Turkish Citizenship By Investment
Everything You Need To Know
Turkey announced the Citizenship by investment program in 2016 to initiate foreign direct investment and improve the real estate sector. Under this scheme, investors can decide how much money is needed for their contribution, from buying property to changing official papers or getting involved in a business.
When Turkey’s Citizenship by investment program was launched, the government cited the entry cost of at least $1 million. Thus, this did not attract many investors because the amount set was higher than expected. Therefore, the Turkish government lowered the cost to $250,000 in mid-2019 to entice more people to become investors.
The country was making an average of $250 million from foreign investors each month. As the number of investors willing to obtain Turkish Citizenship continuously increases, the minimum cost of acquiring Turkish Citizenship as a foreigner has been raised to $400,000.
How to Obtain a Turkish Citizenship
- Buying one or more real estate properties for a total value of $400.000
Investors can get Turkish Citizenship if they purchase one or more properties in Turkey for a minimum of $400,000.However, they should maintain ownership for at least three years to keep their Citizenship.
Investors can sell their properties after three years and represent higher revenue potential while still being Turkish citizens.
There are some conditions to getting Turkish Citizenship by property investment as follows:
- The seller must be a Turkish citizen or a Turkish company
- The title deed should be ready
- The buyer is allowed to buy at most three properties for a minimum of $400.000
Required Documents:
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- Title deed with a value of $400,000.
- A real estate appraisal report issued by an accredited real estate appraisal body in Turkey.
- Power of attorney by the investor and their spouse to a Turkish lawyer responsible for submitting and following up the Turkish citizenship application file
- Payment receipts from the bank transfer
- Evaluation report issued by an appraisal company approved by the title deed authority office
- Currency exchange certificate
- A passport translated into Turkish and certified by a Turkish notary.
- The application file for Turkish Citizenship by investment can include the spouse and children under 18. Certified and attested translations of passport, birth and marriage certificates must be attached.
- Bank deposit of more than $500.000 for a period of at least three years
To become a Turkish citizen, you need at least 500 thousand dollars worth of deposits in banks operating within Turkey for at least three years.
- Hiring at least 50 Turkish employees
Investors who wish to become a citizen of Turkey should employ at least 50 people from turkey when starting up their businesses.
Benefits of the Turkish Citizenship by Investment
Turkish Citizenship delivers numerous benefits, including:
- The right to work and invest opportunities in Turkey without any limitations:
Having Turkish Citizenship is an incredible opportunity that has many benefits. For one thing, it allows you to work and live in any part of Turkey without restrictions. So whether you want to pursue a career or start your own business, having Citizenship gives you complete freedom and flexibility to make these decisions. Moreover, having Citizenship means that you can also generate income from your real estate properties. In particular, you can rent out your home or apartment and earn revenue from the rental payments that come in each month. Overall, being a citizen of Turkey is truly a gift, providing multiple opportunities for self-expression and financial gain. So if you’re thinking about becoming a citizen of this amazing country, don’t hesitate – go for it! You won’t regret your decision.
- Obtaining The Turkish Passport
Obtaining a Turkish passport can provide investors with many benefits, such as:
- Visa-free to 110 countries
- The ability to relocate to the UK or the US
- Easy access to E-2 business visa.
- Easy Schengen visa
- Dual Citizenship
- Unified laws between Turkish people and foreigners:
The process of obtaining Turkish Citizenship is alluring, with many benefits waiting for those who succeed in becoming a citizen. This new status comes with access to free education, healthcare, and pension plans that provide retirement assistance when you need it most!
- Free Health-care
Regarding health care, Turkey has a lot to offer its citizens. Thanks to the country’s robust and stable healthcare system, all Turkish citizens are guaranteed access to high-quality medical services at no cost. With its vast network of hospitals and state-of-the-art facilities, you can be sure that your care will be top-notch. So if you’re looking for a country where you can receive high-quality healthcare for free, look no further than Turkey. Here, your well-being is always a top priority.
- Free Education
Foreigners with Turkish Citizenship can access one of Europe’s most progressive education systems with top-quality childcare facilities offering an array of options explicitly tailored toward each child’s needs – whether they’re attending school near their home country.
- The ability to grant Turkish Citizenship to spouses and children
One of the many benefits of having Turkish Citizenship is the ability to confer this right on your spouse and children under 18. By making someone a Turkish citizen, you are effectively giving them several fundamental rights and privileges. For example, with Turkish Citizenship comes access to essential public services such as healthcare and education. In addition, citizens also have certain protections under the law and are generally eligible for specific social support programs. Being a Turkish citizen can open up many opportunities for you and your family. So if you are lucky enough to hold Turkish Citizenship, consider granting this right to your valued ones and helping them reap the many benefits of it.
- Profitable investment ( High ROI )
Turkey is a very reliable market, and its economy ranks among the top twenty in the world and is characterized by steady growth. As a result, real estate prices are still rising, and investors who purchased real estate a few years ago are seeing high resale rates and significant profit margins.
Turkey has a consistent supply of new structures, including luxury developments, as the real estate market grows yearly.
One of the fundamental reasons people choose to invest in real estate in Turkey is to generate a higher return on investments.
There are two different ways that property owners who invest in real estate in Turkey can earn revenue. They can either sell the property at a higher price in the short or long-term or rent it out for a high rental income that will enable investors to generate a monthly positive cash flow. By doing this, real estate investors can turn their properties into permanent profitable revenue.
Amendments to the Turkish Citizenship Law in 2022
Turkey announced that it would amend the conditions for obtaining Citizenship through exceptional methods, whereby foreigners who wish to obtain Turkish Citizenship must sell their foreign currencies to the Central Bank. In addition, they should include the foreign customer’s information (Name, Passport Number, Turkish Residency ID, if available), explaining that the transfer is to obtain Turkish Citizenship through real estate investment.
Foreigners can acquire Turkish Citizenship through an investment after they transfer the amount to a Turkish bank in Turkish Lira.
This is according to a statement issued by the General Directorate of Land Registry on January 21. The report also confirmed that the buyer has no right to withdraw from the sale of foreign currency after the investment amount has been disbursed to the Central Bank.