According to data from the General Directorate of Population and Citizenship of the Ministry of Interior, 2,611 foreign investors became Turkish citizens last year.
According to the data of the Directorate General of Population and Citizenship of the Ministry of Interior, 2,611 foreign investors has become Turkish citizens in the last year since the amendment of the Regulation on the Implementation of the Turkish Citizenship Law.
They made the largest investment in the housing among the rest field and became Turkish citizens
After these changes were published in the Official Gazette on September 19, 2018, foreigners’ housing investment increased significantly. Housing sales to foreigners in the eight months of this year increased by 50 percent compared to the same period of 2018 and reached 27,748.
There was an increase in interest in obtaining Turkish citizenship through the purchase of housing and other investments. . During the period of one year from the implementation of the changes until 19 September this year, 2,611 foreign investors became Turkish citizens. The number of foreigners who become Turkish citizens with the families of investors has reached to 9,962.
In this period, the number of foreign investors applying for Turkish citizenship was 3,859 investors, while this number with investors’ family members was 14,876.
Iraqis are the most foreign investors who have chosen Turkish citizenship
Foreign investors from many foreign countries like USA, Russia, Canada, the Dominican Republic, Brazil and Comoros Republic also benefited from this right. The citizens of Iraq were among the most foreign investors who got Turkish citizenship.
327 Iraqis investors took Turkish citizenship, ranking first, followed by Afghan investors with 240 investors.
Other countries that preferred Turkish citizenship include Palestine with 170 investors, Egypt with 110 investors, Libya with 66 investors, Lebanon with 44 investors, Saint Kitts and Nevis with 29 investors, Saudi Arabia with 28 investors, Pakistan with 26 investors, Sudan with 24 investors, Russia with 22 investors, Algeria with 21 investors and USA with 19 investors.
Citizens of countries such as Germany, Venezuela, Dominican Republic, France, Syria, Belize, Belarus, Poland, Antigua and Barbuda, Australia, Grenada, South Africa, India, Canada, Comoros and Ukraine have benefited from the new amendments to the law.
How did they become Turkish citizens?
The Regulation on the Amendment of the Regulation on the Application of the Turkish Citizenship Law was published in the official newspaper on September 19, 2018 and the amount of investment required to become a Turkish citizen was amended.
Accordingly, the fixed capital of the investments that must be offered to obtain Turkish citizenship was reduced from at least two million dollars to 500 thousand dollars. The law stipulates that immovable property worth at least 1 million dollars should be purchased on condition that it is not sold in the land registry for three years and that figure has been reduced to 250 thousand dollars.
Previously, the foreign wishing to get a citizenship should employ 100 people and after the recent changings the number was reduced to 50 people. The total amount of deposits required to be deposited in banks for 3 years has dropped to 500 thousand dollars in order to get Turkish citizenship. With regard to the purchase of government loans, the requirement to obtain citizenship included the purchase of 3 million dollars with the condition of non-sale for three years has been reduced to 500 thousand dollars.
“Foreign investors’ interest has increased at least 10 times compared to the previous year”
Ali Riza Babaoğlan, co-founder of investment consulting company Grow in EMEA, told reporter of AA that Citizenship-for-Investment Act had been implemented in many countries of the world, particularly in the US and Spain.
Babaoğlan says that the amendment of the Regulation on the Implementation of the Turkish Citizenship Law published in the Official Gazette on September 19, 2018 was attractive and the interest of foreign investors has increased at least 10 times compared to the previous year.
“We believe that the program provides great benefits to the Turkish economy.”
Babaoğlan expressed his desire for investors from all over the world, especially from Islamic countries, to obtain Turkish citizenship. “There are those who want to get an information about citizenship from all over the world, especially in geographical areas and Islamic countries near our country. It is sure that it is enough for the investor to come to Turkey to invest,” he said.
Babaoğlu stressed that Turkey’s greatest advantage is to allow dual citizenship. Babaoğlu said “In general, citizens of developing countries invest to acquire Turkish citizenship, while citizens of developed countries invest to acquire citizenship and make profits.”
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“There is interest not only in real estate but in many fields”
Ali Riza Babaoğlu noted that foreign investors in Turkey are not only interested in real estate, but also there is interest in technology, health and energy companies and in other strange fields, as he recently received two requests from foreigners to invest in a hospital and farms fattening separately.
Babaoğlu said, “Chinese and Korean investor had decided to invest before they arrived to Turkey and when they arrived they loved the country very much and decided to increase the amount of investment in Turkey. In addition there is Pakistani investor invested in the furniture industry and started production and export to several countries.”
Babaoğlan stated that they answered investors’ questions from all over the world via the online platform “growinema.com” and in this way investors can access it themselves wherever they are around the world. “We provide all information regarding the acquisition of Turkish citizenship to foreign investors who wish to come to Turkey and do not have enough time and to who have not made a decision in which areas they will invest yet,” Babaoğlan said.
Edit by: Realty Group