NEW UPDATE ON CITIZENSHIP VIA INVESTMENT
Today, on 6th of January 2022, a revision has been announced on the Decree of Implementation of the Turkish Citizenship Law. The revision will be explained with by-laws, however the basics/important points are mentioned below:
- In relation to obtaining citizenship through the purchase of real estate, it has been amended that all payments to be made in USD or equivalent foreign currency. So until this is made clearer, please be sure you make all payments in USD or any other foreign currency, and not Turkish Lira.
- In relation to obtaining citizenship through depositing funds in the amount of minimum USD 500.000 or equivalent other foreign currency, all investment shall be converted to Turkish Lira. Therefore, please we aware of the fact that 3 years later, the amount deposited will be returned in Turkish Lira.
- Finally, it is also forbidden to make the investment via foreign currency-based instruments such as EUROBOND etc. State bonds, are still allowed but as explained, only based on TRY not foreign currency.
FOR REAL ESTATE DEVELOPERS:
- The decree states that developers should sell the amount paid to them by customers in USD or any other foreign currency to Central Bank of Republic of Turkey and keep it in TRY. This means the decree also aims that the developers contributes to the demand of TRY.
Details will be shared with you when the by-laws are announced in future by relevant authorities including Central Bank of Republic of Turkey.