Based on the data provided by the Ministry of Interior General Directorate of Population and Citizenship Affairs, 2,611 foreign investors have become Turkish citizens since the amendment of the “Regulation on the Implementation of the Turkish Citizenship Law”. Together with their families this number reached 9,962. On the other hand, the number of applications in said was recorded at 3,859.
Iraqis have ranked top of the list among said new Turkish citizens and foreign investors from many countries ranging from the USA to Russia, Canada to the Dominican Republic, Brazil to the Union of Comoros also benefited from this right.
The Regulation on the Amendment of the Regulation on the Application of the Turkish Citizenship Law was published in the Official Gazette on September 19, 2018 and the amount of investment required to become a Turkish citizen was amended.
Accordingly, the minimum requirement of US$ 2 million in fixed capital investment in order to acquire citizenship was reduced to US$ 500,000. The provision of “minimum $ 1 million worth immovable property to be purchased on the condition that the annotation is not sold to the land registry records for 3 years” was amended by the regulation and the figure was reduced to US$ 250 thousand.
The number of employment to be created for acquisition of citizenship which was 100 persons earlier was amended as 50 employees.
Another requirement which was “Keeping a deposit in a bank operating in Turkey” for 3 years was also amended and the related amount of deposit was reduced to US$ 500 thousand.
On the other hand, another alternative requirement which was “purchase of state borrowing instruments and keep them for 3 years” was amended and the amount was reduced to US$ 500 thousand.
