Becoming a Turkish citizen could bring many benefits with it, being able to boast a grand history of empires, free education and university, and full medical assistance. Well, who wouldn't want to be a Turk and settle down after seeing the vast beauty of Turkey? For those who want to be one though, the rules have slightly changed recently.
The regulation amending the implementation of the law on becoming a Turkish citizen was recently published in the Official Gazette. Thus, new conditions now apply for foreign nationals who want to transition to Turkish citizenship.
First, those who have been determined by the Ministry of Industry and Technology to have made a fixed capital investment of at least $500,000 (TL 6.78 million) - or the equivalent foreign currency - can apply for Turkish citizenship.
Those who have been determined by the Ministry of Environment, Urbanization and Climate Change to have made a purchase of $250,000 worth of real estate - provided that an annotation is put on the title at the land registry that it will not be sold for three years - or those who entered into a notarized contract worth $250,000 for the sale of real estate whose condominium or construction servitude has been established - provided that an annotation not to transfer or abandon the property for three years is specified in the contract at the land registry - can also apply.
Those who have been determined by the Ministry of Labor and Social Security to employ at least 50 people are also eligible to become Turkish citizens.
Meanwhile, those who have been determined by the Banking Regulation and Supervision Agency (BDDK) to have deposited at least $500,000, or the equivalent foreign currency, in banks operating in Turkey on the condition of keeping them deposited for three years, have also been deemed eligible.
Similarly, there are those who have been determined by the Ministry of Treasury and Finance to have purchased government debt worth at least $500,000, or the equivalent foreign currency, on the condition of holding them for three years, and people who have been determined by the Capital Markets Board (CMB) to have purchased real estate investment fund participation shares or venture capital investment fund participation shares of at least $500,000 with a commitment to keeping them for at least three years can also apply for Turkish citizenship.
The new regulation also states that before the transaction, the currency amounts specified by the Ministry of Environment, Urbanization and Climate Change, the BDDK, the Ministry of Treasury and Finance, and the CMB will be sold to a bank operating in Turkey, and through that bank, will be sold to the Central Bank of the Republic of Turkey (CBRT).
The Turkish lira amounts obtained by the BDDK as a result of the sale will be kept in Turkish lira deposits, and the Turkish lira amounts obtained by the Ministry of Treasury and Finance will be kept in Turkish lira government debt instruments for three years. The central bank will determine the practices and principles regarding this subject.
With the amendment of the law, a commission consisting of representatives of the Ministry of Labor and Social Security, the Ministry of Environment, Urbanization and Climate Change, the Ministry of Treasury and Finance, and the Ministry of Industry and Technology can be established within the Ministry of the Interior to monitor the process regarding citizenship applications.
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