Posted on 15 November 2016
Foreigners who have invested in Turkey and meet certain conditions could soon be eligible for Turkish citizenship.
Under a new scheme announced by Turkey’s Deputy Prime Minister Numan Kurtulmus in November, non-nationals who have made investments of a certain value in property and other fixed assets could become a Turkish citizen.
According to Kurtulmus, government officials have completed the proposal and it just needs to be accepted by parliament. Once passed, the scheme is expected to encourage foreign investment in Turkey, in particular Istanbul, and help drive economic growth.
More details are yet to come, but investors eligible for citizenship will include those who have made fixed investments, those who have bought real estate at a certain value and held it for a minimum of three years, those who provide employment opportunities and those who invest a certain amount of cash in state investment tools on the condition that they do not withdraw it within three years.
Meanwhile, Turkey is celebrating the success of the 9th Investment Advisory Council (IAC) meeting, held in Istanbul at the end of October. The purpose of the IAC is to improve Turkey’s image as an investment hub, attract more foreign investors and providing an international perspective to ongoing investment related reforms.
A highlight of the meeting was a news conference that highlights the confidence of foreign companies in Turkey’s economy in the wake of the defeated coup. Emphasizing that the Turkish government has been very helpful to investors via incentives and reforms, foreign companies noted that Turkey has outperformed most of the emerging economies in terms of growth rates. Investors also cited the medium-term program, the 10th development plan, and the government program as the main pillars Turkey’s transformation into an innovation and productivity-driven economy.