981 foreign investors become Turkish citizen

ANKARA

Hundreds of foreign investors have become Turkish citizens since late 2018, according to data by the country’s Interior Ministry.

Since several amendments have been made to the "Regulation on the Implementation of Turkish Citizenship Law", a total of 981 foreign investors -- including citizens from the U.S., Canada, China, Russia, Italy, Australia and Greece -- have become Turkish citizens.

Article 20 of the Regulation on the Implementation of the Turkish Nationality Law stipulating the exceptional cases on which Turkish nationality is obtained, was amended by a Presidential Decree which was published in the Official Gazette on Sept. 19, 2018 and entered into force on the same date.

The foreigners that have invested into a fixed capital at least in the amount of USD 500,000, that have purchased a real estate that it is not to be sold for three years, that have provided employment opportunity for at least 50 employees, that have deposited cash to the banks operating in Turkey on the condition to keep for 3 years, and that have purchased government debt instruments on the condition to keep for 3 years may exceptionally acquire Turkish citizenship, according to the regulation.

Since amendment in the regulation, 2,700 foreigners who want to be a Turkish citizen has made investments amounted to nearly $1 billion.

*Writing by Zehra Nur Duz