Last Updated on 11/03/2023
With the enormous success of the different Golden visa programs worldwide, the Turkish citizenship by investment program gained popularity. Moreover, Turkey’s role as a gateway to the European and Asian markets is the main reason behind foreigners’ interest and that made it a successful substitute for other real estate markets such as the Canadian one. In fact, the program provides different schemes of investment with different requirements and benefits.
Turkish Citizenship by investment program
Turkish citizenship by investment program is a chance for foreign investors to become Turkish citizens and consequently benefit from the advantages it brings by meeting certain conditions.
As of September 19, 2018, the Turkish government reduced the minimum investment thresholds for the Turkish Citizenship Program. Therefore, it has grown to become one of the most well-known immigrant investor programs worldwide after the announcement of new investment limitations. Foreign investors can now obtain Turkish citizenship for merely $500,000.
Obviously, investing is not the only way that guarantees you a Turkish passport. Yet, it is undoubtedly the fastest choice, though. Following the completion of the investment, the entire process takes between 3 to 6 months. However, the timeline may vary based on the application file and the investor’s history. Other elements might influence the process such as the number of family members. Working with knowledgeable and skilled experts, therefore, makes a huge impact.
Main methods to get Turkish Citizenship by investment
Turkish Citizenship by real estate
Real estate investment offers a variety of opportunities to get Turkish citizenship. In fact, a person must invest at least 400,000$ in any form of property in Turkey. It can be a villa, an apartment, or land. Moreover, you can purchase several properties as long as their combined value is at least $400,000. Yet, make sure to register them on the same day under the same contract. Furthermore, the buyer should keep the property in his name for at least 3 years.
Capital transfer
Foreign investors can get Turkish Citizenship by investment through a capital deposit if they don’t want to deal with the business world or invest in real estate. The current minimum capital investment requirement for Turkish citizenship is about $500,000. All they need to do is:
- to deposit the amount in a Turkish bank.
- Make investments in government bonds
- Buy stock in a fund.
- Keep the investment for three years
One important advantage of getting Turkish citizenship through capital transfers is that you are not required to deposit the funds in Lira, the local currency of Turkey. It is actually recommended that you only invest in stable currencies, such as Euro or dollar.
Job Creation
By employing at least 50 Turkish citizens, Investors can benefit from the investment program. All they need is to start their own business, outsource some of the work, legally hire at least 50 Turkish workers and receive citizenship as a result. It would be sage to get legal advice.
Process of Turkish Citizenship by investment program
Three primary steps make up our typical procedure breakdown. Finishing the investment comes first. Obtaining a residency permit comes next, and applying for citizenship is the last stage.
The process is the same for all investment alternatives following the completion of the preferred investment option.
Make the investment
After the investor selects his desired investment strategy and completes the necessary funding, the procedure begins.
As soon as he makes the investment he should request a conformity certificate from relevant authority (i.e. for property purchase, the related authority is Land Registry Directorate). It is a document demonstrating that the investment is sufficient for Turkish citizenship by investment application.
Get Residence permit
The next step after obtaining a conformity certificate is to submit an application for a residency permit. After submitting all the necessary paperwork, the Migration Authority grants a residency permit within 1-2 days.
Apply for Turkish Citizenship
After getting his residence permit, the applicant should set up the necessary documents for Turkish citizenship. Following review, the local authority sends the file to the General Directorate in Ankara by the Directorate of Civil Registration and Citizenship to evaluate it.
The presidency is responsible for making the final decision regarding the Turkish Citizenship . Therefore, Investors obtain Turkish citizenship following the presidency decision. This process normally takes from three to six months.
Eligibility for Turkish Citizenship by Investment Program
The Turkish Citizenship by Investment Program is open to any investor from outside Turkey who is at least 18 years old. Yet, there are obviously some limitations. For instance, the applicant is unable to get Turkish citizenship due to circumstances that result in citizenship loss.
Moreover, candidates with criminal records that resulted in jail terms longer than six months are ineligible to qualify for the Turkish Citizenship by Investment program. Moreover, they mustn’t occur any illegal stay in Turkey previously.
If you need further information, MEO Consultants experts would be pleased to answer all your questions during an initial free consultation.
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