The Government of Turkey has published amended citizenship regulations reducing the investment amounts to foster foreign direct investment in official gazette dated 18 Sep 2018.

According to the new amendments, foreigners buying real estate or invest in any of the following options will be eligible for turkish citizenship by investment

Buy real estate atleast $250,000 not sold for 3 years

not sold for 3 years Deposit atleast $500,000 in Turkish banks

in Turkish banks Buy $500,000 Turkish government bonds locked for 3 years

Turkish government bonds locked for 3 years Buy $500,000 worth of VC fund share

worth of VC fund share Employ atleast 50 people

Real estate companies and associations in Turkey have welcomed the move, as this will attract more foreign investors in $250,000 to $300,000 range.

Turkish government amends citizenship requirements for foreigners. https://t.co/oB6b9EwSCY 🇹🇷 pic.twitter.com/iB92WJabbk — Invest in Turkey (@InvestTurkey) September 21, 2018



Investing in Turkey is currently cheaper because of the fall in Turkish lira which plunged by 40% last month.

Bitcoin

In a survey turkish people are largest to own Bitcoin because of free fall of lira. It is not entirely clear Bitcoin or other cryptocurrencies will be accepted for citizenship program or by real estate companies. Currently Antigua is the only country that officially accepts bitcoin for CBI program.

Real Estate

In Turkey, house sales increased by 2.7% in May 2018 compared to the same month of the previous year and hence, became 119 655. For May 2018, İstanbul had the highest share of house sales with 16.8% and 20 061 sold house. The followers were Ankara with 11,919 house sales and İzmir 7 028 house sales with the share of 10% and 5.9% respectively.

In May 2018 alone , 2 415 houses were sold to foreigners in Turkey, according to statistics office, increased by 36.1% compared to the same month of the previous year.

Istanbul is the favorite destination for foreigners buying property in Turkey for May 2018 (1 month).

Istanbul – 854 house sales

Antalya – 595 house sales,

Bursa – 141 house sales,

Yalova – 108 house sales and

Ankara – 96 house sales.

Iraqi citizens bought 407 houses from Turkey in May.

Iraq – 407 house sales

Iran – 217 house sales,

Saudi Arabia – 206 house sales,

Russia – 165 house sales and

Afghanistan – 131 house sales.

Foreign Direct Investment (FDI) Law No. 4875 is designed with the following benefits

to encourage FDI in the country

to protect the rights of investors

to align the definitions of an investor and investment with international standards

to establish a notification-based system rather than an approval-based one for FDI

to increase the volume of FDI through streamlined policies and procedures

The FDI Law provides a definition of foreign investors and foreign direct investments. In addition, it explains important principles of FDI, such as freedom to invest, national treatment, expropriation and nationalization, freedom of transfer, national and international arbitration and alternative dispute settlement methods, valuation of non-cash capital, employment of foreign personnel, and liaison offices.

The Regulation on the Implementation of the FDI Law consists of specifying the procedures and principles set forth in the FDI Law. The aim of the FDI Law with regard to the work permits for foreigners is to regulate the work carried out by foreigners and stipulate the provisions and rules on work permits given to foreigners