Those who think obtaining Turkish citizenship requires getting a job or living in Turkey for many years might not be aware of the other great options provided by the Turkish Citizenship by Investment Program.
Turkey’s Citizenship by Investment Program was launched in 2017 to help boost the local economy, create jobs, and bring in foreign investment. The process of obtaining Turkish citizenship by investment is considered one of the most efficient and seamless ways of securing second citizenship and a second passport for investors worldwide. Applicants can receive Turkey citizenship by investment in as little as six months entirely remotely, without the need to reside in Turkey, and are not required to meet a language requirement. Applicants can get Turkey citizenship by investment through several different options, including a $400,000 investment in real estate, a $500,000 deposit at a Turkish bank, a $500,000 cash purchase of government bonds, or the creation of 50 jobs in Turkey through a viable business endeavor.
When the CBI program was first established, the investment threshold for the Turkish CBI program was set at $1,000,000 by the Turkish government. This amount was reduced to $250,000 in 2019 to make the CBI program more enticing to investors. In April 2022, the government raised the minimum real estate investment value to $400,000.
Before we delve deeper into the features and benefits of Turkey’s CBI program, let’s first examine what Citizenship by Investment programs entail.
What is a Citizenship by Investment Program?
Citizenship by Investment Programs are schemes provided by some countries around the world through which foreign nationals can legally obtain second citizenship and a second passport by investing in that country’s economy.
For those with weaker passports that don’t offer visa-free access to many international destinations, CBI programs are a great way to obtain second citizenship and a second passport. These programs usually include options for sending a non-refundable contribution or investing in government-approved real estate, purchasing government bonds, or making a bank deposit.
CBI programs are well-vetted by each citizenship-granting country through a process called due diligence to examine the applicant’s risk of illegal activity or corruption.
Why Is Turkish Citizenship So Important?
Obtaining Turkish citizenship enables you to move to Turkey, although it does not necessitate relocation. Turkey is a diverse and vibrant country with much to offer its citizens. At the crossroads of Europe and Asia, Turkey offers an excellent standard of living, a wide range of natural landscapes, a moderate climate, and many charming cities. From its rich national cuisine and fascinating history, to its stunning natural areas, Turkey has something for everyone. Turkey also has a flourishing economy and a robust property market, making it a good long-term destination for families or individual investors.
Obtaining Turkish citizenship makes it easier to set up a business, travel to international destinations, and ensure a higher quality education for investors’ children. It’s also possible that applicants can secure Turkish citizenship for family members. Turkish citizenship can be passed down to newborn children who automatically become Turkish citizens. Turkish citizens also get free medical care and free education, from elementary school to university. This applies to the applicant’s newborn children and dependents under the age of 18. Applicants can also benefit from exciting business opportunities in the United States through the US E-2 Visa scheme. This citizenship opens up many doors for business opportunities, offering applicants excellent returns on their investments.
Benefits of Turkish Passport
There are many benefits to obtaining a Turkish passport. It is a powerful document that will allow applicants a whole new range of business opportunities, educational programs, and tourism experiences abroad. Approved applicants who meet the Turkey citizenship requirements and receive a Turkish passport are granted visa-free access to over 110 countries and territories, including Japan, South Korea, and Singapore.
Who Can Apply for the Turkish CBI Program?
Any applicant over 18 years old with a clean criminal record and the necessary funding to invest in the Turkey CBI program can apply for Turkish citizenship and a passport. Applicants can add family members or dependents to the same Turkey CBI program application if they meet the criteria. Eligible dependents include spouses and dependent children under the age of 18. Dependents over 18 may only obtain Turkish citizenship if they have a disability or require care.
Turkey Citizenship by Investment Options
The Turkey CBI program is unique because it offers several investment means to obtain Turkish citizenship. Each pathway has its requirements, so it’s not a question of ‘What is your best option to invest in Turkey?’ but rather ‘Which option is right for you’? It is important to select the right program based on your financial situation. The following programs are available:
- Turkey Citizenship Through Governmental Investment
The Turkish government created this option to encourage foreign investments in Turkish banks and government bonds. To participate in this program, investors have several options. They must either deposit $500,000 at a Turkish bank for three years, purchase government bonds of the same value and keep them for three years, or invest $500,000 in fixed assets under the Ministry of Industry and Technology guidance. Applicants can also choose to invest in real estate investment fund shares or venture capital investment fund shares worth at least $500,000 or deposit at least $500,000 in a private pension system under the supervision of the Private Pension Regulation and Supervision Agency. In both cases, the investment must be kept from being moved or withdrawn for at least three years.
- Turkey Citizenship Through Job Creation
Businesspersons might select this option which allows applicants to secure their Turkish citizenship by setting up a company guaranteed to create at least 50 jobs. Under the guidance of the Ministry of Labor and Social Security, investors can boost the local economy and fulfill their business goals at the same time. Turkish citizenship through job creation is an excellent option for any entrepreneurial investors who will gain access to the robust Turkish economy and benefit from international business opportunities through their second citizenship.
- Turkey Citizenship by Real Estate Investment
Applicants more interested in acquiring physical assets can opt to obtain Turkish citizenship by buying a property. They can invest in real estate by purchasing one or more houses, apartments, or pieces of land in Turkey. The value of the property or properties purchased must be at least $400,000 and remain with the investor for at least three years. During this time, the property can be rented out, so investors are not obligated to live at the properties they purchase.
Let’s take a closer look at the Turkey Citizenship by Real Estate Investment pathway, the most popular option of the three.
Turkey Citizenship by Real Estate Investment
With many beautiful cities and diverse natural landscapes, there is a place in Turkey for everyone. With a minimum investment of $400,000 or the equivalent in a foreign currency, investors can participate in this CBI program option and obtain their second citizenship and Turkish passport. Given the state of the Turkish real estate market, investing in property is a great option for those looking to acquire their second citizenship and passport through the Turkish CBI program. Investing in real estate in Turkey is a very lucrative endeavor. The value of real estate in Turkey is steadily increasing, and, at the same time, investors can profit by renting out their properties. Foreign nationals are not required to have a Turkish residence permit or pre-conditions to make a real estate investment in Turkey.
Foreign nationals that do acquire property in Turkey, either through the CBI program or otherwise, are granted a renewable short-term residency permit. Any properties purchased must be retained by the investor for at least three years but can be put up for rent or sublet, so there is no need to reside at the purchased property if it does not suit the applicant’s situation. Once the property investment is made, investors will benefit from being part of a vibrant community and thriving economy, with access to free education and medical care.
The Turkey Citizenship by Real Estate Investment Application Process
1. Acquire a property.
Investors seeking Turkish citizenship through real estate investment must purchase a property worth a minimum of $400,000 USD or the equivalent in Turkish lira or another foreign currency.
2. Obtain a certificate of eligibility.
After purchasing their property, investors must apply to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization to receive their certificate of eligibility.
3. Obtain a residence permit.
Next, investors must submit an application to the Provincial Directorate of Immigration Administration of the settlement to receive a residence permit.
4. Apply for Turkish citizenship.
After completing the documentation listed above, investors can apply for Turkish citizenship by applying to the Provincial Directorate of Census and Citizenship of the settlement. They must prepare their citizenship file and send it to NVIGM.
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