit a minimum of $3 million in Turkish banks. The deposit requirement of a minimum $3 million in Turkish banks was also lowered to $500,000.
A similar regulation applies to foreign investors who hold government-issued bonds worth at least $500,000 that are not diversified for three years.
The previous minimum requirement was $3 million for government bond holding foreigners. Foreigners who generate jobs for a minimum 50 people, the previous requirement was 100 people, will also be able to apply for Turkish citizenship.