- September 9, 2023
- Posted by: admin
- Category: Blog
Turkish Citizenship by Investment (2024): A Smart Strategy for International Investors
With its thriving economy, rich history, and strategic location between Europe and Asia, Turkey stands out as an attractive investment destination for global citizens. And now, with its unique citizenship program, investors have an even more compelling reason to consider Turkey as their second home. This article explores the strategic decisions that make new Turkish citizenship by investment program a standout option. Explore the intricacies of obtaining Turkish citizenship, unraveling the myths and providing actionable insights to simplify your journey towards this coveted status. All are updated information for 2024.
One of the key features of Turkish citizenship program is its flexibility. Unlike other countries that require astronomical investment amounts, Turkey offers multiple investment options, including real estate, business capital, and government bonds. This allows investors to choose the investment route that aligns with their financial goals and preferences.
Another distinguishing factor is the speed of the process. Turkey offers an expedited path to citizenship, with a streamlined application process that typically takes just a few months. This means that global citizens can benefit from the privileges and opportunities associated with Turkish citizenship in a relatively short period of time.
Finally, Turkey’s citizenship program offers a wide range of benefits to investors. From visa-free travel to over 110 countries to access to the Turkish healthcare and education systems, acquiring Turkish citizenship opens up a world of opportunities for global citizens.
In summary, Turkey’s citizenship program is a strategic investment opportunity that offers flexibility, speed, and a host of benefits. It’s no wonder that Turkey is becoming increasingly popular among global citizens seeking a second home.
Benefits of acquiring Turkish citizenship through strategic investments
There are several compelling benefits to acquiring Turkish citizenship through strategic investments. Firstly, Turkish citizens enjoy visa-free or visa-on-arrival access to over 110 countries, making it an excellent choice for global citizens seeking hassle-free travel opportunities. Additionally, Turkish citizens have the right to live, work, and study in Turkey, as well as access to the country’s public services and social security benefits.
Another significant advantage of acquiring Turkish citizenship is the potential for attractive returns on investment. Turkey’s economy has been experiencing steady growth, presenting lucrative opportunities for investors. By strategically investing in sectors such as real estate, business ventures, or financial instruments, individuals can capitalize on Turkey’s thriving economy and reap the rewards.
Moreover, Turkish citizenship allows for dual citizenship, meaning investors can maintain their original citizenship while enjoying the benefits of being a Turkish citizen. This flexibility is particularly appealing to global citizens who wish to expand their international reach and diversify their investment portfolio.
Overview of Turkish citizenship program
The goal of Turkish citizenship program is to attract foreign direct investment and stimulate economic growth. The program offers a clear and transparent process for acquiring Turkish citizenship through strategic investments. To be eligible, individuals must make a qualifying investment meeting the program’s requirements.
The program provides a range of investment options, ensuring that investors can choose the best path to suit their investment goals. Whether it’s investing in real estate, establishing a business, or making financial investments, Turkey offers diverse opportunities that cater to a wide range of preferences and objectives.
Eligibility requirements for Turkish citizenship through investments
To qualify for Turkish citizenship through investments, individuals must meet certain eligibility requirements. Firstly, applicants must be at least 18 years old and possess a clean criminal record.
Criminal record is not one of the mandatory documents. However, the judicial situation of the applicant might be an important factor during the Turkish Citizenship application evaluation.
Additionally, the applicants must provide proof of their investment, we will detail this later.
Basically, apart from the relevant investment for Turkish citizenship the eligibility criteria are not very strict.
Steps to Apply for Turkish Citizenship Through Strategic Investments
Applying for Turkish citizenship through strategic investments involves a clear and straightforward process. The first step is to select the most suitable investment option that aligns with your investment goals and preferences. Whether it’s real estate, business ventures, or financial investments, thorough research and due diligence are crucial to making an informed decision.
Once you have chosen your investment option, it’s important to engage the services of a reputable lawyer or consultancy firm specializing in Turkish citizenship applications. They will guide you through the application process, ensuring that all the necessary documents and requirements are in compliance.
After submitting the application, the relevant authorities perform review. The processing time can vary, but typically takes between 3 to 6 months. During this period, it’s essential to maintain communication with your lawyer or consultancy firm to stay updated on the progress of your application.
Upon approval, you shall visit Turkey to complete the necessary paperwork and take an oath of allegiance. Finally, you will obtain a Turkish passport, granting you the rights and privileges of a Turkish citizen.
Factors to Consider Before Making strategic investments for citizenship
Before embarking on the journey of acquiring Turkish citizenship through strategic investments, there are several factors to consider. Firstly, it’s important to thoroughly research and understand the specific requirements and conditions of Turkey’s citizenship program. This includes familiarizing yourself with the investment options, eligibility criteria, and the overall process.
Additionally, evaluating your investment goals and risk tolerance is crucial. Investing in any foreign country comes with inherent risks, and it’s essential to assess whether the potential rewards align with your investment objectives. Consulting with financial advisors or professionals who specialize in international investments can provide valuable insights and guidance.
Furthermore, understanding the local real estate market, business landscape, and economic conditions is vital. Conducting thorough market research and due diligence will help you make informed investment decisions and mitigate potential risks.
Types of Strategic Investments that Qualify for Turkish Citizenship
The investors cannot see the details of investment program in Turkish Citizenship law. However, the relevant directives regulate this field.
Essentially, the directives in May 2022 significantly affects the Turkish Citizenship by investment.
You can access the Official Gazette legislation text of the relevant amendment here: https://www.resmigazete.gov.tr/eskiler/2022/05/20220513-20.pdf
Some of the changes made in September 2018 remained the same in the May 2022 changes. However, in any case, the figures and information below are the most current as of June 2022. Accordingly, in order to gain Turkish citizenship through investment, the investor shall choose one of the below options;
TYPES OF INVESTMENTS FOR TURKISH CITIZENSHIP
- Purchasing a property, worth 400 thousand US Dollars or more. Moreover, having an annotation in the land registry restricting the sale of property for 3 years. In exchange for 400 thousand US dollars, other foreign currency or TL will be valid. (Before it was 250 thousand USD).
- A capital investment, of $500,000 or more. It doesn’t necessarily have to be dollars. Foreign currency or TL is acceptable and valid against 500 thousand dollars. $500 thousand is the minimum amount. The investor shall not withdraw the amount for 3 years.
- Making a real estate sales contract for a condominium or a building with a floor easement, worth at least 400 thousand dollars. Here, parties define to the promise of sale contract at the notary that the buyer cannot transfer the building or the contract for 3 years. (before it was 250 thousand USD)
- Creation of employment for at least 50 people in Turkey, acquires Turkish citizenship by investment. 3 years non withdrawal conditions mandatory here as well. You may review company registration in Turkey page for this type of investment.
- Purchase of government debt instruments for at least 500 thousand US dollars or more; Here too, a foreign currency or TL amount equivalent to 500 thousand US Dollars is acceptable. Similar to other options with 3 years non withdrawal.
- Purchase of “real estate investment fund participation shares” or “venture capital investment fund participation shares” worth at least 500 thousand US Dollars or equivalent foreign currency or TL and undertakes to hold them for at least 3 years (It was 1.5 million USD)
- To deposit a contribution of at least 500 thousand US Dollars or equivalent foreign currency into the private pension system which government certificates. The applicant shall keep this investment at least for 3 years. (As of May2022)
The investors shall require the below documents for Turkish Citizenship by Investment:
- Application form containing the relevant application method of Turkish Citizenship by investment,
- Identity document of country of origin,
- If the foreigner is married, his/her spouse’s identity document; if he/she has children under the age of 18, their identity document,
- Documents proving family ties with family members (marriage certificate, etc.),
- Passport photos of other family members,
- Birth certificate of all family members,
- If the applicant is divorced, an official document proving the divorce,
- If a widow, a document proving that she is a widow (death certificate, etc.),
- Residence permit or tourist visa for the investor of Turkish Citizenship,
- If the applicant’s spouse or other relatives are Turkish citizens, their ID photocopies and residence information,
- Documents, receipts, etc. regarding the payment for the application.
Documents in Relation to Turkish Citizenship through Property Investment
- Passport and photocopy of the foreign person who will purchase the real estate, translated into Turkish,
- Real estate value certificate from an acceptable estate appraisal company,
- If the immovable property is a residence or workplace, compulsory earthquake insurance policy,
- One biometric photograph of the person selling the real estate, 2 biometric photographs of the foreigner,
- If the foreign person does not know Turkish, a sworn translator must be present,
- If the sale of real estate is done by an attorney with a power of attorney, the original of the power of attorney. If the power of attorney is not issued in Turkey, it must be translated into Turkish by a sworn translator and apostilled or notarized,
- Foreign Exchange Certificate
What is a Foreign Exchange Certificate in Acquiring Turkish Citizenship by Purchasing Real Estate?
It is a relatively new concept in Turkish Citizenship by investment. As of January 24, 2022, it became mandatory for foreigners to exchange foreign currency at the Central Bank in transactions in which they are buyers. Accordingly, people who are not citizens of the Republic of Turkey must make payments for the real estate they will purchase in foreign currency. This obligation applies to real estate purchases by all foreign persons, whether they have applied for citizenship.
Mandatory Elements on Foreign Exchange Certificate in Acquiring Turkish Citizenship
- Before the title deed transactions, the investor or other parties shall sell the entire sales price in foreign currency to a bank operating in the Republic of Turkey, by “specifying the reason”. Buyer, seller of the real estate, their attorneys or representatives may perform this transaction as well. Contrary to what some sources say, the seller can also sell foreign currency after receiving. The important point is to sell foreign currency before the title deed transactions.
- If the applicant exchange the funds at exchange office or through a real person he cannot use such funds for the purchase of property.
- It is mandatory to sell foreign currency to the bank before the title deed transactions.
After the foreign exchange sale transaction to the bank, bank issues a “Foreign Exchange Certificate”. This document satisfies the criteria of purchase in Turkish Lira.
- Afterwards, the bank shall sell this foreign currency funds to the Central Bank.
Information that Foreign Exchange Exchange Certificate Includes
- Name and surname of the foreigner who exchanged the foreign currency
- Passport number or foreigner identification number, if any, of the foreigner who exchanged the foreign currency
- TL value and the USD (US Dollar) equivalent of the foreign currency purchased in TL,
- statement on the performance of the obligations within the scope of “Article 13 of the Capital Movements Circular”
General Rules Applies to All Turkish Citizenship By Investment Options
A person who meets one of these conditions may apply for Turkish citizenship through investment. In application, the applicant shall submit the necessary documentsabove, to the competent authorities.
Of course, despite all this, meeting these conditions does not give a person the absolute right to citizenship. Ultimately, this is a matter related to the State’s right to sovereignty, and the State may not accept the citizenship application in cases where it deems it undesirable. For this reason, it is beneficial to follow the process in question with an experienced foreigners lawyer.
Apart from the special conditions we have mentioned, it is also necessary to meet some general conditions. It is necessary not to pose a problem for the national security of the State of Turkey and not to have characteristics that will negatively affect the general health and morals of the society.
The special situations we have listed above already show that the person has a certain level of financial means and aims to continue his relationship with Turkey.
Success Stories of Individuals Who Have Acquired Citizenship Through Strategic Investments
Turkey’s citizenship program has attracted numerous global citizens who have successfully acquired Turkish citizenship through strategic investments. These success stories highlight the program’s effectiveness and the opportunities it presents.
One such success story is that of Mr. Smith, a British entrepreneur who invested in a luxury property in Istanbul. With a minimum investment of $250,000, Mr. Smith secured Turkish citizenship for himself and his family. This not only provided them with the advantages of being Turkish citizens but also allowed them to expand their business ventures in Turkey.
Another inspiring example is Ms. Lee, a Chinese investor who established a successful textile manufacturing business in Turkey. By creating employment opportunities for Turkish citizens and contributing to the local economy, Ms. Lee was able to obtain Turkish citizenship. This opened doors for her to access new markets and establish stronger business connections in Turkey and beyond.
These success stories demonstrate that Turkey’s citizenship program is not only a gateway to obtaining Turkish citizenship but also a catalyst for personal and professional growth.
Is there a difference between Turkish Citizenship Acquired by Investment and Turkish Citizenship Acquired by Birth?
Considering Turkish citizenship laws, there is no difference between Turkish Citizenship acquired in two ways. In other words, those who subsequently acquire Turkish Citizenship through investment have the same rights as those who become Turkish Citizens by birth or descent. They also have the same obligations as those who subsequently become Turkish Citizens through investment. As it is known, being a citizen of a country gives some rights and also imposes some obligations. To use an example, benefiting from health services is a right, on the other hand, paying taxes is an obligation. There is no difference in terms of the way of acquiring Turkish citizenship. But the important thing here is that gaining Turkish Citizenship through investment depends on some conditions. The most important of these relates to the duration of the investment. If the person concerned does not comply with these conditions, he must lose his Turkish Citizenship.
Conclusion: Why Turkey’s Citizenship Program is a Standout Choice for global Citizens
In conclusion, Turkey’s Citizenship Program offers a unique and compelling opportunity for global citizens seeking strategic investments. With its flexible investment options, attractive returns, and the advantages of Turkish citizenship, the program stands out among its competitors.
Turkey’s strategic location, thriving economy, and political stability make it an ideal destination for global citizens looking to capitalize on economic opportunities and enjoy the benefits of being a Turkish citizen. Whether it’s investing in real estate, establishing a business, or making financial investments, Turkey offers diverse avenues for investors to achieve their goals.
If you’re a global citizen searching for a strategic investment program that stands out and offers a gateway to becoming a global citizen, Turkey’s Citizenship Program is the perfect choice. Take advantage of this unique opportunity and unlock the benefits of being a Turkish citizen.