About Turkey Citizenship by Investment
Citizenship by investment (CBI) is a very common term among the elite. The most popular citizenship by investment program (CIP) by far is Turkey’s. The Anatolian country launched its CIP in 2017. But it wasn’t until its drastic changes in 2018, slashing the minimum investment requirement, that Turkey citizenship by investment took flight.
Under the current regulations, investors can obtain citizenship for themselves and their qualifying family members. Only by an investment of 400,000 USD in real estate, or 500,000 USD in capital investment, or by creating 50 jobs for people within Turkey.
The cost-efficient real estate option has dominated the scene, as its low threshold, holding only three years. ROI makes it one of the best investment options in the world. Include brand new citizenship and passport for you and the family, the popularity of the Turkey Citizenship by Investment Program makes even more sense.
Who is Eligible for Turkish Citizenship by Investment Program?
In short, everyone. Anyone who meets the investment criteria is eligible for Turkey citizenship through investment.
Applicants can bring their family members along, as their spouse and children below 18 can be added to the same application; granting the entire family Turkish passports and certificates of citizenship.
Turkey Citizenship by Investment Requirements
The elegance of the Turkish CIP lies within its simplicity. Requirements are simple. The short timeline of 3-6 months to get citizenship from the date of application has all played a major role in making the Turkish CIP one of the most popular CBI in the world.
The requirements of the program are:
- Be above 18 years of age
- Make a qualifying investment (and ensure you hold it for 3 years)
- Proof of investment amount
- Obtain a tax number and open a Turkish bank account
- Have a clean criminal background
- Have valid health insurance in Turkey
- Submit a full application for you and your qualifying dependents
- If buying real estate have a statement on the title deed ensuring that the property cannot be sold for 3 years (holding period)
- If using the services of a law firm you must provide a signed power of attorney (POA) along with your application
That is it!
About Turkey Immigration Policy
Since the days of the Ottoman Empire, Turkey has been extremely immigrant-friendly. People from all over the globe travel to Turkey for its amazing culture, abundant opportunities, natural wonders, and world-class living standard. The Turkish government has made it simple for these immigrants to arrive at its shores. Its CBI has taken that simplicity a step further, helping them integrate into the community as active nationals of the nation.
Under Article 20 of the Regulation on Implementation of Turkish Citizenship Law, foreign nationals who meet the requirements of the CIP can apply. And obtain citizenship by the approval of the Turkish President’s Office.
Here you can reach our ultimate guide to the Turkish Citizenship.
Turkey Citizenship by Investment Process
The process of the Turkish CIP is the simplest, and fastest, one in the world. It only consists of a few steps. With the help of an experienced consultant, you will need minimum effort and time to complete it.
Here are the main steps of the program:
- Obtain a Turkish tax number and open a Turkish bank account. While Turkey does not impose a tax on international income, using a tax specialist is recommended for a swifter process.
- Make your qualified investment (purchase real estate, make capital investment, or create 50 jobs in Turkey)
- Obtain a Certificate of Eligibility (or Conformity Letter) from the government entity responsible for your investment. For example, those investing in real estate can get the certificate from the General Directorate of Land Registry and the Cadaster of the Ministry of Environment and Urbanization.
- Apply for the resident permit. Once you receive your residency you can file for citizenship.
- Obtain passport and citizenship certificates within 3-6 months from the start of the process.
The Turkish government has intentionally streamlined the process to attract the world’s elite. Using the help of a professional agency such as Smart Citizenship only makes the journey easier. And it is much more enjoyable.
The documents you need to provide for your citizenship application are few and simple to obtain.
Here is a list of all you need to attach to your application:
- Turkish tax ID number
- Valid passport
- Birth certificate
- Marriage certificate
- Proof of address
- Biometric passport-sized photos
- Proof of clean criminal record
- Proof of investment
- Turkish bank account
- Proof of investment
Before Buying Real Estate
There are a few crucial matters to consider before buying real estate. The most vital of which is the valuation of any property. You must evaluate the property through a registered agent to ensure its worth makes you eligible for the CBI. Many people buy before valuation. This could lead to them buying a property that falls short of the required investment amount.
Another important matter to keep in mind is that you can buy multiple properties, as long as their aggregate valuation meets the 400,000 USD mark. So consider which properties meet your needs. Then create a portfolio that can provide you with good ROI and appreciation rates. Buying in Istanbul, for example, is a great move as properties in the city tend to double in value each 5-10 years.
Finally, you want to find properties you can sell (if you want to) once the holding period of 3 years passes. This means finding a property in a good location that has the potential to sell for a greater sum in a short period.
After Buying Real Estate
After you purchase the property you can look to make money off it. Renting your property, either through a property management agency, Airbnb, or directly to interested parties can yield a good ROI, especially if the property is of high quality and is in a desirable location.
This is why our portfolio consists of properties that are full to the brim with ROI potential. But keep in mind that, if you are making a profit within Turkey it may be taxed. Hence using the services of a tax advisor would be a smart move to save you from doing the taxes yourself.
After Acquisition of the Turkey Citizenship
You can now enjoy the benefits of being a Turk. For example; traveling to 111 destinations worldwide visa-free, applying for the US E2 treaty visa, etc.
Your children can study in Turkish schools and universities as local students. You can open a business, work, or retire in Turkey as you wish. All you need to do to maintain your status and your Turkish passports (which are valid for ten years and renewable for the same time period) is maintain your investment for 3 years. Elegantly simple.
Professional Legal Advice with Smart Citizenship
At Smart Citizenship we provide you with unparalleled services and expertise within Turkish immigration law. Our seasoned lawyers know the ins and outs of the CIP. They will make your journey to obtaining Turkey citizenship much more enjoyable.
We help you deal with several aspects. These include getting a tax number, opening a bank account, buying a property, filing for residency, applying for citizenship, and getting your passports. We even sort out rent and resell some of the projects we offer. This makes us the ultimate one-stop shop for the Turkish CIP.
Turkey Immigration Consultant Support in Smart Citizenship
Our services don’t stop at immigration law as we go further into the investment part of CBI. As a result of our scientific methodology, we create the best investment portfolio that matches your budget and your needs. We also get you the best possible ROI within the Turkish market.
FAQ
How much does it cost to obtain Turkey citizenship?
There is more than one option to obtain Turkish citizenship through investment:
- 400,000 USD in immovable property (the most cost-effective option),
- 500,000 USD in capital investment,
- creating jobs for 50 people within Turkey.
Which family members can come with me when issued Turkish citizenship?
You can add your spouse and children below 18 to your Turkey citizenship application
When do I have to travel to Turkey?
You only have to be legally present in Turkey when applying for a residence permit. All the other matters can be handled by Smart Citizenship on your behalf.
Can the residence permit be considered a work permit?
Yes, when you get the residence permit (which is a permanent residency) you and your spouse are free to pursue work in Turkey.
How long is the wait/processing time for the Turkey citizenship by investment program?
The process is quick and quite simple. It only takes 3-6 months from start to finish.
Are there any restrictions applied to qualifying real estate?
Yes, you must hold on to that real estate for 3 years. You cannot sell it before that time period ends.
Can I split the Turkey investment amount between a combination of properties?
Yes, you can create a real estate portfolio that matches your budget and needs. As long as the aggregate investment amount reaches the 400,000 USD threshold it is possible.
You can read our previous blog on https://smartcitizenship.com/guides/ultimate-guide-to-the-turkish-citizenship-program/
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