The Turkey Citizenship By Investment Program
Turkish law regarding acquisition of citizenship has recently been updated . Under the new regulations, foreign citizens who meet one of the requirements described below will be eligible for Turkish citizenship via an investment visa. First of all, the right to sell the real estate after 3 years is granted to the foreign investors by laws. So, it should not matter if the Turkish work permit real estate is sold back to the previous owner or somebody else. We cannot know how this inquiry will be held and according to which criteria the authorities will conclude that there is a fraudulent sale. The current language of the rule is against the basic principle of “legality of sanctions.” I hope there will be more clarity in the future about this restriction.
The Turkey Citizenship-By-Investment Program offers eligible individuals and their families the opportunity to obtain full legal citizenship and passports upon making a qualifying investment in Turkey. When selling real estate, you must pay sales tax – 2% of the value of the property from the seller and the buyer. A Maltese passport allows you to live, work and conduct business in any country of the European Union, travel without Turkish work permit visas in Schengen, the United States and the United Kingdom, and also provides access to the European banking system. Two-storey villa with a swimming pool in the center of Belek for $ 350,000. Turkish citizenship is granted to the spouse of the investor and children under 18 years of age. Furthermore, the parents of the spouses or their adult children can obtain citizenship if they are financially dependent on the investor.
Do I Need To Live In Turkey In Order To Apply For Turkish Citizenship?
As we already mentioned, not many people were interested and the buy-in was low. But since they drastically dropped the rates, Turkey’s staying permit turkey CBI program has flourished. And the final nail in the coffin was the massive surplus of real estate that just sat there.
We will manage everything for you, buying, renting, reselling your properties, we provide all real estates services in more than 20 tourist and trading regions in Turkey for all seekers around the globe. Years of experience in the Turkish real estate market, our team can find what suits you in Turkey. The Council of Ministers is the competent authority charged with deciding whether to grant citizenship to foreigners, and therefore, even if the above conditions are met, they reserve the right to consent.
Turkey Citizenship Application In General Terms
With a Turkish citizenship, you can take advantage of interstate agreements of the Republic of Turkey for moving to the UK and the United States. The costs for Turkish citizens for obtaining residence permits in these countries are significantly lower than for citizens of other states. From July 2016 to July 2020, 9,011 foreign investors took part in the program. The total amount of investments during this time amounted to 3 billion 261 thousand dollars. An expert appraisal of the real estate will cost about $150 before concluding a purchase and sale agreement. Another thousand dollars in total will be necessary for translation of documents, their notarization, powers of attorney, etc.
Until recently, one of the advantages of Turkish citizenship was the opportunity to move the whole family to the UK on a business visa in one to two months. No investment was needed – capital transfer or opening of a business was enough. After moving to the Turkish Businessperson Visa, you could apply for permanent residence in the UK and citizenship of the country. The expert staff of our office will show the necessary care to perform all transactions on your behalf in the fastest way possible. A citizenship by investment program is a scheme set up by a national government to attract foreign investment. They do so by granting citizenship to people who invest a certain sum in the country through one of various pre-approved investments.
In addition, in order to obtain Turkish citizenship, the purchase must be confirmed by the Ministry of Environment and Urban Development of Turkey (Çevre ve Şehircilik Bakanlığı). Yes, and since Turkey allows dual citizenship, you can maintain your original nationality. The total value of the properties you are purchasing must be at least $250,000.
Our Turkish immigration lawyers also represent our clients in other immigration law issues including; extending resident and work permits, application for Turkish citizenship, filing a law suit to cancel any objections. Applicants can resident permit turkey choose whether to make a $250,000 USD investment in real estate or maintain a balance of at least $500,000 USD with a Turkish bank. Both the real estate investment and the bank deposit must be maintained for at least three years.
Properties sold or subject to a sale promise must be registered in the name of Turkish citizens. Furthermore, they should not be any properties transferred by a foreign real person after 12 January 2017. Inquiries about properties may be made online atparselsorgu.tkgm.gov.tr, where specific details of the city, district, quarter/village, map section, and plot may be used to look up the property. Basic information on the real estate property, including its current status, is thus accessible online from anywhere in the world. As a result Turkish citizens can apply for E-2 investor visa to United States. The most popular places for foreigners buying property in Turkey is Istanbul, Izmir, Ankara.
Please also note that the foreign currency amounts mentioned above shall be determined based on the currency exchange rate or cross foreign exchange rates of the Turkish Central Bank at the date of application. In this regard, the process of acquiring Turkish citizenship by way of investment based on the investment type is explained in detail below. With the Presidential Decree No. 106 published in the Official Gazette dated September 19, 2018, the amendments to the Regulation reduced the amount of investment required for acquiring Turkish citizenship. In addition to the purchase of real estate, there are Government fees to be paid. • “Hereby I undertake that under Article 20 of the Regulation on Implementation of the Turkish Citizenship Law for 3 years, I shall not sell the real estate which I purchased for the purpose of acquiring Turkish citizenship”. • The real estate to be purchased must be appraised by an appraisal company licensed by CMB .
As outlined above foreigners shall reside in Turkey legally for longer than five years to become eligible for Turkish citizenship applications. Alternatively, foreigners who reside in Turkey for longer than eight years also become eligible to obtain an indefinite term residence permit if they do not wish to switch to Turkish citizenship. Such valid longer term stay in Turkey could be achieved with different methods.