Turkey’s citizenship by investment program increased the minimum investment from $250,000 to $400,000 as of June 13th, 2022.
In the past three years, we didn’t think that Turkish citizenship through investment going to be a huge deal. They launched it in January 2017 and with the entry price of at least $1 million. Unsurprisingly, there weren’t many takers.
The Turkish government realized they had grossly undervalued their passport and dropped the amount of investment required to $250,000 at the mid-point of 2019. This instantly made it the most sought-after passport in RCBI (Residence and Citizenship by Investment) world.
If you’re in need of proof, there’s a lot of data to prove it.
Since the bar has been reduced, around 800 people are approved for obtaining Turkish citizenship by investment every month. In addition, spouses and children and Turkey has granted citizenship to nearly 20000 people since the launch of the program only three years ago.
What’s more, Turkey brings in an average of $250 million per month from foreign investors. This is equivalent to $3 billion in annual receipts.
No other RCBI program even comes close.
The popularity of the programme has created some public pressure in Turkey which led to the raising of the minimum investment requirements. This was raised by $250,000 up to $400,000.
WHAT IS A CITIZENSHIP BY INVESTMENT PROGRAM?
If you’re not sure what the citizenship by investment program is, let us bring you familiar with the program.
CBI is a CBI is a plan put up by a national government to draw foreign investment. They accomplish this by awarding citizenship to investors who invest a specific amount within the country by making any of the different pre-approved investments.
Although in this piece we’re talking about the Turkey citizenship by investment program, many other jurisdictions around the world offer CBI programs.
You could, for instance, invest up to $1 million in Malta and receive a passport, which grants you visa-free entry to nearly every country in the world.
If you prefer, you can opt for the offshore haven located in St Kitts and Nevis and be able to become a citizen for only $150,000.
There are no limits to the options available and can vary greatly, however there are a few elements that remain the same:
You are required to make an investment or “donate’ a pre-set amount of money
The categories of asset classes you are permitted to invest in are also pre-defined
The passport will be given to you as a reward
Why is Turkey?
What is the reason you would want a Turkish passport at all in the very first in the first What is the strength of a Turkish passport?
Turkey is a huge country that straddles the Euroasian continent, with two feet in Western European world and one foot in the Middle East. With a number of around 78 millions, a median age of 31.5, and a life expectancy of 75, Turkey is a highly vibrant country and an authentic combination of cultures.
Turkey is a rapidly industrialized country producing everything from televisions to home appliances.
Turkey has a number of great aspects, such as its younger population, the location, and its emerging market standing, along with many other reasons that make it a highly interesting country for investors to take on.
Turkey is a member of the G20 and NATO and NATO, and is a candidate to be a candidate for EU membership. There is no denying that it is a regional economic powerhouse and the world’s 16th largest economy.
It also has one of the best rates of GDP per capita when compared to other countries that provide the best citizenship by investment.
However, it’s not a bed of roses. Turkey isn’t without many issues, as do all countries.
The troubling neighbor that is currently a war-torn Syria to the southwest, their hostile relations it has with its neighbour Armenia Their Turkish currency that has been hit hard in the past few years, their relationship with Russia and President Recep Tayyip Erdogan’s dictarial ambitions… It’s a long list that goes on.
The fact that only back in 2016 there was an attempted coup d’etat which took place in Turkey indicates that it’s an area where things can change on very short notice.
A word of caution. If you are going decide to make a bet in Turkey and obtain a passport, it would only be wise to carefully monitor the political and socio-economic developments there.
You could also have a professional do it for you . The Nomad Capitalist group is always there to help.
THE TURKEY CITIZENSHIP BY Investment PROGRAM
The Turkey citizenship through investment is one of the most straightforward ways to obtain a second passport out there with even more simple regulations to draw the investment of foreign investors.
Since January 2017 you can buy your way to Turkish citizenship.
Its foundation is in the nation’s Citizenship Law, Act No. 5901, and also in the Regulation 2016/9601, which was passed and signed into law in the Council of Ministers (i.e. also known as the Cabinet).
MAIN BENEFITS of TURKEY CITIZENSHIP BY INVESTMENT
Turkish citizenship can be passed down to your children
Visit more than 110 countries which includes Japan and the entirety of Latin America
You can live and work in the USA and UK as you are a Turkish citizen
Request your citizenship and you will receive it within 4 months.
All of your dependents who are under 18 will receive citizenship.
Choose from six routes to get your passport
Three routes to obtain Turkish CITIZENSHIP THREE WAYS TO OBTAIN TURKEY CITIZENSHI
Put $400,000 into real estate in Turkey
Transfer some of the work to a less expensive country.
Deposit $500,000 in the account of a Turkish Bank account
If you’re trying to figure out how to acquire Turkish citizenship through the purchase of property, then here’s the thorough answer. The Investment Office, under the jurisdiction of the Presidency of the Republic of Turkey, has identified three avenues that allow foreigners to get Turkish citizenship through investment.
1. ACQUIRING A PROPERTY
The primary benefit of Turkey citizenship through investment is getting Turkish citizenship through the purchase of properties. With the fall of the lira property options are abundant and affordable for foreign buyers.
You must invest $400,000 in real estate in Turkey in order to qualify for passports and there are no restrictions on what you buy. It could be a home or apartment or even land – do whatever makes the most financial sense to you.
There’s no pre-approval on property as with other CBI programs, where property is typically overpriced.
In the past, property in Istanbul increases in value over 5-10 years. So if you’re looking to rent, buy, and hold for long time and want to save money, this is the best alternative to get a passport.
There are a few minor guidelines you need to keep in mind, however. If you’re looking to buy multiple properties, both of which together would make your investment at least $400,000.
In other words you can say “I’m going to purchase one in Istanbul for $300,000. the next time I’m buying something at the beach for $10,000.”as long that both properties were for at least $400,000.
Each property must also register on the same day to be considered towards the mandatory $400,000.
Apart from the requirement to keep the property for a minimum period of three years, that is all there is to it.
2. CREATING JOBS
Have you ever had a dream of starting your own business abroad ? Or do you already have an established business that you want to outsource some work to a lower cost country? Do you want to create jobs in the Turkish market to earn citizenship could be a viable possibility.
At the time when the CBI program was first introduced in the year 2000, you had to employ 100 people. Now, that requirements have been reduced to just 100.
In essence, if you establish a company and employ at least 50 employees You will be eligible for the Turkish passport.
You’ll likely need legal advice and assistance in how to navigate the business world in Turkey. In addition, setting up your own company, operating a payroll, and all of it comes with costs.
It’s not easy to pinpoint the exact amount of your amount of investment could be, however we would only recommend this strategy to people who have a plan to run a legitimate business in Turkey in the long run.
3. MAKING A CAPITAL INVESTMENT
If you prefer not to get tied up in real estate or start an entrepreneurial venture that is boots-on-the-ground There are numerous ways to make a capital-investment to be able to become a citizen of Turkey.
The most important factor here is the amount you’ll have to spend.
The amount is currently $500,000. You can put that amount into the account as a deposit to the Turkish bank.
The three options available for capital investment required to acquire the acquisition of Turkish citizenship through investing are:
Fixed capital investment, as confirmed in the Ministry of Industry and Technology
Fixed deposit with an Turkish bank , for the minimum period of three years, which is confirmed by the banking regulations
The bond must be for a minimum of 3 years. It has been confirmed through the Ministry of Treasury and Finance
Additionally, you need to hold the investment for at least 3 months, which is quite short within CBI. CBI world.
WHAT IS YOUR BEST OPTION? Foreign investors
Get our recommendation on Turkish citizenship investment – Invest with real estate to earn your Turkish nationality. And we’re not just saying that since it’s the least amount of money it takes to participate in the Turkey citizenship by investment program.
Turkish citizenship via real estate properties is an option that makes the most sense to an international investor.
You can traverse the entire process of setting up a business and employing 50+ people. But you must then be pretty hands-on to run the business, or find someone you can trust run it on your behalf.
It is possible to put $500,000 into an Turkish bank account or into government bonds however, why would you add complexity to the mix?
Invest in real estate, rent it, then watch it increase in value and sale it 3 years after. Turkish citizenship is available to you.
Despite its rising popularity among expats and its relative position on the global world stage, Costa Rica has been declining in the International Bank’s Ease of doing Business Index.
In 2018, it’s now 74th and that’s mostly due to bureaucracy.
One could say the fact that Costa Rica is very much process-driven , not results-driventhis is true of most countries outside of the West.
On the other hand it’s a very safe and politically stable country, possibly the most stable in the Latin American region in those terms.
So, if there are potential business opportunities in the area don’t let the bureaucracy deter you.
The STEP-BYSTEP TURKISH CITIZENSHIP the APPLICATION PROCESS
Are you convinced you need a Turkish passport to add to your portfolio? Let’s discuss how you can get it done in a practical way.
The process for applying usually lasts just 4 months and it does not require you to master any Turkish or take part in an interview formal of any kind.
Neither is there a requirement to reside in Turkey. Everyone in your family (spouse and children younger than 18 years of age) are eligible to apply for Turkish citizenship if they meet the criteria as the primary applicant.
The whole process can be completed remotely, or if you’d prefer to complete the process in person , then you can go to Turkey to take a three-day vacation where you’ll purchase the property and then return with your deed title. It’s extremely simple.
Be aware that throughout the process many documents will be needed. Apostilles, official translations, notary certifications, photos… It’s ideal to leave everything for a certified professional. It’s certainly not your intention to be keeping up with all of it.
Nationalities that are restricted: Armenia, Cuba, Nigeria, North Korea, and Syria.
Here’s what you’ll need to complete to gain Turkey citizenship through investment. For the sake of clarifying the process we’ll assume that you’re choosing to the real estate investment route (the process for other types of investments is quite similar).
1. SEARCH AND BUY A PROPERTY
This is the part that involves investing of the procedure. There are many small steps that comprise the larger step, including obtaining a tax registration number. You must also create a Turkish bank account in case you wish to buy a house in Turkey. Then, the property search could begin.
We have a lengthy article that will tell you all about investing in Turkish real estate, which includes all the taxes are important to be aware of as well as where it’s best to look in the search for an apartment.
2. OBTAIN A Certificate of ELIGIBILITY
If you’ve decided to go down to the real estate market then you’ll need to be able to obtain a Certificate of Eligibility for your investment.
In other words, it needs to be considered to have met the requirements set out by the law. In case of real estate, you will need to apply to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
That’s an enormous amount of food. Imagine having to deal with that all by yourself too it’s a real pain. It’s best to get help from a local source. We’re able to help direct you the right direction.
3. OBTAIN A RESIDENCE LEASE
You need to be a resident of the country at the time you begin the process of applying for your citizenship. Therefore, you need to obtain a residence permit after you’ve invested in order to qualify for a Turkish passport.
Usually, it is issued once the application form to obtain a residence permit is completed, along alongside the Conformity Certificate and the approval for real estate investment. The process can take three to four working days, or a minimum of a week, which makes it among the fastest process for residence.
There is no need to reside or even stay in Turkey before becoming a resident. However the applicant has to attend the interview in person just once.
In order to obtain a residence permit the applicant is required to remain within Turkey for an uninterrupted period of three months until they are issued a permit card.
In essence, it’s just an act of formality and another hoops to leap through. The good news is that Turkey makes it the easiest one.
4. LODGE AN APPLICATION FOR CITIZENSHIP
The final step in the process is actually applying for citizenship. As soon as your residence permit is granted it is possible to submit the paperwork for citizenship to the Provincial Directorate of Census and Citizenship
Technically, it could be accomplished all in one day.
The best thing of all? You don’t have to physically be present Turkey anytime throughout or following the process in order for the final decision to be taken. There is no requirement for an interview to be held either. The Turkish requirement for language isn’t exclusive to you.
It’s as simple as dropping off the paperwork and can fly home with your title deed at hand and expect a passport in the mail within the next 4 months.
It is important to note that a Turkish passport is valid for 10 years. This means you won’t need to renew it anytime soon.
OTHER methods to OBTAIN TURKISH CITIZENSHIP
As with all passports, there are multiple ways to obtain an additional (or later) passport.
There are alternative ways to get Turkish citizenship even if the investment route doesn’t seem to be what you’re looking for. There are, however, many more hurdles to cross.
If marriage is on the plans for you, marrying with a Turkish citizen could make you eligible to obtain the Turkish passport. Certain conditions need to be fulfilled However, certain conditions must be met.
The marriage must last for at least three years. After that, you must go through a process in which an independent commission decides if your marriage is genuine and legal.
You may also apply on the basis of descent and exceptional circumstances, however the process is very long and demanding.
THE PROS OF TURKEY CITIZENSHIP BY INVESTMENT
In the beginning of this article We were of the opinion that the Turkey citizenship-by-investment program wasn’t something to be looking at when it first began.
Why do they have to charge this much – $1 million – for a tier-C passport? A Turkish passport simply doesn’t stand up with many other passports from jurisdictions that provide CBI, e.g. countries in the Caribbean.
However, tier C doesn’t necessarily mean that a passport is bad. Tier C is a definition given to passports that don’t have entry into the US and the Schengen countries. In addition, you get access to nearly all countries of Asia, South America, and the Caribbean Islands.
There are a lot of people who will be giving up their citizenship from the west only to change their citizenship to Turkish. It’s an excellent passport that can be used as part of a portfolio of passports or with my “Belt and Suspenders” strategy.
If you’re an investor who enjoys real estate, and has money sitting around, and wants to expand their global options, Turkey is a good deal.
Let’s examine the numerous benefits Turkish citizenship has to offer:
You can earn money through your investment in real estate. Rent the property when you have purchased it and earn a profit while you’re at it. There are no limitations.
Travel to more than 110 countries without visas. Many countries around the world have bilateral agreements with Turkey for a travel regime that does not require visa prior. These include Japan, Mexico, South Korea, and pretty much the entirety of Latin America. So, if you’re looking to acquire a Western-friendly passport and attach a new one to it without spending a lot of cash, it’s an interesting idea to submit for an Turkish passport.
Move to the UK. If you’re a Turkish national, you can reside and work in UK fairly easily. You will need the application for a business person visa, then initiate the process and then eventually obtain British citizenship if you so opt for it.
Employment in USA. Another Western country that is open to business professionals from Turkey is United States. If your dream is to quickly relocate stateside You can make use of this E-2 investors visa for getting underway.
Traveling visa-free to the EU. Turkey along with the EU are now closer to negotiating a deal that will allow visa-free travel between two than they have ever been. It’s a very real possibility real soon – Turkey has already met most of the requirements already.
It is not necessary for you to disclose your assets. Some countries that offer CBI programs will make you declare your entire global wealth in order to apply. Turkey has your privacy top of mind.
Medical care is free for everyone of your family members. If you’re a Turkish citizen, you’re entitled to medical assistance from the public at no cost, for both those in your immediate family. Although, health care in Turkey isn’t top-of-the-line quality you’d want however it’s an excellent backup plan.
Favorable inheritance law. There is no need to worry about your heirs ‘ being able to inherit the property in the case of your death. Turkey’s laws fully ensure your legal heirs are protected and ensure that the property will be passed down to them.
THE CONS OF TURKISH CITIZENSHIP INVOLVEMENT
There aren’t many disadvantages to Turkish citizenship as one would believe. With changes to the program that make it more appealing for foreign investors and investors, the Turkey citizenship through investment program is one of the most popular currently.
There are a few difficult things to wrap your mind around But, it is not impossible.
Turkey is still a developing country and that is not without its own difficulties. The cultural and socioeconomic impacts of this on your life shouldn’t be too numerous.
In other words, if you don’t live in Turkey then you’re unlikely to be concerned about the quality of their roads or education.
But, when it does become crucial is when it starts affecting your investments.
You’re looking for a stable, solid government as well as a steady political climate in which you can invest. Turkey is a little uncertain regarding this.
Turkey’s President Erdogan certainly has been ruled by his fist tightly, and has eroded freedoms and rights of the human race at times. He has some personality traits that make him more of a friend than a close friend to the heads of state around the world.
Also, don’t forget that there was a coup attempt to topple the government by the Turkish Armed Forces just back in the year 2016. While that failed however, who can say it can’t be repeated?
In the end There aren’t any obvious or practical negatives of having Turkish citizenship but do remember the risk when investing in a developing state such as this.
WHAT HAPPENS NEXT
We think it’s safe to assume that this year will be record-breaking for Turkish citizenship through investment program. Just recently, Chinese agents have been informed of the Turkish citizenry by investment program and have begun to flock to Turkey eager to tell their clients back at home all about it.
Its primary selling point is its simplicity, as well as the promise of the real estate market. Investors can travel to Turkey for just three days and then be accepted into the program, then receive the passport and officially become an official Turkish citizen. Your children will be Turkish citizens as well.
And indeed, Turkey gives you a lot of options. Turkey is a safe haven for folks from less moderate Middle East countries and other countries where people want to have a plan B.
Have you thought about the possibility of applying for Turkish citizenship? Maybe this article has got you thinking about it and you’re contemplating it?
We always recommend you take your time and do your research.
The information contained in this article should not be substituted for real and professional advice, which is always available.
Laws get changed, requirements change, and even your personal circumstances may change. In the case of Turkey the situation is particularly challenging.
Just now, three changes could throw a spanner in working order: The possibility of raising of the investment threshold as well as the introduction of the possibility of travel from Turkey with the EU without the requirement of visas and the rising property price in Turkey.
Prime Property Turkey
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