ANKARA: Foreigners who own at least $1.5 million in real estate investment fund participation shares or venture capital investment fund participation shares in Turkey will be eligible for citizenship. The latest amendments to the “Regulation on the Implementation of the Turkish Citizenship Law” entered into force after being published in the Official Gazette on Jan. 12.
Accordingly, foreigners who own at least $1.5 million in real estate investment fund participation shares or venture capital investment fund participation shares and hold it for three years, after being evaluated by the Capital Markets’ Board (CMB), will be entitled to Turkish citizenship with the decision of the Council of Ministers. With the decision, the Council of Ministers has introduced foreigners the right to obtain Turkish citizenship if they purchase at least $1 million in immovable properties without selling for at least three years. Foreigners will also be eligible for citizenship if they bring in fixed capital of at least $2 million or deposit a minimum of $3 million in banks operating in Turkey without withdrawing the funds for three years.
