In June 2022, Turkey made changes to its Turkish Citizenship by Investment program that allowed new purchasers to obtain citizenship for just 400,000 dollars which makes it one of the, if not the most cost-effective and appealing citizenship by investment program around the globe. When the program first introduced, the minimum amount was set at 1,000,000 dollars.
Since since then, thousands of new buyers have made applications and received Turkish Citizenship by investing in real property in Turkey. This blog will walk you through the procedure from A-Z , including all the requirements as well as the official procedure. what are the advantages of being granted Turkish Citizenship through investment in property.
What are the benefits that come with Turkish Citizenship?
Citizenship for children and spouses The spouse of the applicant and any children under 18, will receive Turkish citizenship under this scheme. Children born after the date of birth will be granted citizenship at birth. If you are older than 18 will need to be a citizen by themselves.
Dual Citizenship Dual Citizenship Turkey permits Dual Citizenships, meaning that you are able to keep your citizenship without having to surrender anything to be able to apply for citizenship for real estate purchase.
Visa-free travel – People who have a regular Turkish Passport are able to go to more than 104 nations with needing a visa, or obtain an entry visa upon arrival. This puts the Turkish Passport among the top 30 of the most robust passports around the globe. A Turkish Passport is valid for 10 years.
It is possible to work in Turkey Citizens of Turkey can work for free in Turkey. Prior to that, a permit for work was required. Citizenship allows you for people to live in a nation which is the main gateway to Europe as well as Europe and the Middle East.
Insurance, healthcare and administrative ease Citizenship grants you access to lower cost healthcare and insurance plans in Turkey. Additionally, you will be eligible to vote in the national elections. Additionally, you will be eligible for a state pension and may apply to get Turkish loans.
There is no minimum residency requirement – Citizenship allows you to move and leave Turkey whenever you want and not lose your Turkish citizenship. There is no requirement to reside in Turkey after you have earned the citizenship.
It is possible to move to the UK as an Turkish citizen, it’s possible to reside and work within UK. United Kingdom with relative ease since you can apply for an Business Person visa, and possibly even gain British citizenship later. The biggest benefit of the Turkish citizenship by investment program.
Working within America United States – Another option for Turkish citizens is to apply for an E-2 investor visa to in the process of moving into the USA. If you’re looking to reside in America, US, Turkey is a excellent option by taking the real property route.
No military service is required. Investors who invest and relocate to Turkey through the investment program, are exempt from mandatory military service. The dependents of yours are also exempt.
Citizenship as well as Superb inheritance laws – A major benefit of citizenship is the fact that Turkish law completely protects the legal rights of your heirs the unlikely case of your death. This means that your assets will be passed down to your children in the future , without many red tapes to deal with.
How do I get Turkish Citizenship through investment in the property guide?
Step 1. Obtain an Turkish Tax Registration Number
You can get Tax Registration Numbers at any branch of the tax office in Turkey with your passport. Photos are also required.
Step 2 – Create a bank account in Turkey
The Passport as well as the Tax Registration Numbers are required to establish a bank account in Turkey. Additionally, you will require an official document , such as an utility bill that shows your current address within Turkey.
Step 3 – Locate an investment property that is worth at least 400000 USD.
The property should have a value of at minimum 400,000 dollars. It could be a single residence or multiple units like those that invest in apartment buildings in Turkey. The property is required to be near completed or has already been completed with an Habitation Licence granted and a Title Deed or Construction Servicetude in place. It should be eligible to be assessed by an official in order to be eligible for citizenship.
Step 4 – Purchase your property from Turkey
The property must be purchased by Bank Transfer with document and the transaction must be confirmed by receipt. It is important that the Title Deed Registry or Notarised Sales Contract must be endorsed to say that the property won’t be sold in 3 years following the purchase. When three years have passed then you are able to sell all of your investment in Turkey and retain your citizenship for life.
Step 5: Obtain an official Certificate of Conformity
This is accomplished by supplying an Official Valuation Survey and submitting the confirmation of the Bank Transfer to the Ministry of Environment and Urbanisation.
Step 6 Step 6 – Application for Turkish Residency
Apply for Turkish Residence at the Directorate General of Migration Management after obtaining all the necessary documents required. The first step in the process of obtaining citizenship.
7. Apply to apply for Turkish Citizenship through the investment guide
You can now make an application for Turkish Citizenship through the Directorate General of Migration Management following the receipt of your Turkish Residence and gathering all the required documents to apply for it. Now you have Turkish Citizenship.
Documents required to apply for Turkish Citizenship?
Copy of Birth Certificate – Each certificate needs to be authenticated and stamped by your country of residence Ministry of Foreign Affairs and the Turkish Embassy in your country of residence or you can Apostille the documents in accordance with the Apostille Convention (Hague Treaty Convention 12)
Marital Status – This includes marriage Certificate, Divorce certificate, or death certificate for spouses if widowed. The certificate needs to be authenticated and stamped by your country of residence Ministry of Foreign Affairs and Turkish Embassy or Apostilled pursuant in the Apostille Convention (Hague Treaty Convention 12)
Biometric photos Four Biometric pictures with a white background size 5×6 for all family members who apply and eight more biometric images regular-sized and with white backgrounds for the primary applicant only.
Copy of the original Passport
– – Power of Attorney issued
Reception of Wire Transfers
– Proof of Address/ Certificate of residence / Proof of Address – Real Estate Proof of Address has to be supplied by government institutions. Utility bills or bank statements are not accepted. Every certificate has to be authenticated and stamped by your country of residence Ministry of Foreign Affairs and the Turkish Embassy or Apostilled pursuant in the Apostille Convention (Hague Treaty Convention 12)
All application forms must be filled in
Other methods to obtain Turkish Citizenship through investing?
1. Ensure employment for more than 50 persons living in Turkey
2. Fixed Capital Investments of at most 500 000 USD
3. 3 – Purchase 3 – Purchase Dept Instruments worth 500,000 USD
4. Deposit at least 500 USD in the account of a Turkish Bank
5 . Venture Capital Investment Fund worth 500 000 USD
It is important to note that all of the options above will cost more than twice the cost of becoming a citizen through investing in real property.
Why should you invest in Turkey?
Excellent climate – Certain cities in Turkey provide more than 300 days of sunshine weather all year. The purchase of a home in Bodrum to satisfy the requirements of citizenship is also a great option for those who want glitz and glamour. Antalya is a great place to live all year long. work-life balance, as well as mountains, beaches, and even skiing. The real estate market in Fethiye is popular with British buyers, and is also home to the stunning Blue Lagoon in Oludeniz.
The border between East and West Between East and West Turkey serves as the bridge that connects both the East and West and, it offers a wealth of opportunities for travel and business. The purchase of a home in Istanbul is your entry point into the city’s gateway to Istanbul.
Family-friendly and safe Family-friendly Turks are well-known for being warm and friendly to foreigners and expats as well. People who reside in Turkey or purchase real estate can enjoy a secure and comfortable environment. There are some of the top international schools for children and branded shopping malls with a variety of shops, and amenities that are available.
Turkish food Turkish food Turkish food is among the finest around the globe. Famous for its amazing flavors and delicious dishes, Turkish cuisine will have you returning to Turkey repeatedly to try a kebab, or indulge in fresh fruits and delicious food, whether you’re eating street foods in Istanbul or enjoying gourmet food at a restaurant by the sea.
Turkish healthcare offers affordable and top-quality medical facilities, Turkey is fast rising as one of the world’s top destinations for healthcare and medical tourism, with five-star hospitals across the country. patients regularly go to surgeries for a fraction of the costs in their own countries.
Regional powerhouse Regional powerhouse Turkey has been at the forefront of the developed nations within the region. As an EU Candidate Country as well as a G20, NATO Member, the future is looking bright for Turkey in the future.
Value for money due to the decline in the value of the Turkish Lira, now is the ideal time to buy property in Turkey at a bargain price. It is possible to purchase three or four-bedroom property in the most sought-after locations within Turkey to meet the requirement of 400,000 USD. Value for money is also a factor across the country, whether it’s the cost of living, real estate or even day-to-day expenses.
Turkish Passport for investment FAQ
How long will it take to get Turkish Citizenship through investing?
If you choose to use Property Turkey as your agent typically, it takes two to three months to complete the process and get your citizenship in Turkey much faster than other countries in the globe. For more details, please contact us today or call to speak to one of the team members.
Do I have to reside in Turkey in order to maintain my Turkish citizenship? Turkish passport?
No. There is no requirement to remain in Turkey for a specific number of days or a minimum number of days in a year after you’ve completed your application.
Do I need to surrender my previous citizenship in order to be an Turkish citizen?
No. You are able to keep your original passport and citizenship as Turkey permits its citizens to hold dual citizenship.
My citizenship will expire in the near future?
No. After you’ve purchased an investment property and held it for at least three years the citizenship of your spouse is guaranteed for life, just like it is for your spouse as well as the children you included in your initial application.
Do I have to study Turkish to be able to get an Turkish passport?
No. In contrast to some citizenship programs across the globe, you’re not required to master the Turkish language in order to be eligible. If you’re planning to reside in Turkey for a long time it is recommended to learn the basic rules of the Turkish language is strongly advised for a smoother transition into the culture of Turkey.
Do I have the right to obtain citizenship for my dependents and children?
Yes. If you invest in Turkey by purchasing a property that is worth at least 400,000 USD you will be able to obtain an identity card for yourself as well as your spouse and any children who are under 18 years old. Children over the age of 18 have to apply for the passport by purchasing an investment property for them that is worth at least 400,000 USD.
What are the countries I can visit with the Turkish passport?
It is believed that the Turkish passport is extremely strong. It is currently able to travel visa-free to more than 100 countries in the world which includes Japan, South Korea, South American countries, and many more. Being an Turkish citizen also allows you to gain access to countries like the US, UK, Canada, Australia, and the EU.
Do I need the obligation to report my earnings to the Turkish authorities?
No, you do not. It is not required. Turkish tax authorities don’t need to ask questions about your financial situation or assets you have.
Are there any tax implications that I should be informed of?
Turkey has agreements on double taxation with a majority of countries in the industrialized world by 2021. So, if you’ve paid the relevant tax on your earnings that you earned outside of Turkey it is unlikely to pay tax by Turkey. Turkish government. Contact us now to speak with an Turkish tax expert who will answer any questions you may have.
Are there any nationals who aren’t able to apply?
According to Turkish law, citizens from certain countries are not currently able to apply for Turkish Citizenship. They are currently citizens of: Armenia, Cuba, Nigeria, North Korea, and Syria.
Can I make a payment in a different currency than Lira?
Yes. The amount stated is in dollars, however you are able to pay in any currency you want. It is crucial to keep track of the fluctuations in exchange rates and currency when you pay in a different currency.
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