From the Romans to the Ottomans and beyond, Turkey is one of the most historically, politically, and economically important nations in the world.
From a political standpoint, Turkey has been an important player on the world stage and was a founding member of the United Nations as well as an early member of NATO, the IMF, and the World Bank. The country has also been a founding member of numerous other political and economic groups throughout its history. Today, though it is not officially part of the European Union, Turkey does enjoy friendly relationships with its EU neighbours.
In terms of administration, Turkey has a unitary structure—an important factor shaping Turkey’s public administration. Though Turkey has three powers (executive, legislative, and judiciary), the country doesn’t have a federal system, which means the 81 provinces, 923 districts, 7 regions and 21 sub regions of the country are all subordinate to the central government located in the capital, Ankara.
The main legislative body is the 600-member Grand National Assembly who is also responsible for the current constitution which was approved by national referendum in 1982, and has been amended several times since then. One such amendment first occurred in July of 2016 when Article 12 of the Law No. 5901 was amended to include certain allowances for citizenship, which was further clarified and amended on September 18, 2018 to allow for the Citizenship by Investment program in its current state.
Also known as the Exceptional Acquisition of Citizenship, the new regulations published in the Official Gazette state that foreigners who meet any of the follow criteria may be eligible for Turkish citizenship if they have:
– Made a minimum fixed capital investment of USD $500,000 or equivalent foreign currency or Turkish lira, as attested by the Ministry of Industry and Technology
– Acquired a property worth a minimum of USD $250,000 or equivalent foreign currency or Turkish lira with a title deed restriction on its resale for at least three years, as attested by the Ministry of Environment and Urbanization
– Created jobs for at least 50 people, as attested by the Ministry of Family, Labor and Social Services
– Deposited at least USD $500,000 or equivalent foreign currency or Turkish lira in banks operating in Turkey with the condition not to withdraw the same for at least three years, as attested by the Banking Regulation and Supervision Agency
– Bought at least USD $500,000 or equivalent foreign currency or Turkish lira worth of government bonds with the condition that they cannot be sold for at least three years, as attested by the Ministry of Treasury and Finance
– Bought at least USD $500,000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years, as attested by the Capital Markets Board of Turkey
To learn more about Turkey’s Citizenship by Investment opportunities, contact us today for a complimentary consultation.