Turkish citizenship: New rules on acquisition
Changes amending the Regulation Regarding the Implementation of the Turkish Citizenship bring a higher value real estate threshold along with the new alternative of depositing a certain amount into private pension fund. Read full article by Duygu Özmen, Partner at Pekin Bayar Mizrahi, in alliance with Norton Rose Fulbright in Turkey.
Regulation amendment regarding the implementation of the Turkish Citizenship
Law dated February 11, 2010 and numbered 2010/139 (the “Regulation”) was published in the Official Gazette on May 13, 2022. As per some of these new amendments, the minimum value of the real property to be purchased by individuals seeking acquisition of Turkish citizenship by way of investing in real property, has been increased from USD 250,000 to USD 400,000 and a new method for Turkish citizenship acquisition has been introduced. As per the Regulation, depositing a minimum amount of USD 500,000 (or an equivalent amount thereof) participation share in private pension system, retaining the same in those funds determined by the Insurance and Private Pension Regulation and Supervision Authority and staying in the system for a period of three years, has also been determined as an alternative method for acquisition of Turkish citizenship.
The change in real estate property value threshold will enter into force on June 13, 2022 while the new citizenship acquisition method and the other changes introduced with the Regulation have come into effect on May 13, 2022.
