The Turkey Citizenship by Investment Program is similar, yet very different from other citizenship programs in terms of when choosing to become a Turkish citizen, large investments or long residency stays aren’t needed. The main applicant is only required to be in the country to apply and often, a lawyer can apply on your behalf. You can receive a Turkish passport without needing to enter the country.
When first introduced in 2017, the minimum investment needed was set at a whopping three million dollars or one could buy real estate for one million dollars to be able to buy the Turkish nationality. With the lower limits being set so high, the program didn’t gain as much momentum as hoped which led the Turkish government to reconsider the requirements for the Citizenship by Investment Program.
But, changes were made to the program as informed by (b) Regulation (a) Article 20 of the Regulation with the amendment of Article 2 «b» which regulates the condition for the exceptional acquisition of Turkish citizenship;
“It is possible to obtain Turkish citizenship on an exceptional basis for foreign nationality who purchased the immovable property with a minimum amount of $250,000. Having a land registry record which is determined by the Ministry of Environment and Urbanism on the condition that it is not going to be sold for three years.”
This remarkable decrease in the requirement is the main contributor to the success and popularity of this program. Some information to keep in mind before going ahead with the Turkisch citizenship by investment program is that:
- You will need to invest a minimum amount in the country.
- The areas of investment are already specified and it is important to be aware of these rules to ensure your eligibility for the citizenship by investment program.
- Your investments cannot be withdrawn for a minimum of three years.
- You are 18 years or older
- Your criminal record must be clean and you must not have stayed illegally in Turkey in the past.
Citizenship by Investment does not necessarily always mean investing in real estate. Investments can be made in three categories, real estate investment, creating jobs investment, and capital investment.
This method is the most commonly used as it requires the least investment. To be eligible for the Citizenship by Investment Program, you must invest a minimum of $250,000 in Turkish real estate. You can invest and buy real estate of your choosing, whether it is a villa or an apartment. The only important point is that at least $250,000 is being invested in real estate. Another important rule is that although you can choose different properties, they have to be in the same neighborhood. Also, the properties should be bought on the same day for them to contribute towards the $250,000 investment.
This option is great because it requires less money and in the long run, it will make you money if invested properly. If you decide on this option, you can buy a property and rent it, earning yourself monthly revenues.
Also, in five to ten years, Istanbul properties usually double in value so if you choose to sell at that point, you will not face any losses. But, it is important to keep in mind that revenues generated via rent or sale of the property are taxable by the Turkish government having a consultant help you through this procedure is strongly recommended.
This investment plan is a great option for those who plan to live in Turkey in the long run and would like to start a legitimate business. The exact investment is not determined for this specific plan as it mostly depends on the type of business and the costs of setting it up what is determined, however, is that at least 50 Turkish nationals must be employed in this business for qualifying as a business creating jobs.
The initial requirement for this type of investment was to hire 100 Turkish personnel but recent amendments to the law changed and halved the initial requirement.
A capital investment of $500,000 can buy you Turkish citizenship with no difficulty. Capital investment is the easiest investment plan out of the three available options, however, it is often long and requires a significant amount of paperwork.
The capital investment of $500,000 needs to be deposited into a Turkish bank in either Turkish lira, Euros, or Dollars. Any stable currency can be used to make this investment as far as it equates to $500,000.
This amount should be used to contribute to government bonds and invested in fund shares for it to be classified as a capital investment for citizenship application. It is essential to remind that the investment cannot be withdrawn for a minimum of three years.
Step by Step Guide for Applying To Turkish Citizenship by Investment Program
Turkish citizenship by investment program is an easy and affordable method of obtaining a new passport or receiving dual citizenship. The following document should be prepared to apply this program:
Requirements for the Turkish Citizenship by Investment Program
- Turkish Tax ID Number
- Passport
- Birth certificate
- Residence proof in the form of recent utility bills
- Biometric and colored passport size pictures
- Proof of clean criminal record
- Health insurance that is valid in Turkey
- A bank account with proof of investment
With these documents, you can begin the application process for Turkish citizenship. And with your application, you can bring your spouse and children below the age of 18 years or children with disabilities of any age with you.
It is important to note that citizens of the following countries are not eligible for the Turkish Citizenship by Investment Program: Armenia, Nigeria, Cuba, North Korea, and Syria.
How to Apply for the Citizenship by Investment Program?
The application process for Turkish citizenship is a straightforward process that only takes a day or two. Mentioned below is the step to step guide of applying for the Turkish Citizenship by Investment Program through the real estate method:
The first thing required is a Turkish tax ID number. As you cannot open a bank account in Turkey without this number.
The next step is to open a bank account and then, start looking for properties you would like to buy. It is worth noting that there are quite a few tax laws that come into play when buying a property. Turkey does not tax international income and revenues. But revenues generated within the country are taxable. To help navigate the tax laws of the country, seeking the help of a tax specialist is highly recommended.
After you choose the property you would like to buy, you need to get a Certificate of Eligibility that claims that you have met all the requirements for the Turkish Citizenship by Investment Program. This certificate is obtained by making an application to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
While making the application, you need to be legally in the country meaning that you need to apply for a residence permit. It does not take long but it is necessary for you to be a legal resident of the country when applying for a citizenship program.
After you have filled all the necessary paperwork and obtained all the required documents, you can submit your application to the Provincial Directorate of Census and Citizenship.
Then your application is done with the help of professionals who help you navigate all the laws and locations, and takes a maximum of 24 hours. The application process is not followed by an interview or anything of the sort meaning that residency in the country is not required at all. So you can enjoy your new citizenship of Turkey.
You will receive your new Turkish passport with a validity of ten years three months to six months after the application is made.
If citizenship by investment is not exactly the path for you, you can choose other ways to become a Turkish citizen but they are usually extremely long processes requiring tons of paperwork considering the Citizenship by Investment Program (CBI) is the better and faster option.
