Turkey Changes Conditions For Granting Citizenship By Investment

The conditions of the Turkish Citizenship by Investment Program will be slightly modified. According to the new decree, which was published in the Official Gazette on January 6, in order to obtain citizenship, it is necessary to invest in the country in foreign currency, not the Turkish lira.

To obtain Turkish citizenship by investment, a foreign investor must invest in the country at least $500,000 or purchase real estate in the amount of $250,000 or more. Money in the country must remain for at least three years - this is prescribed by the decree.

Previously, in order to obtain Turkish citizenship, a foreigner had to invest in foreign currency or the equivalent in Turkish lira. Now the expression “Turkish lira” has been removed from the new regulation.

Foreign currency received from the sale of the property to foreigners will be sold to the Central Bank through a local bank and converted into Turkish lira.

FIND OUT MORE ABOUT CITIZENSHIP BY INVESTING IN TURKEY

What investment opportunities does Turkey offer?

1. Real Estate Investment

Purchase a property of US$ 250,000 with a pledge not to sell it for 3 years

2. Bank Deposit

Depositing US$500,000 in a state bank in Turkey for a period of 3 years

3. Shares

Purchase shares of US$ 500,000 in Turkish REITs or Venture Capital Funds (VCFs) with a pledge not to sell them for a period of 3 years

4. Government Bonds

Buy government bonds in the amount of US$ 500,000 and pledge not to sell them for 3 years

5. Company

Purchase a company with a capital of US$ 500,000

6. Employment

Employ 50 Turkish people and make their insurance 

What is a Citizenship by Investment Program and what benefits does it provide to investors and their families? What are the pitfalls of this program? We have answered these and many other questions in our book!

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Source: economictimes.indiatimes

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