Turkey Citizenship by Investment New Amendments - 2022

Turkey’s cabinet of Ministers had indicated last month that the minimum investment amount to apply for Turkish citizenship through the real estate option was due to increase. On Friday 13^th May 2022 these amendments were published in the Turkish government gazette and confirmed that the minimum investment to apply for citizenship in Turkey through an investment in property will increase from USD $250,000 to USD $400,000. This change will enter into force on the 13^th of June 2022. Hence, investors may still qualify for citizenship by investing USD $250,000 in a property until the deadline of the 13^th of June. Investors who want to proceed before the increase in price are to purchase a property, obtain a title deed as well as a Letter of Conformity. With such documents a citizenship application can be submitted. 

Although an official reason for the increase has not been given, it is allegedly due to the fact that raw and building materials have also increased in price. 

Given Turkey’s important role in world politics as a negotiator, the citizenship by investment programme is one of the few which is still currently open to investors from Russia.

New Investment Option for Obtaining Turkey Citizenship by Investment

The notice in the government gazette also contained a new investment category for applicants who want to apply for Turkish citizenship by investment. As of the 13^th of June 2022, applicants can qualify by investing a minimum amount of USD $500,000 into a private pension, provided that the investment is kept in a fund approved by the Insurance and Private Pensions Regulation and Supervision Agency and kept for at least three years. Through this route, investors would be selling their foreign currency to a commercial bank in turkey who would in turn sell that foreign currency to the Turkish Central Bank. 

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