Following recent amendments to article 20 of the Regulation on the Implementation of the Turkish Citizenship Law (“Regulation”), which was published in the Official Gazette on September 19, construction firms started marketing Turkish citizenship at airports.
Construction firms, considered to be the engines of AKP’s economy and many of them declared bankruptcy due to economic crisis in the country, have quickly moved to utilize the recent amendment to sell their properties.
Turkish firms prepared advertising posts customised for Arab tourists and investors who visit Turkey. Many foreign tourists are stunned when they see “Turkish citizenship for a 250 thousand Dollar Property” written advertisement banners at international arrival halls.
The new rule was ratified by Presidential Decree No. 106 and entered into effect on the same date, allowing a remarkably easier process for Turkish citizenship than before, as the prerequisites for investments in capital and real estate, as well as employment have slumped. The minimum deposit for owning a Turkish citizenship decreased from 2 million USD to 500,000 USD (or equivalent in any other foreign currency or Turkish Lira).
Purchasing public debt tools on condition that such tools will be held for three years, was reduced from minimum 3 million USD to 500,000 USD. A company needs to employ 50 staff, the number was 100. Purchasing a real estate property by referring to a sales ban on the property for three years, decreased from 1 million USD to 250,000 USD (or equivalent in any other foreign currency or Turkish Lira).
However, more than one and half mont after the presidential decree which aimed to encourage foreigners to buy a property or to invest in Turkey in exchange of Turkish citizenship, the realised figures haven’t satisfied the government and President Erdogan released a new decree. The new order which was published on December 7, one step more simplified obtaining a Turkish citizenship.
According to the new order “promising to buy a real estate property worths $250 thousand” would be enough for a foreigner to get a Turkish passport.