Well, following the regulation stated by the Turkish Government, the turkish citizenship law investment has proved to be quite useful for foreign investors. It was published in the State's official gazette, which was dated 12th January 2017 under amendment no. 29976. The amendment states that any person who makes a fixed capital investment of 500,000 USD in the country will be granted Turkish Citizenship. Determined by the Ministry of Economic, the amendment was made based on the Ministry of Interior Affairs and the Cabinet's suggestions.
Based on the regulation, a set of the framework was created. Any foreign investor shall be evaluated based on that framework to determine if they are fit for Citizenship.
Titles
The Application and the Evaluation process for Turkish Citizenship Law with investment
As per the regulations, any foreign person can demand Citizenship based on fixed capital investment. The amount of investment should have a minimum value amounting to 500,000 USD. Once this criterion is met, the person needs to submit an application to the Ministry of Economy along with the following documents:
1. A duly filled application form signed by the applicant with the following:
- A filled form is carrying all the information related to investment.
- A photocopy of the identity information of the person’s passport.
- The trade registry gazette shows details about the partnership structure related to the legal entity, which is liable to make the capital investment. It should contain the application and the investment amount.
- The special-purpose report should also be submitted along with the application. The report should contain all the information related to the investment in fixed capital after the Turkish Government passed the regulation. The report must include the details of the fixed capital investments made during three years before the application. The report's scope is entirely taken into consideration and should be approved by the Sworn-in Certified Public Accountant.
- Proof must be submitted regarding the direct foreign investment amounting to 500,000 USD. It must be transferred to the said company's equity capital, and the details of the foreign deposit account must also be attached. The Sworn-in Certified Public Accountant should duly approve it.
2. The application which you will submit needs to be approved by the Ministry after getting determined by the Directorate General of the Incentive Implementation and Foreign Investment from the Ministry of Economy. He will check if the application fits all the requirements. If the application does not fulfill all the essentials, it will get rejected under the Directorate General's supervision. Your application for turkish citizenship law investment is likely to get rejected in the following cases:
- If the application has incomplete information or documents.
- If the investment amount of fixed capital does nit not amount to 500,000 USD.
The rejected applications are notified in written and are given a month to submit the complete information. However, if the applicant fails in doing so, the entire application gets rejected until further notice. Once everything is submitted, the duly filled application is sent to the Ministry for detailed scrutiny and further procedures.
Description of the fixed capital investment for Turkish Citizenship Law with Investment
As per the Turkish Government's new regulation, the following types of fixed capital investment are accepted:
- Suppose the foreign investor is a shareholder of a Turkish company and makes an investment at a given rate. It is important that the total amount, when multiplied with the rate which is corresponding to the share of that company, amounts to a minimum of 500,000 USD.
- For the determination of the fixed capital, all the purchases made after the regulation's publication will be taken into consideration. Any fixed capital investment made before three years shall not be taken into account.
If an applicant, during the scrutiny by the Administration, is found to have made false claims or submitting misleading information, the citizenship procedure will be canceled. Also, a notice will be sent to the Ministry of the interior for denaturalizing the individual. Any application submitted by him for turkish citizenship law investment in the future would not be considered either.
