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UGLOBAL IMMIGRATION MAGAZINE
billion in import and $15.1 billion in export. In the midst of
this economic boom, Turkey has been passing laws that
encourage foreign investments more and more every year.
In 2003, Turkey introduced the Law on Foreigners’ Work
Permits, regulating work permits in a more accessible way for
foreigners. In 2016, this law was replaced by the International
Labor Law, which regulated foreigners’ work permits in
compliance with the European Union standards.
In 2003, Turkey also introduced the Direct Foreign
Investments Law, thereby adopting a completely liberal
approach to foreign investors and immigration. Foreigners
may now be investors and shareholders in companies
incorporated in Turkey just as easily as Turkish citizens. In
fact, the Law emphasizes the equality between Turkish and
foreign investors.
THE LAUNCH OF TURKEY’S CBI PROGRAM
In addition to these new developments to encourage foreign
investments and immigration, Turkey introduced the most
significant incentive for foreign investments in January of
2017: its citizenship-by-investment program. The law allowed
citizenship applications with a $1 million investment.
In September of 2018, a Turkish Presidential Order introduced
critical changes to the Regulation on the Application of
Turkish Citizenship Law. The required minimum investment
figures were drastically brought down for applying for Turkish
citizenship. Foreigners who purchase a residential property
worth at least $250,000 or invest at least $500,000 into a
business are now entitled to apply for Turkish citizenship.
However, there are some conditions. The $250,000 real
estate must be purchased from a Turkish citizen and can’t
have had a foreign owner in its recent history. If the buyer
wishes to apply for citizenship together with his/her family,
the real estate must be worth at least $250,000 per applicant.
These values must be assessed by a licensed surveyor who
will issue a survey report. The buyer must also register a
pledge in the land registry, promising that he/she will not sell
the real estate for at least 3 years. The real estate’s value
and eligibility must also be approved by the Land Registry
General Directorate.
“ Foreigners who purchase
a residential property
worth at least $250,000 or
invest at least $500,000
into a business are now
entitled to apply for Turkish
citizenship. ”