About the regulation requiring amendments to the Regulation for Implementation of Turkish Citizenship Law (Decision no.106)

The latest updates introduced through the Regulation concerning the criteria to be met for obtaining Turkish citizenship are as follows:

• A fixed capital investment requirement of at least US $ 2 million has been changed as US $ 500 thousand or equivalent to Turkish liras,
• The requirement of purchase of at least 1 million US dollar worth immovable with a deed restriction of not selling for 3 years has been updated as immovable worth USD 250.000 or equivalent foreign currency or Turkish liras,
• The condition for creating employment has been lowered from 100 people to 50 people,
• Deposit amount required to be parked at banks operating in Turkey with the condition of leaving it for 3 years has been lowered from at least USD 3 million to USD 500.000 or equivalent foreign currency or Turkish liras,
• The requirement to purchase a minimum of US $ 3 million of government debt instruments for a period of three years has been updated as 500 thousand US dollars or equivalent foreign currency or Turkish lira.

Pertaining to the regulation, the effective exchange selling rate of the Central Bank of Turkey at the date of setting may be considered as well as the cross exchange rates when identifying the monetary values indicated above.