Frequently Asked Questions About Turkey Citizenship By Investment
There are many investors who are ignorant of the existence of this feature, as if you are an investor with Turkish citizenship, you will be allowed to enter America as a Turkish investor and reside there for two years. This law is applied to countries that have trade and investment treaties with America, such as Turkey. There are a number of Turkish citizens who are forced to give up Turkish citizenship in some countries as a result of obtaining other citizenship.
Whatever your main reason is, acquiring citizenship of Turkey by investing into real property or business there is fast and easy. Please read on to find out what conditions have to be met and what documents need to be collected to become a Turkish citizen. We are going to dwell on the Turkish law “On Citizenship” and other relevant matters.
Legislation On Citizenship Of Foreign Investors
Two other options for receiving a passport by investment were also eased. The applicant could qualify by employing 50 Turkish citizens, down from 100, or by investing $250,000 in the real estate market, half the previously required amount. The operable assets, rights and transactions are similar with those which are counted above. The goal of venture turkish citizenship by investment capital investment fund in essence is to provide the resources to entrepreneur companies with development potential. These two instruments stated in Art.20/2 are investment partnerships regulated and controlled by Capital Markets Board of Turkey. These instruments have been benefitted especially for bigger projects as a financing device.
You can expedite the process and apply remotely before going to Turkey for a three day trip, during which you would purchase the real estate and go home with your deed title. It also has one of the highest GDP rates per capita when compared to other countries that offer citizenship by investment. Three years ago, we didn’t think that the Turkish citizenship by investment program was going to amount to much. They had just launched it back in January 2017 and with the entry cost of at least $1 million, there weren’t many takers.
Turkey Citizenship With Bank Deposit
To understand the program’s success, in the first 24 months, 10,000 applicants have been approved and received citizenship rights. Since Turkey maintains a visa treaty with the USA, Turkish citizens can invest a significant amount (typically $120,000 (≈₹87 lakhs) or more) in owning at least 50% share of a U.S. business and obtain the E-2 visa. This visa allows foreign investors to live, work and study in the USA for two years initially. Once you receive the residence permit, you can directly apply for citizenship without appearing for an interview or being physically present in Turkey.
What’s more, Turkey brings in an average of $250 million a month from its foreign investors. Once you have held onto your investment for the minimum period of 3 years, you will become a Turkish citizen for life, as will your spouse and children. A Turkish passport would grant you visa free/ or on arrival access to 115 countries, including Japan, S. Korea, and the majority of S. Turkish citizens also benefit from easy visa access to the US, UK, EU, Canada, and Australia. Apply for citizenship in a G20 country, with twice the GDP of Portugal and Greece combined.
Turkey Citizenship In General Terms
The official name of Turkey is the Republic of Turkey and it occupies 2 continents, Asia and Europe with 8 neighbouring countries, Greece, Syria, Azerbaijan, Georgia, Armenia, Bulgaria, Iraq and Iran. Possibly the most striking feature is the investment thresholds, which were lowered by the Turkish Government, making their CBI program arguably the most attractive in the world. Transfer the investment amount & any applicable fees into an approved ESCROW account. Turkish citizenship program offers efficient routes to relocating to both the UK (Turkish Business Person Visa and USA (E-2 Investor Visa). There is no residency requirements for the program, although you must travel to Turkey for completion of biometrics. You can take your investment back after three years with its legal rate of interest.
Therefore, property amounts under $ 1 million purchased before this date are not sufficient for citizenship applications. Foreign investors are required to deposit a minimum of USD 500,000 or equivalent amount of foreign currency or Turkish lira deposit or participation fund in any bank operating in Turkey, with the condition of keeping for 3 years. The investment must be determined by the Banking Regulation and Supervision Agency. Foreign investors should make a minimum capital investment of USD 500,000 or a different foreign currency or Turkish lira equivalent. This amount, which was USD 2,000,000 before, was reduced to USD 500,000 after the amendment. The capital investment made should be determined through the Ministry of Industry and Technology.
Do I Have To Waive My Existing Citizenship When I Am A Turkish Citizen?
Additionally, your future children will also be born as a citizen of Turkey. If you choose to get other passports, the programme lets you multiple passport option in resident permit turkey addition to Turkish citizenship. By checking our portfolio, you can see what projects provide this amenity at the other amenities section marking with a checkmark.
A Turkey citizenship by investment specialist can offer more detailed information on the program requirements. Moreover, if you opt for the property investment pathway, you are obliged to pay some tax. The Turkish Citizenship by Investment Scheme is one of the most attractive programs purely because it’s so straightforward to receive a Turkish passport. Have a passport in your hands within four months, with no minimum residency period required and visa free travel opportunities. The most important issue in the payment of the purchase price of real estate is that all payments must be made from the buyer’s bank account to the seller’s bank account.
How Does The Application Process For Turkish Citizenship Work?
In Turkey,we have an extensively large real estate database of properties that are currently on sale at the market. We can pick you up real estate of any comfort class, from condominiums to luxury apartments and modern villas with the Smart Home system. Since you authorize a proxy to perform all the necessary procedures related to this process, you grant the right to receive a Turkish tax number and open a bank account in your name. For example, you empower your authorized person to buy real estate in your name and apply for Turkish citizenship on your behalf under the Turkish Real Estate Investment Program. If you want toobtain a second citizenship, the fastest and most reliable way is to use theTurkish real estate investmentprogram. Our experts are ready to help you go through the procedure for obtaining Turkish citizenship remotely, based on the power of attorney provided to us.
In May 2017, the Turkish government introduced the Citizenship by Investment Program , under which applicants were required to invest 1 million dollars to obtain a Turkish passport. As one might suppose, not many people found this program attractive and the Turkish market did not experience the expected increase of foreign capital. Foreigners who obtain the certificate of conformity shall initially apply to the Provincial Directorate of Immigration Administration for a residence permit and then to the Provincial Directorate of Census and Citizenship for citizenship.
What Countries Does The Turkish Passport Allow You To Enter Without A Visa?
We work with real estate agents from all provinces of Turkey to find the best residential or commercial property as per request. Foreigners can obtain Turkish citizenship by buying real estate whose total worth is more than 250,000 USD or equivalent. The residence permits granted within the scope of subparagraph the Article 31, can be issued up to five years and the residence permit cards are mailed to the residence address of the foreigner in Turkey within 2-4 weeks. Our law firm is now one of the leading Turkey Citizenship law firms in Istanbul, Turkey. You may reach us for Turkey Citizenship by Investment through our Contact page.
Thus, foreigners who own real estate in Turkey worth a minimum $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship. Turkey’s housing sales to foreigners have presented an upward trend since 2012, the year when parliamentary law made it easier for foreign investors to purchase real estate in the country. Turkish passport holders are able to travel visa free to 110 countries worldwide. Turkish citizens are also eligible to apply for US residency via its E-2 Investor Visa Programme. Applicants need to invest in and own at least a 50% share in a US business to be eligible. Although there is no minimum investment required, a figure of around $120,000 is advised in order to guarantee a successful application.