Turkey: Immigrant investors required to sell FX to Central Bank
The investment amount required for obtaining Turkish citizenship will be determined in a foreign currency, according to the new regulation that was published in the Official Gazette on Jan. 6.
That money will be sold to the Central Bank through a bank prior to the investment transaction, it said.
The Turkish Lira amount obtained as a result of the transaction will be kept in lira deposits or government debt instruments for at least three years.
The investment amount will be determined in a foreign currency in the application for obtaining the right to Turkish citizenship in return for a fixed-term investment, real estate purchase and keeping the securities in banks for a certain period of time.
With a minimum fixed capital investment of $500,000 or equivalent in a foreign currency, the investor has the right to apply for Turkish citizenship. Those who purchase real estate worth at least $250,000 or the equivalent in a foreign currency will also be able to benefit from this exception, provided that an annotation is put in the land registry that it will not be sold for three years.