The citizenship by investment program in Turkey increased the minimum investment requirement from $250,000 to $400,000 as of June 13th, 2022.
A few years back, we weren’t sure that Turkish citizenship through investment was going to be a huge deal. The program was launched in January 2017 and had the cost of entry at minimum $1 million. It’s not surprising that there weren’t many interested buyers.
The Turkish government recognized that they had overvalued their passport , and lowered the amount of investment required to $250,000 by mid-2019. It was then the most sought-after passport in the RCBI (Residence and Citizenship by Investment) world.
If you’re looking for proof, you can find it all within the figures.
Since the bar was reduced, around 800 people have been approved to obtain Turkish citizenship through investment each month. In addition, dependents and spouses, and Turkey has granted citizenship to nearly 22,000 people since the start of the program only three years since.
Furthermore, Turkey brings in an average of $250 million per month from its foreign investors. This is equivalent to $3 billion in annual revenue.
There is no other RCBI program comes close.
The popularity of the program has triggered some public tensions in Turkey to raise the minimum investment requirement . It was increased by $250,000 up to $400,000.
What is a CITIZENSHIP INVOLVEMENT PROGRAM?
If you’re not sure what is a citizenship by investment programme is about, we’ll help get you acquainted.
CBI is a CBI is a program set by a government to draw foreign investment. It does this by offering citizenship to those who invest a specific amount within the country by making one of the many approved investments.
While in this article, we’re discussing the Turkish citizenship investment program, many other countries around the globe provide CBI programs.
For instance, you could invest up to $1 million in Malta and obtain a passport, which will grant access to visa-free almost every country around the world.
You can also choose to go offshore to the island in St Kitts and Nevis and obtain citizenship for just $150,000.
The possibilities are endless and can vary greatly, however there are a few elements that remain the same:
You have to invest or “donate an amount that is pre-determined. money
The classes of assets you can invest in are also pre-defined.
You will receive a passport upon return
Why is Turkey?
Why would you need to have a Turkish passport, in the first in the first What is the strength of the security of a Turkish passport?
Turkey is a huge country that is located on its way across the Euroasian continent, having an ear in the Western European world and one foot in the Middle East. With a number of around 78 millions people with a median age of 31.5, and an average life expectancy of 75, Turkey is a highly active country that is an blend of different the cultures.
Turkey is a recently industrialized nation that produces everything from televisions to household appliances.
Turkey is a great country with a lot of aspects, such as its growing population, its geographical geography, and its emergence market status, in addition to numerous other factors which make it an attractive country for investors to explore.
Turkey is an active member of the G20 and NATO and NATO, and is an applicant to be a candidate for EU membership. It’s no secret that it is a regional economic powerhouse , and also the 16th-largest economy.
It is also among the top rates of GDP per capita, when compared with other countries offering the highest level of citizenship through investment.
However, it’s not a blanket of flowers. Turkey has plenty of issues like all countries.
The troublesome neighbor that is a war-torn Syria to the southwest, their hostile relations with their other neighbor Armenia and Armenia, their Turkish Lira, which has fallen to the ground in recent years, their ties with Russia and President Recep Tayyip Erdogan’s dictatorial ambitions… It’s a long list that is endless.
The fact that it was only in 2016, there was a coup d’etat which took place in Turkey is a sign of an area where things can be changed at a moment’s notice.
Also, a word of caution. If you plan make an investment in Turkey and obtain a passport, it will be prudent to keep an eye on the socio-economic and political developments there.
Better yet, hire a professional to handle it for you . The Nomad Capitalist staff is always there to assist.
THE TURKEY CITIZENSHIP PROGRAM BY INVESTMENT
The Turkey citizenship through investment is among the simplest methods to get an additional passport and has even simpler regulations to draw international direct investments.
Since January 1, 2017, you are able to buy the necessary items to obtain Turkish citizenship.
Its basis is the nation’s Citizenship Law, Act No. 5901 and Regulation 2016/9601. Regulation 2016/9601, which was approved and ratified in the Council of Ministers (i.e. Cabinet). Cabinet).
THE KEY BENEFITS of TURKEY CITIZENSHIP INVOLVEMENT
Turkish citizenship is a trait that can be passed on to your children.
Explore more than 110 countries including Japan and the entirety of Latin America
You can work and live in the USA as well as UK as Turkish citizens. Turkish citizen
You can apply for citizenship and be granted it within 4 months.
All of your dependents who are under 18 years old will be granted citizenship.
Choose from six routes to get your passport
Three routes to obtain Turkish CITIZENSHIP INVOLVEMENT
Put $400,000 into real estate in Turkey
Transfer some of the work to a country that is less expensive
Place $500,000 into an account at a Turkish Bank account
If you’re looking to obtain Turkish citizenship through the purchase of property, here’s your complete answer. The Investment Office, under the presidency of the Republic of Turkey, has provided three options for foreigners to get Turkish citizenship through investment.
1. ASSIGNING A PROPERTY
The primary benefit of Turkey citizenship through investing is gaining Turkish citizenship through the purchase of properties. As the Turkish lira has sunk the real estate market is abundant and affordable for foreign buyers.
You must invest $400,000 in real property in Turkey to be eligible for an entry visa. There are no limitations on the type of property you can purchase. It could be a home or apartment, or even land and do what is most financially sensible for you.
There isn’t a pre-approval for properties like you would in other CBI programs, where property is typically overpriced.
In the past, property in Istanbul increases in value over 5-10 years. If you’re planning to rent, buy, and then hold over the long-term it’s the best alternative to get a passport.
There are a few guidelines you need to follow, but. If you’re planning to purchase several properties, all of which together would make your investment at least $400,000.
Also you could say “I’m planning to purchase a property in Istanbul for $300,000 and the next time I’m buying something along the coast for $10,000.”as long that both properties were at least $400,000.
Each of your properties must also have a registration on that same day in order to be included in the requirement of $400,000.
In addition to the requirement of holding the property for a minimum period of three years, that’s the only requirement to it.
2. CREATING JOBS
Have you ever thought of starting a business in another country or have an existing business and would like to outsource some work to a lower cost country? If so, then creating jobs on the Turkish market to earn citizenship could be a good alternative.
In the time that Turkey’s CBI program was first introduced it required 100 employees. The requirement has been reduced to a mere halving.
In essence, if you create a business and employ at least 50 employees then you are eligible to apply for an Turkish passport.
It is likely that you will require legal advice and guidance on how to navigate the business world in Turkey. In addition, setting up an organization, managing payroll, and everything which comes with its own expenses.
It’s difficult to determine the exact amount of your investment will be, but we’d only suggest this choice to those who want to run an actual business in Turkey in the long run.
3. MAKING A CAPITAL INVESTMENT
If you don’t want to be tied to real estate or start an entrepreneurial venture that is boots-on-the-ground There are a variety of options to invest capital to get citizenship in Turkey.
The most important aspect here is the amount you will need to put in.
The current number is $500,000. It is possible to put the money into a savings account at an Turkish bank.
The three options available for capital investment to obtain the acquisition of Turkish citizenship through investment include:
Fixed capital investment is confirmed through the Ministry of Industry and Technology
Fixed deposit at an Turkish banking institution for at least period of 3 years, as confirmed by the banking regulations
A government bond with a minimum of 3 years, endorsed through the Ministry of Treasury and Finance
It is also necessary to keep your investment for at least 3 years. This is extremely small within CBI. CBI world.
What is your best option? Foreign investors
Follow our suggestions regarding Turkish citizenship through investment – Invest into real estate in order to obtain your Turkish citizenship. We’re not saying that it’s the cheapest amount of money that is required to be a part of the Turkey citizenship through investment program.
Turkish citizenship via real estate properties is the choice that makes the most sense for an investor from abroad.
You could certainly complete the whole process of establishing a company and hiring 50 or more employees. However, you have to be a bit hands-on in running the business, or find someone who you trust to run it on your behalf.
You can put $500,000 in an account in a Turkish bank account or in government bonds however, why add more complexity to the process?
Make an investment in real estate, let it out, and watch the value increase and then sell the property three years after. Turkish citizens are yours.
Despite its widespread popularity with expats and its good standing on the international world stage, Costa Rica has been declining in the The World Bank’s Ease of doing Business Index.
After being ranked 67th in 2018 to 74th in most likely due to bureaucracy.
One could argue it is Costa Rica is very much driven by processes rather than by resultswhich is also true for the majority of non-Western nations.
However it’s a very safe and stable political country, possibly the most stable in the Latin American region in those terms.
If you are able to see potential business opportunities in the area do not let a bit of bureaucracy stop you.
STEP-BY-STEP TURKISH CITIZENSHIP Application Process
Are you convinced that you should have you have a Turkish passport to add to your portfolio? Let’s discuss how you can accomplish this in a practical way.
The process for applying usually lasts just 4 months and does not require you to learn Turkish or attend an interview in a formal manner or any other type of interview.
There is no requirement to reside in Turkey. Everyone in your family (spouse and children under 18 years old) are also eligible for Turkish citizenship if they meet the criteria as the primary applicant.
The whole process can be completed online, but if you’d prefer to complete the process in person , you could go to Turkey for a trip of three days in which you will buy the property and return home with the deed title. It’s extremely simple.
But, remember that during the process, many documents will be needed. Apostilles, official translations, photographs, notary certificates… It is ideal to leave everything to a professional who is certified. It’s not a good idea to keep the track of everything.
Nationalities with restrictions: Armenia, Cuba, Nigeria, North Korea, and Syria.
This is what you must do in order to obtain Turkey citizenship through investment. For the sake of clarifying the process it’s best to assume that you’re taking the route of real estate (the procedure for other types of investments is very similar).
1. Find and purchase a property
This is the part that involves investing of the procedure. There are a number of smaller steps that form the larger process, like obtaining an tax registration number. It is also necessary to create an account with a Turkish bank account in order to buy a house in Turkey. After that, your search for a property could begin.
This article is extensive which will provide you with all the details regarding investing into Turkish real estate, which includes the tax implications that you need to know about as well as the best places to search to buy an apartment.
2. OBTAIN A Certificate of ELIGIBILITY
If you’ve chosen to go to the real estate market then you’ll need to get an Eligibility Certificate for your investment.
Also the property must be considered to have met the conditions set forth by the law. If you are dealing with real estate, you’ll have to submit a request to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
It’s quite an impressive amount of words. Imagine navigating this by yourself it’s a real pain. It is best to get help from a local source. We’ll be able to guide you in the right direction.
3. REQUIRE A RESIDENCE PERMIT
You must be a resident of the country at the time when you begin the process of applying to obtain citizenship. Therefore, you need to obtain an residence permit once you’ve invested to be eligible as a candidate for the Turkish passport.
Typically, it will be granted after the application form for the residence permit has been completed along together with the Conformity Certificate and the approval for real estate investment. The process can take three to four working days, or a maximum of a week, making it one of the fastest procedures for obtaining a residence.
There is no requirement to live or stay in Turkey before becoming a resident. However, applicants must attend the interview only once.
When applying for a residence permit the applicant must remain within Turkey for an indefinite period of 3 months, or until they are issued a permit card.
It’s really just an officiality, and another hoops to leap through. It’s a good thing that Turkey is making it an extremely simple one.
4. ASK FOR A LODGING APPLICATION CITIZENSHIP
The last step of the process is actually applying for citizenship. Once your residence permit is issued you are able to submit your application for citizenship to the Provincial Directorate of Census and Citizenship
Technically, it could be done in the same day.
The best part of all? There is no requirement for physical presence in Turkey at any point throughout or following the process in order for the final decision to be taken. There is no requirement for an interview to be conducted also. The Turkish requirement for language isn’t specific to you.
The idea is to drop off the paperwork and return home with your title deed in hand. You can anticipate a passport arriving in the mail within the next four months.
The Turkish passport lasts for 10 years, which means you shouldn’t have to renew it anytime soon.
OTHER ways to OBTAIN TURKISH CITIZENSHIP
There are many ways to get an additional (or later) passport.
There are other ways to get Turkish citizenship in the event that the investment route isn’t the one you’re seeking. But, there are many more hurdles to go through.
If marriage is on the cards for you, getting married to with a Turkish citizen could make you qualified for the Turkish passport. Certain requirements are required but there are some requirements.
You have to be married for at least 3 years, and then undergo an examination in which an independent commission decides if your marriage is genuine and legal.
You may also apply for a descent based application or other special circumstances, however the process can be extremely lengthy and time-consuming.
THE PROS OF TURKEY CITIZENSHIP BY INVESTMENT
As we said in the article’s beginning We were of the opinion that the Turkey citizenship-by-investment program was not much to look at when it first began.
Why do they have to charge this high a sum of $1 million for a passport of tier C? A Turkish passport isn’t comparable with many other passports issued by countries which offer CBI, e.g. countries of the Caribbean.
However, tier C doesn’t necessarily mean that a passport is bad. Tier C is a term used to describe passports that don’t have acces to US as well as the Schengen countries. In addition, you get access to nearly all regions of Asia, South America, and the Caribbean Islands.
Additionally, not everyone will give up their citizenship in the west to change their citizenship to Turkish. However, it is an excellent passport to use as part of a portfolio of passports or in conjunction with my “Belt and Suspenders” strategy.
If you’re an investor who enjoys real estate, has some cash in the bank, and is looking to broaden their options, Turkey is a good deal.
Let’s look at the many benefits that Turkish citizenship can bring:
You can earn income through your real estate investment. You can rent your property after you purchase it, and make profits while you’re at it. There are no restrictions.
Travel to more than 110 countries without visas. Many countries around the world have agreements bilaterally with Turkey to establish a travel policy that doesn’t require a visas prior to. This includes Japan, Mexico, South Korea and basically the entirety of Latin America. If you’re trying to get your current western-friendly passport and add to it without spending lots of dollars, it’s an intriguing idea to apply for the Turkish passport.
Move into the UK. If you’re an Turkish citizen, you are able to reside and work in the UK relatively quickly. You will need be able to obtain a businessperson visa, apply for the move and then eventually obtain British citizenship if you decide to do so.
Working in the USA. Another Western country that is open to businesspeople who are from Turkey can be found in the United States. If you’re looking to move quickly to the United States then you can apply for an E-2 Investor Visa to help get the process underway.
Visa-free travel is a possibility for the EU. Turkey as well as the EU are now closer to negotiating a deal to allow visa-free travel between the two than they have ever been. This is a possibility very soon. Turkey has already met most of the requirements already.
There is no need for you to disclose your assets. Certain countries that have CBI programs require you to declare your entire global assets to be eligible. Turkey places privacy at the top of the list.
Medical care is free for everyone members of your family members. If you’re an Turkish citizen is entitled to health care services that are free of cost, for both yourself and family members. Yes, the public health system in Turkey isn’t the highest quality you’d like however it’s an excellent alternative.
Favorable inheritance law. There is no need to be concerned about your heirs not being able to inherit the property in the case of your death. The laws of Turkey fully safeguard your legal heirs and ensure that the property is passed on to them.
The negatives of TURKISH CITIZENSHIP INVOLVEMENT
There aren’t as many negatives for Turkish citizenship as one may believe. With the recent changes to the program that make it more appealing to foreign investors The Turkey citizenship through investment program is among the most popular currently.
There are some difficult issues to get your head around However, there are some difficult issues to be mastered.
Turkey is a still developing nation and has its own set of challenges. The socioeconomic and cultural consequences of this on your life should not be numerous.
Also, if you’re not a resident of Turkey You’re not likely to be concerned about the quality of their roads, or their education.
But, when it does become significant is when it begins to affect your investment.
You’re looking for a steady government and a stable political environment in which to put your money. Turkey isn’t exactly stable in this regard.
The president Erdogan certainly has been ruled by an iron fist, threatening freedoms and rights of the human race sometimes. There are some dictatorial tendencies , which have made Erdogan more of a friend than one of the heads of state around the world.
Don’t forget that there was a coup attempt to topple the government through members of the Turkish Armed Forces just back in the year 2016. Although it didn’t work but who’s to say that it will not occur again?
In the end There aren’t any obvious or tangible disadvantages to having Turkish citizenship, but be aware the risk when you invest in a state such as this.
WHAT COMES NEXT
It’s safe to think that the year ahead will be a record year for the Turkish citizenship through investment program. It’s only been recently that Chinese agents have gotten wind of the Turkish citizens by investing program and are now flocking to Turkey eager to inform their clients back home about it.
The main reason for this program is its simplicity and the potential of the real property market. Investors can visit Turkey for a short period of time and then be accepted into the program. After that, they will receive an official passport and become an official Turkish citizen. Your children will also become Turkish citizens too.
Indeed, Turkey gives you a variety of choices. It’s a secure haven for those from more moderate Middle East countries and other countries where people need to have a backup plan.
Are you thinking about making an application for Turkish citizenship? Perhaps this article has touched you and you’re thinking about it?
We always advise you to take your time and do your research.
The information contained in this article is not a substituted for professional and actual advice, which is always available.
The laws change, the requirements become outdated, and even your own personal circumstances could alter. In the case of Turkey this is especially true.
Three changes could throw a wrench in this process: the possible raising of the investment threshold and the possibility of traveling between Turkey as well as the EU without needing an visa and the rising property costs in Turkey.
The citizenship by investment program in Turkey increased the minimum investment requirement from $250,000 to $400,000 as of June 13th, 2022.