The Turkish government made the announcement that it would be changing the minimum financial value of real estate investments that make foreign nationals eligible to apply for Turkish citizenship with the publication of resolution number 5554 in the Official Gazette of the Republic of Turkey on Friday, May 13, 2022.
This change would make it possible for foreign nationals to apply for Turkish citizenship. The resolution also made reference to a different exceptional program for acquiring Turkish citizenship.
The minimum financial value of the properties that must be purchased by non-Turkish citizens in order to qualify for Turkish citizenship has increased from $250,000 to $400,000 as a result of the most recent legislation.
The amendment may be found in section B of article 20 of the Executive Regulation on the Application of the Turkish Citizenship Act, which entered into force on February 11, 2010, as a result of Cabinet Resolution 2010/139.
Deadline Is June 13TH.
According to the ruling, this change will become operational one month after the official gazette publishes the notice of the decision.
This indicates that investments in real estate with a value of at least $250,000 will be accepted as part of the citizenship plan until the 13th of June in 2022. After that date, the sum in question will increase to $400,000 in total.
Purchasing Property in Order to Become a Turkish Citizen
If a person wants to take advantage of the "Turkish citizenship by real estate" program, they need to make sure that the title deed of the property they buy for the program indicates that it "cannot be sold for 3 years." Otherwise, they will not be eligible for the benefits of the program.
In addition, investors are required to get a document from a public notary that states that a transfer of ownership of the title deed and cancellation cannot be conducted for a period of three years.
Applicants will be eligible to apply for and obtain Turkish citizenship if the Ministry of Environment, Urbanization, and Climate Change decide that the prerequisites have been met and that the conditions have been met satisfactorily.
Read more about the scheme here.
Pension-based Turkish citizenship
The resolution also discussed a different path that non-Turkish nationals could use to get Turkish citizenship. This path involved making financial contributions to the country's private pension system (Bireysel Emeklilik Sistemi - BES).
Foreign nationals are required by the government to comply with the following terms and conditions in order to participate in this program: "Make a contribution of at least $500,000 or the equivalent in a foreign currency as an investment in the private pension system, on condition of keeping it in the funds deemed fit by the Insurance and Private Pension Regulation and Supervision Agency of Turkey and staying in this system for three years."
How to Become a Turkish Citizen
Even if you (or your children) were not born in Turkey or if neither of your parents is Turkish, there are several alternative options for a foreign national to acquire Turkish citizenship.
Over the course of the past few years, Turkey has implemented a variety of programs designed to encourage citizens of other countries who meet the legal requirements to apply for citizenship in Turkey.
A few examples of these choices include making financial investments and through marriage and employment.
You may learn more here.