Since the Turkish government announced the decision to allow foreigners to obtain Turkish citizenship for investment, thousands of foreigners have decided to come to Turkey and began to open financial and real estate investments to achieve the minimum requirement for investments nominated for Turkish citizenship.
The Ministry of Interior Directorate General of Migration Management revealed in a statement on its Twitter account that the number of investors who have obtained Turkish citizenship since the amendments to the Turkish Citizenship Investment Law took effect in the summer of 2018, that until the end of 2019, about 9 thousand and 11 foreign investors had received On Turkish citizenship through their investments in Turkish territory.
Thousands of foreigners have obtained Turkish citizenship by investing.
Since the approval of the amendments to the Turkish nationality law in the summer of 2018 and until mid-2020, the number of foreigners who obtained Turkish citizenship by investing reached about 9,011 foreign investors, most of them in the field of real estate investment in Turkey.
According to three statements issued by the Population Department in Turkey:
• 2700 foreigners obtained Turkish citizenship between 9/2018 to 1/2019
• 4311 foreigners obtained Turkish citizenship during 2019
• 2000 foreigners obtained Turkish citizenship from 1/2020 to 6/2020
The total investments they made to obtain Turkish citizenship reached about 3 billion, 261 million, and 500 thousand US dollars.
Amendments to the Turkish Citizenship Law
In this context, it is mentioned that the amendments to the law on the naturalization of foreign investors are the biggest catalyst for increasing foreign investor activity and their desire to obtain Turkish citizenship. The amendments stipulated the following:
In the case of real estate investment
It states, in the case of real estate investment, that the minimum real estate price reaches 250 thousand US dollars (after the minimum was one million dollars before the amendments) and provided that the real estate nominated for nationality is not sold until after three years.
In the case of bank deposit
In the case of, bank deposits, the amendments stipulated that the amount deposited in Turkish banks for the applicant with this item be at least 500 thousand US dollars (after the minimum was three million US dollars before the amendments) and provided that the amount is not withdrawn until after three years.
In the case of fixed investment
At the same level, one of the amendments stipulated a reduction in the amount of fixed investment in return for obtaining citizenship from 2 million dollars to 500 thousand dollars.
In the case of providing job opportunities for the Turks
Owners of projects that provide employment opportunities for 50 Turkish citizens can obtain Turkish citizenship after it was previously required for him to employ 100 citizens.
According to these amendments, Foreign investors have increased their interest in providing the minimum candidate investment candidate for Turkish citizenship, to benefit from the new law and realize the dream of Turkish citizenship, and the many benefits that this dream holds for the foreign investor.
What does a foreign investor benefit from Turkish citizenship?
Foreign investors, especially Arabs, and those coming from the Middle East countries want to obtain Turkish citizenship to achieve many privileges, the most important of which are:
- Turkish nationality is considered one of the most respected nationalities and desired by Arabs since Turkey has become the largest incubator for Arab communities in the world, and the land that includes the largest Arab investments.
- Stability in Turkey has become a requirement for millions of other nationalities.
- The good economic conditions in Turkey encourages investment in it and takes advantage of the growing economic sector.
- The strength of the Turkish passport is also considered one of the reasons motivating foreign investors in general.
- The possibility of participating more effectively in Turkey.
- Obtaining Turkish citizenship represents a more comfortable and reassuring situation for Arab investors of European and American nationalities, due to the social and cultural affinity between Arabs and Turks.
What does Turkey benefit from by naturalizing foreigners?
Turkey thinks with a successful economic mentality, so it always tries to reach plans that help it develop its economy, and the law of naturalization of foreigners in Turkey by investment is considered one of the important laws to achieve what Turkey aspires.
Turkey greatly benefits from foreign investors obtaining Turkish citizenship by investing through the following:
• Increasing investments within the various Turkish economic sectors
• Providing many job opportunities for the Turks.
• Increase the gross domestic product in Turkey.
• Reviving the banking and real estate sectors in Turkey.
• Benefiting from the contributions of naturalized persons and their children in all sectors in Turkey.
Will the nationality law witness other amendments?
There is no doubt that the Turkish law is very flexible and carries many incentives for foreigners and investors from them in the first place, and many laws have developed, and many decisions have been issued that are in the interest of stimulating foreign investment in Turkey, especially in the banking and real estate sectors.
The concerned authorities in Turkey do not stop updating and developing laws on Turkish citizenship, and most of the amendments will include each of the following aspects:
• Removing obstacles for some foreign nationalities to obtain Turkish citizenship through real estate ownership, such as Syrians, for example, as they are not allowed to own real estate in Turkey.
• Get rid of many of the routine obstacles during the submission of the Turkish citizenship application
Many observers of the Turkish economic affairs do not believe that the minimum limits for investments nominated for obtaining Turkish citizenship will witness any significant changes, and we would like to remind you that the rumors about the possibility of stopping the Turkish citizenship law for foreigners through investment are pure fabrications, and there are no indications. For such decisions.
Skyline accompanied you through the lines of this report to inform you about the increasing number of foreigners who obtained Turkish citizenship through investment, we have added to this report some information that interests you in this regard, such as the amendments to the nationality law and the benefits that foreigners derive from it, and Turkey’s goals of naturalizing foreigners.