Foreign investors in Turkey are eligible to apply for citizenship. To counterbalance the currency crisis it encountered in 2018, the government took the initiative to develop appealing ways to bring much-needed foreign cash into the nation. It reduced the investment criteria, which adds a lot of appeal to this program.
The Turkish Citizenship by Investment program is an “exceptional” route to citizenship. Turkey is an exciting nation because of its strategic location at the meeting point of several great civilizations, historical cultures, and European and Asian influences. It is a unique meeting of the East and the West. Although the Turkish economy has had some setbacks in recent years, it seems to be booming and back on track. This article delves into how you can navigate the citizenship-by-investment program in Turkey.
Why You Should Consider Turkey’s Citizenship By Investment Program
With the September 2018 lowering of the 1,000,000 USD real estate investment requirement to 250,000 USD, the Turkish Citizenship Program is now the best option for obtaining a passport compared to other Citizenship by Investment Programs. The other noteworthy benefits include the opportunity to sell the bought real estate after three years. Also, the absence of contribution obligations is a benefit, as it is the most fundamental condition in all investment programs.
It is now simpler for prospective investors to get a second passport without basically incurring any financial risks, including currency risk. This is thanks to the possibility of contributing 500,000 USD in bank deposits for the Turkish Citizenship Program.
The Turkish CIP procedure is straightforward, and the program’s clarity is remarkable. The entire procedure can be completed remotely by designating a company to operate on your behalf, and the document checklist is limited to one page. Investing in real estate gives you a physical asset that is inherently risk-averse, which is another crucial factor.
Investment Areas
The two most preferred options are investing in real estate and bank savings.
- Real Estate
This investment choice is popular, especially in light of the recent expansion of the Turkish market. The investment must be in a complete title deed. Stay away from homes that could be under development since more risk is involved. For example, you won’t obtain the deed right away, which might cause your passport application to be delayed.
A real estate investment must not be made in a single property. Instead, it can consist of several deeds combined. There are also no restrictions on what kind of property to be invested in, meaning you can choose between residential, commercial, and industrial. There should be a record of the property’s worth on the day the investment was made, certified by an impartial appraiser. The amount in USD should be $400,000 (because USD is more significant than Lira).
If you’re interested, look into “mid-term” investment opportunities like real estate in places that could see significant growth over the next three years. Numerous real estate brokers are there to provide you with a tour of homes in emerging parts of the city that are expected to experience significant growth in the following years.
- Bank Deposit
Use a bank deposit in either TL or USD to fund the investment. Once the transfer is complete, the bank will apply a three-year lock and send a letter against the USD 500,000 time deposit. Since interest rates fluctuate daily, a 5.10% interest rate against $500,000 would yield about USD 66,000 after three years. Compared to real estate, which needs several forms and approvals and may cause the citizenship application to be delayed, this investment decision is more straightforward. All you need to do is transfer the funds, create the deposit account, and obtain the required bank certificates.
How To Get Turkey Citizenship
- Make An Investment
You must invest to be eligible for citizenship in Turkey. If the investment is by deposit into a bank account, assemble the necessary paperwork, open an account with a Turkish bank, and obtain the required certificate of conformance from the appropriate authorities.
If you are investing in real estate, assemble the necessary paperwork, obtain authorization to buy following the limits on foreigners’ ability to purchase real estate, and obtain the required tax and other approvals. You will also need to transfer transactions at the land register to acquire the necessary paperwork and certificate of conformance from the appropriate authorities.
- Get A Residency Permit
According to the Law on Foreigners and International Protection, a residence permit is required. Generally, you must visit Turkey with a valid visa or one of the visa exemptions to apply for a resident permit. In addition to a nominal cost, you will require health insurance and a tax ID.
Once you have the necessary paperwork, you may apply online to schedule an appointment. During the meeting, you will submit your residence application to the particular residency application office for investment reasons. You will receive the papers granting you residence after four to five days.
- Apply For Citizenship
When you have a residency permit, you will be prepared to apply for Turkish citizenship. If relevant, you’ll require a completed form for the preliminary examination, a foreigner’s passport, identity registration, and a certificate of marriage. Other requirements include a criminal record certificate, a current resident visa, and supporting documentation for the investment criteria.
The citizenship and residency permit applications are often accepted within 4-5 days (totaling 8–10 days) of the documents being sent to the office, barring the need for extra paperwork. The government permits sponsored residency and citizenship applications of the investor’s spouse and children (under 18) in situations of citizenship applications through such investment alternatives.
Bottom Line
In addition to being a culturally diverse nation, Turkey is an excellent place for anyone looking for a haven with lifetime citizenship. It is a fascinating country for investors to interact with due to its thriving economy and developing market position.
Locate agents to help you through the entire procedure if you’re interested in becoming a citizen of Turkey. This involves helping to form bank accounts, locate and buy real estate, provide advice, gather the necessary paperwork, secure health insurance, and submit applications for citizenship and residence.