Turkish Citizenship by Investment
You need to buy property in Turkey worth a minimum of $250,000, instead of $1 million as before, and the investment plan may consist of several purchase transactions. An appraisal report of the property made by a licensed agent is required. The evaluation is valid for one month.
These conditions refer to both new and resale property. In case of equity construction, the contract should be duly notarized and TAPU are to be issued on independent parts of the property.
It is really important to choose the proper time for real estate evaluation reports and sales agreements fixed in the local currency against the US dollar rate. The buyer is expected to pay for each property personally by a direct money transfer to the seller’s bank account. The buyer may not sell the property for at least 3 years. The Ministry of Environment and Urbanization regulates the right of an individual to obtain Turkish citizenship.
- Cash Deposit in a Turkish Bank
The minimal limit of the deposit has been reduced down to $500,000. The investment is to be confirmed by the Banking Regulation and Supervision Agency. An individual may deposit the equal value in Turkish Lira or Euro in one of the Turkish banks and get accruals at the bank’s interest rate. Minimal deposit term is 3 years. Our specialists will help you find the most lucrative terms, and you will get confirmation of meeting the requirements of the cash deposit within 7 days.
- Local Labor Investment
The right to get Turkish citizenship is also granted to a foreigner who employs at least 50 Turkish nationals in a Turkish company, which is to be confirmed by the Ministry of Labor and Social Security.
- Fixed capital investment
The amount of required fixed capital investment has been reduced to $500,000, and this investment shall be confirmed by the Ministry of Industry and Technology. An individual may invest in an existing company or set up a new enterprise.
To acquire a citizenship a foreigner may also invest in the Turkish Real Estate Investment Trust with a minimum amount of $500,000, or buy the same equivalent in shares of the venture capital in other residential, land or commercial investment funds, which are less dependent on the inflation rate. You have the following advantages against the option of buying a property: no need to take care of the management or maintenance of your real state and, secondly, your assets can be sold faster.
To enter into your civil rights, you need to choose a world-class institution (such as a British Advisory Agency EY – Ernst & Young). The investments worth a minimum of $500,000 are performed under the supervision of the Turkish banks appointed by the state with the condition that the assets cannot be sold for at least three years.
- Investment into government bonds
A foreigner who invests in Treasury bonds worth $500,000 under the condition to hold them for at least 3 years is also entitled to apply for a Turkish passport. This investment shall be confirmed by the Ministry of Treasury and Finance, and the owner will receive income depending on the type of the state debt and its maturity.
Apart from the Principal Applicant (Investor) who has chosen one of the options above, other family members – a spouse and children under 18 (no age restrictions for handicapped) – can also apply for Turkish citizenship. Investor’s parents and children over the age of 18 have the right to get a long-time residence permit.
Foreign nationals cannot get Turkish citizenship directly. To apply for a Turkish passport an individual has to meet specific requirements, which differ from case to case. To do this you need to contact the regional center of the origin of your business, real estate or bank account.
Izmir Estate is always ready to help you at any stage of the procedure. We will guide you through the entire process and advise which documents are required in your particular case, point out the specifics and help with translation and notary service. If you agree to issue a Power of Attorney, we will take all the scrutiny and you will only need to collect your passport.
Turkish citizenship has the following advantages: to do your business or be employed, to get free education and medical care, to get benefits from the Pension Program. Moreover, you will get the right to visit 72 countries visa-free. Among them are:
- Transcaucasia — Georgia, Armenia, Azerbaijan;
- Balkan Peninsula — Montenegro, Macedonia, Bosnia and Herzegovina, Albania, Serbia, Kosovo;
- Eastern Europe — Ukraine, Belarus, Moldova; Middle East — Northern Cyprus, Bahrain, Jordan, Oman, Qatar, Kuwait, Lebanon;
- Asia — Japan, Singapore, Hong Kong, South Korea, Indonesia, Malaysia, Kazakhstan;
- North Africa – Morocco, Libya, Tunisia;
- East Africa — Seychelles, Tanzania, Mauritius, Kenya, Madagascar;
- West and North Africa — Senegal and the Republic of South Africa;
- North America — Mexico, Bahamas, Panama;
- South America — Chile, Argentina, Colombia, Paraguay, Brazil, Uruguay, Peru.
Turkey allows dual and multiple citizenships, but please note that some countries do not recognize or have certain restrictions in place regarding dual nationality. If you are uncertain, please contact our Support Service: Izmir Estate` specialists have over 17 years of successful work behind their belt, and they know in full the latest changes in legislation as well as all the subtleties of related paperwork.