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Turkey: Citizenship 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.

Source
hurriyetdailynews

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