Everything you Need to Know About Turkey Citizenship by Investment Program
Have you ever thought of having a Turkish Citizenship? Are you wondering how to get one when you do not reside in Turkey or speak their language? Are you interested in making some good real-estate investment in Turkey? If your answers are ’yes’ to these above mentioned questions, then we got some great information for you all.
Turkey, being part of both Asia and Europe, has a huge variety in its culture and environment. It is situated in the Mediterranean location which makes the climate of the country suitable all along the year.
If you are looking for a safe and democratic country which believes in the preservation of the rights of their citizen, then Turkey is the answer. The most beautiful thing about settling in Turkey is a warm nature and welcoming attitude of the natives towards the foreigners.
So, in this article, we will guide you about the options you have for getting citizenship in Turkey. There are multiple ways you can get citizenship and we will discuss all of them. However, before getting to those procedures, let us take a look at the benefits of living in Turkey and having the citizenship of this country.
Benefits of living in Turkey and Citizenship Program
When you think about applying for or taking citizenship in another country where you will be recognized as a foreigner, the first thing that must strike you is about the benefits of living in that country. So, here we have enumerated certain key benefits that you will be entitled to when you get the citizenship of Turkey.
Dual Citizenship Rule: The citizenship rule of this country have Dual Citizenship benefit. This means you can retain the citizenship of your own country when you become a citizen of Turkey. There are very few countries in the world that provide Dual Citizenship. This allows you to avail of the citizen’s rights in both the countries at the same time. This is very crucial for them who are mainly looking for investment in Turkey and to retain their existing country’s citizenship at the same time.
Best return on your investment: If you can compare the returns on the investment done in Asian and Middle Eastern countries, Turkey returns the highest on your investment. This helps in rapid capital growth and wealth accumulation besides holding one of the most sought after country’s passport.
Quick Process: The entire process for investment and getting citizenship based on that requires a very short period, unlike other countries where it takes months. Generally, all the background checks and other verifications are done within two months.
No Minimum Stay Requirement: For obtaining citizenship in Turkey, you need not stay there for any number of years or months. There is no minimum stay requirement. You can invest in the country’s real estate, properties, fixed capital, and other assets and you can get citizenship.
Traveling: If you are a travel enthusiast or fond of traveling, then you must know that the Turkish passport gives you free entry and exit to 115 countries in the world. Moreover, you need to renew your passport only every ten years.
No Turkish Language Interview: This is unique that you need not learn Turkish to get their citizenship. You do not have to sit in an interview where you need to showcase your Turkish language skills.
Medical Facilities: On having the passport of Turkey, you can avail of their medical facilities. You will be entitled to get full medical support and assistance in Turkey.
Top Passport: Turkish passport is regarded as one of the top thirty passports in the world. It has a lot of hold in other countries.
National Pension Program: When you get the citizenship of Turkey, you automatically become eligible for their national pension program. It helps older people to survive after retirement.
Education in Turkey: Being a Turkish citizen, you become eligible for free education in the country and your child as well. You get reimbursement of the money spent on education each year.
Identification: For identification as a citizen of the Turkish nation, you will be provided a National ID proof. You can use this card for your identity verification at all the places.
Cost of Living in Turkey
Before planning to settle in a different country, it is always necessary to evaluate the cost of living in that particular country. So, here we are trying to give you an estimate of your cost of living according to your lifestyle.
- Basic or Lower-Class Lifestyle: For a single person in Turkey having basic lifestyle requirements, can survive within $470. For a family of 3-4 people, the cost can go up to $950 per month.
- Middle-Class Lifestyle: If you are single then you can sustain your life by spending around $950 per month while if you are having a family of 3-4 person then you need to spend approximately $1850 per month.
- Upper-Class Lifestyle: A person who wants to live a lavish life here needs $ 1850 per month for his or her own. For a family of a maximum of 4 people, this amount can go up to $ 3750.
Here are Options for Acquiring Citizenship in Turkey
1. Get Turkish Citizenship By Property Investment:
You can get citizenship of Turkey by investing in their real-estate and lands. This is the easiest way of getting citizenship in Turkey which involves easy procedures. According to Law Number, 2644 – Article 35 in Turkey, the foreign natural person and foreign legal persons are allowed to buy real estate properties in the country.
Who is a Foreigner in Turkey?
In Turkey, a foreigner is categorized under three heads for real-estate dealing. They can be –
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- Foreign Legal Person
- Foreign Natural Person or
- Companies in Turkey with Foreign Capital
Legal Requirements and Obligation
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- According to the Real-estate Regulations of Turkey, a foreign natural person or legal person can get citizenship in Turkey with a minimum investment of $250000 made in real-estate of the country. The minimum requirement for the same was $1 Million which has been brought down with amendment in the ACT.
- Upon successful registration of the land, the foreign owner of the land can apply for citizenship.
- The Cabinet Minister of Turkey has the sole responsibility and power to determine the countries from which the foreign nationals can purchase real-estates in Turkey.
- If the acquired land has no property on it, then the foreign owner needs to apply to develop a building on the land. They need to take permission from the public administration office.
- The maximum area that a foreigner can purchase in the country is limited to up to 30 hectares. It can only be raised under a special grant from Cabinet Minister if required and the situation seems appropriate.
- They cannot acquire lands or properties in the defense areas of the country due to security measures.
- For buying or taking a lease of properties in special security zones require permission from the governor’s office.
By cutting down the investment requirement in real-estate to obtain citizenship, Turkey has created grounds for more investment from foreign countries.
2. Get Citizenship By Employing Fifty Personnel:
You can also obtain Turkish citizenship by creating employment for at least 50 personnel of Turkey in your own company. You can get the passport of Turkey with 3 months after the job creation process and you apply for citizenship. In the previous regulation, the minimum number of employees you needed to have your citizenship in Turkey was 100.
3. Get Citizenship By Investing in Fixed Capital Asset:
The Turkish government also offers citizenship if foreigners invest in fixed capital assets in Turkey. Earlier, the minimum investment requirement was $2million. Now, with the new regulations, it has been brought down to $500000.
4. Get Citizenship By Buying Public Debt Instrument:
Finally, you can also obtain citizenship by purchasing the public debt instruments in Turkey. Earlier the investment requirement in public debt instrument for being eligible to become the citizen of the country was $ 3 million which has been cut down and now you just need to purchase debt instruments worth $500000.
Steps involved in Citizenship Application in Turkey
- Firstly, you need to get your tax registration done in Turkey.
- Then you have to open a bank account in Turkey. For this, you would need to Tax registration document and number. This account is necessary for buying properties or making investments in fixed capital assets or debt instruments. You would need address proof for verifying your current address.
- The third step is to find the right properties and invest in them, or making an investment in a fixed capital assets or buying the public debt instrument.
- When you are buying the properties, you need to make a deed. It is the title deed registry. It is also known as the Notarised sales contract.
- The fourth step is to get the confirmation on the purchase of the property. You need to apply to the Ministry of Environment and Urbanization with your bank transfer receipt and the valuation documents.
- Now, you can apply for Turkish citizenship and residency to the Directorate General of Migration Management in Turkey.
Documents Requirement
- Certificate of Residence or address proof
- Birth certificate
- Records which show the relation with the dependents – Marriage certificates and birth certificates of the children etc.
- Death certificate of spouse in case of applicant being window.
- Health insurance of the applicant
- You need to provide twelve biometric photos of the applicant with complete white background
- Existing passport of the applicant
- Power of attorney
Along with the application form, you need to submit all these documents in both original and notarised translated manner.
How long does it take to acquire citizenship in Turkey?
According to the new regulations, the maximum time required for your citizenship application to get processed is three months. It is usually done within 2 months. Moreover, since there is no gestation period which means you do not require to wait for three years before applying for citizenship after investing, it further smoothens and shortens the process of obtaining the Turkish Citizenship.
Citizenship of the Dependents
According to the new citizenship act in Turkey, if you go by the investment procedure, then you can get the citizenship rights for your dependents as well without any additional application. Here Dependents means Spouse and Children. Children need to be less than the age of 18 years to get the citizenship as dependent
Any child born in Turkey becomes a Turkish citizen by birth. So, if you give birth to a child in this country, he or she will be a citizen of the nation automatically.
Conclusion
If you are interested in making some great investments in Turkey when the real-estate markets are gloomy in other parts of the world and also want their citizenship, then this is the perfect time for investing. With all the minimum investment requirements being cut down by an enormous percentage, it opens the door for many prospective investors.
Turkey is welcoming foreigners and investors and it is evident from the changes they made in the Act and regulations about the citizenship and investment.
FAQs
Generally speaking, countries with strong economies, attractive business regulations, quality infrastructure, and supportive, business-friendly governments offer the best environment for foreign entrepreneurs to start a business. Examples include the US, Australia, Canada, Switzerland, the UK, and Denmark.
The types of businesses you can start with a foreign business visa depend on the country in which you plan to do business. Generally, most countries will allow entrepreneurs to open a business, engage in commerce, and invest in businesses.
Yes. Depending on your nationality and the country in which you plan to do business, you will likely need to obtain a foreign business visa.
Yes, some countries may allow foreign entrepreneurs to start a business without a visa, depending on their nationality and the type of business being formed.
Yes, there is assistance available for foreigners who want to start a business in another country. Your local embassy can provide guidance and resources, and there are also various organizations, such as the International Trade Council, that provide assistance to entrepreneurs looking to start a business in another country.
Yes, it is possible to have an online business in any country. However, the regulations, taxes and processes for setting up and operating an online business may vary from country to country.
Yes, some countries may offer special visas for foreign investors. However, you should check with the target country’s embassy to confirm the visa requirements.
Yes, some countries may offer special incentives and concessions to foreign entrepreneurs looking to start a business in their country. It is best to check the specific regulations in the target country.
Depending on the type of business and the country, it may be possible to open a business without hiring local employees. However, you should check with the country’s laws and regulations before making any final decisions.
Yes, starting a business as a foreigner in another country may provide certain advantages, such as lower taxes and cheaper labour costs. However, it is important to properly research the pros and cons before making a decision.
