Turkish citizenship by investment – Capital Investment
In accordance with the “Regulation on Making Amendments in the Regulation on the Implementation of Turkish Citizenship Law” which is effective as of being published on the Official Gazette dated 12 January 2017 and No 29946; it has been decided that Turkish Citizenship can be granted to the persons, whom are determined by Ministry of Economy to have made fixed capital investment in the amount of 2 million US Dollars, upon the suggestion of the Ministry of Interior and with the Cabinet Decision. In accordance with the abovementioned Regulations, citizenship applications of the foreign real persons shall be evaluated within the framework of the following procedures and principles:
A) Application and Evaluation Process
1. Foreign real persons who will demand citizenship based on fixed capital investment in the amount of 2 million US Dollars shall submit an application in writing to the Ministry of Economy together with the following documents:
A. Enclosed to the application form signed by the applicant;
a. Completely filled in investment information form
b. Photocopy of the identity information pages of the passport
c. Trade registry gazette which shows the partnership structure of the legal entity which has made the fixed capital investment which constitutes the basis of application and the investment amount
d. Special purpose report approved by a Sworn-in Certified Public Accountant which shows the fixed capital amount (The report shall contain information regarding fixed capital investments made after the publication date of the regulations. In applications to be submitted in following years, fixed capital investments made within maximum 3 years before the application date shall be taken into consideration within the scope of the report)
e. Proof that the direct foreign investment in the amount of 2 million US Dollars are transferred to the equity capital of the company and submission of the related foreign deposit account receipt in the same Sworn-in Certified Public Accountant report
2. The application shall be submitted to the approval of the Ministry after it is determined by the Ministry of Economy Directorate General of Incentive Implementation and Foreign Investment that the application fulfils the requirements. Applications which do not fulfil the requirements shall be rejected by the Directorate General of Incentive Implementation and Foreign Investment. For application submitted with incomplete information and documents; applications, which fails to complete the incomplete information and documents within 1 month following the written notification to the applicant, shall be rejected without further notice.
3. Applications approved by the Ministry shall be sent to the Ministry of Interior to carry out necessary procedures.
a. In the event that the foreign investor is a shareholder of the company, which makes the investment, at a certain rate; it is required that the amount to be obtained by multiplying the rate which corresponds to the share of the individual in the company that makes the investment with the total investment amount is minimum 2 million US Dollars.
b. In determining the fixed capital amounts, the publication date of the regulations, 12 January 2017 shall be taken into consideration. Fixed capital investments made before that date shall not bestow a right to apply for citizenship.
c. When calculating for the fixed capital expenses for the applications to be submitted in following years, the expenses made in the last maximum 3 years shall be taken into consideration.
d. In the event that additional fixed capital investment is made to a currently present investment, the increase in the amount of fixed capital investment as of the beginning of the additional investment shall be taken into consideration.
e. For the applicants who are determined by the Administration to have applied with false or misleading documents, citizenship procedure shall be suspended and a notice shall be sent to the Ministry of Interior for denaturalization of the individuals who were given citizenship. Further applications to be submitted by persons who have applied with false or misleading documents shall not be taken into consideration even if they fulfil the related criteria.