Living in Turkey means treating yourself to splendid scenery, surrounding yourself with the beautiful sea, munching on delicious food, and being welcomed by warm neighbors. Turkish people live a vibrant and rich lifestyle as compared to the residents of many other countries.
Moreover, Turkey is a country of significant geostrategic importance since it lies on the cross borders of Europe and Asia.
With all these positives, who wouldn’t wish to settle down in a Eurasian country? Not to mention, with the latest citizenship programs, entering Turkey is no more an uphill struggle. And most importantly, the business opportunities an expat has here are just terrific and investing in Turkey is profitable.
Turkey citizenship by investment program rose to fame after the residency programs by Spain, Portugal and Greece gained immense success. And the most significant reason foreigners are investing in Turkey is that it gives them access to European and Asian markets.
So, this was just a little brief of the program. Do you know what the perks of getting Turkish citizenship are? Moreover, are you even eligible for the program? If not, what can you do to fulfill the requisites of the criteria?
This list of questions will never take a halt unless you have someone to guide you about it.
What You Will Find in This Article
- Brief summary: Citizenship by Investment in Turkey
- Eligibility for Turkey Citizenship by Investment
- Benefits of the Turkey CBI for you and your family
- Requirements of Turkey Citizenship by Investment
- Turkey Citizenship Scheme Application Timeline
- Low Due Diligence
- Tax Consequences of Citizenship in Turkey
- Dual Citizenship Turkey
- Visa-free destinations with a Turkish Passport
- Alternatives to Turkey Citizenship by Investment
Brief summary: Citizenship by Investment in Turkey
Turkey citizenship by investment was announced in 2016. Late in January 2017, the Turkish government launched the program to trigger foreign direct investment and improve its real estate sector. Under this program, the investor is free to decide from the various means he wants to contribute to Turkish society.
When Turkey citizenship by investment program was launched, the government quoted the entry cost to be at least $1 million. Consequently, this did not attract many investors. On realizing that the amount set is a little unreasonable, the Turkish government dropped the investment needed to $250,000 in mid-2019.
Now, the country makes an average of $250 million every month from its foreign investors only. However, as the number of applicants willing to acquire Turkish citizenship is increasing, there have been rumors about raising the minimum cost from $250,000 to $500,000. This has been intended to meet the needs of both the locals as well as the investors.
Eligibility for Turkey Citizenship by Investment
In order to qualify for Turkey citizenship by investment program, the principal applicant
- Has to be at least 18 years old.
- Must have never stayed illegally in Turkey.
- Paying the taxes and costs for the process.
Besides, the individual requires the following documents to be eligible for the program.
- Birth certificates of all the applicants
- Passports of each applicant
- Residence Proof (Recent utility statement)
- Biometric, colored passport photos of each applicant
- Marriage certificate (optional)
- Death or divorce certificate of spouse (optional)
- Proof that all the applicants have a clean criminal record
- Proof of Health Insurance (valid in Turkey)
- Proof of investment of $250,000 into a Turkish bank account or lawyer’s client account
- Turkish Tax ID Number (necessary)
Note: You can your spouse, dependent children below the age of 18, and children of any age with disabilities.
Benefits of the Turkey CBI for you and your family
You might be unaware, but there are many benefits of Turkish citizenship by investment program. Some of the fascinating benefits are enlisted below.
Live, Work, and Study in Turkey
The Turkish visa gives you and your family the right to live, work, and study in Turkey. For instance, you can generate income from your real estate property, or perhaps by renting it out. Moreover, if you are planning to move with your family, you can relieve the stress about your children’s education. Since the visa is granted to the whole family, you and the children can access the education system and the Turkish high-standard lifestyle.
Quick Path to Citizenship
Turkey citizenship by investment is the quickest route to obtain Turkish citizenship. After you invest $250,000 in real estate, you are entitled to get your Turkish passport in less than two months from submitting the application.
The applicant is free to bring his spouse, children (dependent, below 21), and dependable parents along with himself. Besides, all the members can access free healthcare facilities as the local Turkish people.
Easy Schengen Visa
Turkey citizenship holders can easily apply for a Schengen visa without much hassle, as long as they can provide sufficient documents. Furthermore, there are many other countries having bilateral agreements with the country to allow visa-free travel. These include Hong Kong, Singapore, Japan, Mexico, South Korea, and almost full Latin America.
E2 in the US
If you wish to relocate to the US, you can easily apply for the E-2 investor visa to enter the country. The two countries have a Treaty agreement for USA E-1 and E-2 Investor Visa.
Relocate to the UK
Besides, if you feel like moving to the UK, you have got a fair deal. All you need to do is apply for a business person visa and eventually get British citizenship if you want to get one.
No residency or language requirements
There is no fixed time span for which a person has to stay in Turkey before or after getting the visa. Moreover, you are good to go even if you are not acquainted with the local Turkish language.
Requirements of Turkey Citizenship by Investment
To apply for the Turkey CBI, an individual has to be meet the following requirements.
In terms of investment, there are three ways of how a foreigner can obtain a Turkish passport by investment.
Investment #1: Real Estate
There are plentiful options to invest in real estate. An individual has to invest $250,000 in real estate in Turkey in whichever type of property you want to purchase. You can buy a villa, apartment, or land.
Besides, there is no need to take a pre-approval to buy properties since the estate is not typically overvalued.
Note: You can also buy multiple properties whose total amounts to the minimum $250,000 figure. However, they must be located in the same neighborhood.
Also, do not forget to get your properties registered the same day you purchase them. The acquirer has to retain the property for at least three years.
Note: Property prices at the most expensive locations are around $5,500 per square meter.
Investment #2: Creation of Jobs
Another route to Turkey passport is by creating jobs for at least 50 Turkish people. So, start your own company and outsource some of the labor in exchange for citizenship. Since establishing and running a country comes with a price, it would be wise to take some legal assistance.
Therefore, if you wish to explore Turkey’s business world, employ locals and run a legitimate international business.
Investment #3: Capital Transfer
For foreign investors who are neither willing to invest in real estate nor navigating the business world can make a capital investment. The minimum capital investment amount has been currently set at $500,000.
So, what is to be done with this amount?
- Deposit it in a Turkish bank
- Contribute to government bonds
- Invest in fund shares.
Make sure to retain the investment for three years.
One significant benefit of capital transfer is that you don’t necessarily need to deposit the amount in Turkish currency, Lira. In fact, it is also advised that you must invest using a stable currency like the Euro.
Note: As an international investor, what makes the most sense is the investment in real estate. Not only because it requires a low amount of money, but also its value is expected to rise in later years. Also, you can sell it or rent it.
The good news is that there are no residency requirements for Turkey citizenship by investment program.
The applicant can apply remotely and later go to Turkey to check out the properties or whatever investment mode you have chosen.
To learn more about the program, get in contact with us now.
Turkey Citizenship Scheme Application Timeline
Hopefully, the readers are now convinced to get a Turkish passport. Now it’s time to understand the procedure to follow to apply for the same.
Once the applicant has chosen the way he wants to invest in Turkey, he will be required to fill a residency permit application. The whole process usually takes up to three to four months. But the best thing is that you don’t need to be physically present in the country for an interview or document purpose.
Now comes the part that is a little painstaking. You will be required to do a lot of paperwork! Notary certificates, official translation (if required), etc.; the process will surely consume a lot of your time.
So, it’s great if you hire a certified professional to escalate the process.
Besides, the process is hugely similar whether you opt for real estate, job creation, or capital investment route. Here are the steps involved.
Step-by-Step Guide (of the Real Estate method)
- First of all, obtain new Turkish Tax ID Numbers. Without a tax ID, the legal system cannot allow you to proceed further and make a property purchase. Once you have the tax number, open a bank account in the country.
- Then, conduct research and identify the property you want to buy. This is the step where you will commence all the paperwork.
- For investment in real estate, you need to receive a certificate of eligibility, and that will be issued only after you qualify for Turkey citizenship by investment program. For this, the applicant must apply to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
- A person has to be a legal resident while starting the application procedure. Therefore get your resident permit as soon as you’ve made your investment for a Turkish passport. It will be issued the same day you submit the application. No wonder this is the fastest residence process throughout the world.
- Lastly, after all the paperwork has been done as checked by the hired professional, you reach the final step- submitting your paperwork (all documents and application forms) to the Provincial Directorate of Census and Citizenship.
All these steps can be easily done in a span of 24 hours! Firstly, you don’t need to present in the country to do this. Secondly, even if you are available in Turkey, you can finish it off during the day, drop off the paperwork, and get back home with the title deed.
Time to celebrate: You will receive your passports within the next three-four months of applying!
Moreover, this passport has a validity of ten years. Therefore, you don’t need to run after every three-four years to renew it.
Low Due Diligence
The Turkish real estate due diligence is a complete report containing information about the property’s legal status. It lets you know if it is involved in any debts or lawsuits and is safe to be purchased.
Therefore, if you are buying a property in Turkey, the real estate specialist will go to the Land Registry to verify and check the registration number. Furthermore, the information related to leasing and other obligations of the property will be verified.
Moreover, the real estate will conduct due diligence to confirm whether the plan about the property is permissible according to the local municipality. The specialist will also verify construction licenses issued by the local authorities.
Tax Consequences of Citizenship in Turkey
Turkey doesn’t impose any taxes on the income you are receiving from abroad. Besides, you are not liable to pay taxes in Turkey if you do not stay there for more than six months. However, you need to pay a tax on your income generated within the nation.
For instance, if you have rented out your property, you are required to pay taxes. Property tax is paid in two installments every year.
- The annual tax rate is 0.2% for apartments and houses bordering a metropolitan municipality like Istanbul.
- If you own a property worth 1,500,000TL, the owner has to pay 3,000TL per year in total. Pay the first installment in May and the second one in November.
Furthermore, if you’re selling a property, you’re supposed to pay the accumulated tax of all the previous years before transferring the deed transfer.
- Tax on personal income is rated at up to 35% on income exceeding TL110,000.
Also, it is advisable to contact a Turkish tax specialist to learn more about the tax structure.
Dual Citizenship Turkey
Turkey allows dual as well as multiple citizenships, and no nationality has been restricted officially.
Investors applying for Turkey citizenship by investment are not required to renounce their old citizenship of their country of origin and get Turkish citizenship. This gives a significant advantage to people who wish to stay and work in their native country.
However, foreign citizens will be exempt from some Turkish services like mandatory military service.
Note: Before you apply for Turkish citizenship make sure that your country of citizenship doesn’t restrict you from acquiring a Turkish citizenship
Visa-free destinations with a Turkish Passport
Individuals with a Turkish passport can access almost 111 countries all over the world. Some of these countries are Qatar, Singapore, Tunisia, Jordan, Iraq, Japan, South Korea, Malaysia, Hong Kong, Indonesia, Belarus, Bosnia Chile, Colombia, Ecuador, El Salvador, Georgia, Paraguay, Serbia, South Africa, Thailand, Northern Cyprus, Ukraine, Uruguay, Morocco, Brazil, Argentina, Kuwait, Bahrain, Lebanon and most of the African countries.
Some of these countries offer visa-free travel, while some offer visas on arrival. In addition, these also allow a person to stay there for a specific duration. For instance, one can travel to Brazil visa-free and stay there for 90 days.
Get Golden Visa: Who We Are and How We Can Help You
Get Golden Visa is a full-service investment immigration agency. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide.
We have local offices in Istanbul, Turkey. We have legal professionals, as well as licensed real estate professionals within our team.
We work with clients from all around the world, interested in obtaining Turkish Citizenship by Investment or in making real estate investments in Turkey.
Contact us and talk to one of our experienced team members to help you with any and all your questions.
Alternatives to Turkey Citizenship by Investment
Apart from Turkey’s citizenship by investment program, many other European countries have launched their respective citizenship programs. Indeed, these are attracting a large number of investors. The economies of these countries have benefitted like never before, and foreign citizens are privileged to live the international lifestyle.
Some of the most renowned Citizenship by Investment programs are:
Portugal Golden Visa
The Portuguese Golden Visa program is an excellent opportunity for investors looking forward to making a good investment. The program was launched in 2012 and entails the following requirements and benefits.
- Capital transfer of €1.5 million in Portugal
- Establish a company and employ 10 Portuguese people
- Purchase a real estate property worth €500,000
- Invest €500,000 to Portugal Golden Visa funds
- Security of a second residence and passport
- Access to the European education system
- You can apply for Portuguese citizenship after staying there for five years.
- Your family can join you, and each member will be eligible for all the public services.
Spain Golden Visa
Spain is no doubt a wonderful country. So, if you have ever planned to move to this great European nation, you have a good deal. The Spain Golden visa was launched in 2013, and the requirements and benefits are as below.
- Invest a minimum amount of €500,000 in real estate
- The whole family is eligible for the visa and other services offered by the country.
- An individual has the right to access the healthcare and education system of Spain.
- Apply for permanent residency after staying there for five years
- Apply for citizenship if you complete ten years of stay in Spain.
Greece Golden Visa
The Greece Golden Visa program is one of the most popular as well as an affordable one. All EU and non-EU residents can apply for the permanent residency program in Greece and benefit from the European services it offers.
- Purchase real estate property worth a minimum of €250,000
- Capital contribution of minimum €400,000 in a Greek registered company
- Purchase of shares or corporate bonds whose minimum acquisition value is €800,000
- Deposit EUR 400,000 in a Greek bank.
- Visa-free travel to Schengen zone.
- No stay requirement in Greece
- Apply for citizenship after staying for seven years
- The individual and the whole family have access to the Greek education and healthcare system.
Malta Citizenship by Investment
The Maltese citizenship by investment program has been renewed recently and made some crucial amendments. In short, it has become easier to gain a European passport through investment. Besides, the process might be a little lengthy but ultimately beneficial.
- Proof that a person has stayed for a period of 36 months in Malta.
- Purchase a residential property having a minimum value of €600,000 or €700,000.
- Sign a rental contract of at least €16,000 per annum for five years.
- Donate €10,000 to a registered cultural, scientific, philanthropic, or artistic non-governmental organization.
- Passport for the whole family and residency right for an indefinite period
- As a part of the Schengen zone, one can travel visa-free throughout this zone.
- Right to travel, live, work or study all across the European Union
- Tax efficiency
Now that you are totally aware of the importance of citizenship by investment programs, you can apply for the one you think is suitable.
Lastly, wherever you apply, make sure to hire personal legal assistance to guide you through the process. Moreover, refer to Get Golden Visa for more valuable information.
Good luck in advance for acquiring your second citizenship.