Citizenship by Investment in Turkey: A Complete Guide in 2023
Are you considering Citizenship by Investment in Turkey? The country’s rich culture, history, and beautiful landscapes make it easy to understand why. The Turkish Government has allowed foreign citizens to gain citizenship by investing in Turkey.
The Turkish Government launched the citizenship by investment program in 2017, allowing foreign investors worldwide to purchase Turkish citizenship if they meet certain financial criteria. This program allows applicants to receive a full and permanent residence permit within three to six months of applying.
In this blog post, we will look at the investment requirements, what documents are needed to apply, and other important details so that you can make an informed decision. With comprehensive information, you can be sure that your citizenship by investment journey in Turkey will lead you on a path toward success. Now let us take a closer look at it!
Overview of Citizenship by Investment in Turkey
The Turkish Citizenship by Investment program is an attractive option for foreign investors seeking access to many benefits, including visa-free travel to many countries, a stable economy, and easy European access. It also provides potential tax advantages and a high quality of life.
When the Turkish Government first unveiled its citizenship by investment program, they set an entry cost of a minimum of $1 million. However, due to the exorbitant cost, the number of applicants was minimal. In mid-2019, the Government reduced the figure to $250,000 to increase the appeal and stimulate interest from foreign investors. As a result, the Turkish Government now makes an average of $250 million per month through this initiative.
The recent popularity of this program brought demand. Due to this application surge, the minimum investment amount has been raised even further – increasing from $250,000 to $400,000. That is indicative that Turkey’s citizenship by investment program is becoming increasingly attractive despite its higher costs.
In addition to these financial requirements, other conditions must be met, such as having no criminal record and proof that you have no contagious diseases. Applicants must also demonstrate sufficient language proficiency in either Turkish or English.
Once approved for the program, foreign investors are granted fast-track citizenship within three to six months. That allows them to enjoy the same rights as a regular Turkish citizen, including free education until the university level, full access to public healthcare services, and prime properties for sale in Turkey.
The Citizenship by Investment program’s success has been widely recognized nationally and internationally. It has been credited with attracting foreign investors and helping boost Turkey’s economic development.
Benefits of Citizenship by Investment in Turkey
Turkey’s Citizenship by Investment program offers applicants a wide range of advantages. The most prominent benefits are its quick and easy access to citizenship, visa-free travel, family reunification, profitable investment opportunities, and many more. Some of them are discussed below:
Easy Path to Citizenship:
It is one of Turkey’s quickest and easiest ways to obtain citizenship. The program requires a minimum investment of $250,000, which can be made through a real estate purchase, deposit into a Turkish bank account, or investment in a Turkish company. Once the investment is made, applicants can apply for citizenship within 6-12 months.
Easy Schengen Visa:
Turkey is not a member of the Schengen Area, but Turkish citizens have visa-free travel to all Schengen countries. This benefit is available to all Turkish citizens, including those who obtained citizenship through the Turkish Citizenship by Investment program. That makes it easy for investors to travel to Europe for business or leisure without applying for a Schengen visa.
Another benefit is that it allows for family reunification. That means once an applicant obtains citizenship, their spouse and dependent children under 18 can also apply for citizenship. This benefit is especially beneficial for families with young children who want to provide them with a stable future and access to quality education and healthcare.
Turkey recognizes dual citizenship, which means that investors who obtain Turkish citizenship through the Turkish Citizenship by Investment program can retain their existing citizenship(s). This benefit is especially beneficial for investors who want to maintain their current citizenship(s) while obtaining Turkish citizenship.
Easy Access to E2 Visa:
The E2 visa is a US visa that allows investors from certain countries to live and work in the United States. Turkey is one of the countries that qualify for this visa, so Turkish citizens can easily obtain an E2 visa. This benefit is especially beneficial for investors who want to live and work in the United States but are not eligible for other US visas.
The Turkish Citizenship by Investment program offers several benefits, but one of the most important is that it provides investors with a profitable investment opportunity. That is especially beneficial for those wishing to expand their business operations or looking for sound investments that could yield returns over time. In addition, there are no restrictions on how investors can use their profits, meaning they can reinvest them back into Turkey or take them out of the country as they see fit.
As of March 2023, Turkish passport holders can travel to 75-111 countries and territories without obtaining a visa. That includes popular destinations such as Japan, Brazil, and South Africa. Moreover, citizens of six European nations, namely Austria, Spain, Netherlands, Poland, Belgium, and Great Britain, will now be eligible for visa-free travel to the country. This initiative is a major step in boosting the tourism industry of Turkey while also providing an incentive for other European partners to consider a similar approach.
Eligibility Criteria for Turkish Citizenship by Investment
Those who are eligible for Turkish citizenship by investment must meet certain criteria. The application process is open to applicants aged 18 and over with no criminal history and has obtained their funds legally. Applicants must also demonstrate that they have completed due diligence on their proposed investment before applying. In addition, those who have never stayed in Turkey illegally can apply for an Investment Visa. Furthermore, no specific economic or educational criteria are required to qualify for an Investment Visa in Turkey.
Other ways to Obtain Turkish Citizenship
Obtaining Turkish citizenship is an attractive option for many people who seek to invest in the country and move there. The most common way to get Turkey citizenship is through investment, which requires applicants to make a certain amount of financial commitment. Other ways include:
Government Bond Investment:
- Purchase at least $500,000 worth of government bonds.
- Keep the bond for at least three years to complete citizenship.
- Invest in a business that employs at least 50 people.
- A capital investment of at least $500,000 is required to meet the necessary criteria for obtaining citizenship.
- The business must remain operational for at least five years before citizenship can be obtained.
- Deposit at least $500,000 into a Turkish bank account.
- The deposit must remain untouched for three years to complete the process successfully.
Real Estate/Venture Capital Fund Investment:
- Invest at least $500,000 into a real estate or venture capital fund share and keep it there for three years consecutively.
- If a foreigner lives in Turkey with a valid residence permit continuously for five years, they may be able to obtain Turkish citizenship.
Application Process for Turkey Investment Visa
Applying for a Turkish Investment Visa is relatively straightforward and involves several steps.
- First, you must identify a qualifying investment. Options include purchasing real estate or shares in a Turkish company with a minimum value of 250,000 USD or investing at least 500,000 USD in government bonds. After finding the right investment, you must obtain a Certificate of Eligibility from the Ministry of Economy in Turkey.
- Once approved for the Certificate of Eligibility, applicants must open a Turkish bank account. That will enable them to make their investment in Turkey and apply for residency permits. The Ministry of Interior issues residence permits valid for up to two years. It is renewable each year after that as long as an applicant meets the requirements for renewal.
- When applicants have made their investments and received their residence permit, they can apply for Turkish citizenship after living in Turkey continuously for five years. Applicants must meet specific financial criteria regarding their investments and be able to demonstrate strong ties to the country through language proficiency tests or other means. Upon completing all these requirements, individuals can receive Turkish citizenship by law and enjoy its full benefits!
What Is the Procedure for Acquiring a Certificate of Eligibility to Invest in Turkey?
To receive a Certificate of Eligibility for a Turkey Investor Visa, you must apply to the relevant government institution based on the investment type.
- A foreign investor who plans to purchase real estate in Turkey should apply to the Turkish Land Registry and Cadaster of the Ministry of Environment and Urbanization with all necessary documents to obtain the certificate.
- For capital investments such as providing start-up funds or foreign venture capital, you must submit an application through the Incentive Application and Foreign Capital Office at the Turkish Ministry of Industry and Technology to receive your Certificate of Eligibility.
- Those who wish to open a deposit account at a Turkish bank must submit their application through the Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency.
- Applicants seeking government bonds must apply for their certificate through the Turkish Ministry of Treasury and Finance.
- Lastly, investors interested in purchasing real estate or capital investment fund shares should hand in their request forms from the Department of Brokerage Activities under the Capital Markets Board of Turkey.
Documents Required for Turkey Investor Visa Application
Applicants for a Turkey Investor Visa must provide a range of application paperwork. That includes an up-to-date valid passport, proof of investment into Turkish business or real estate, a Turkish Tax Identification Number (TIN), evidence of no previous illegal stay in Turkey, proof of payment for associated taxes and fees, criminal background checks, original birth certificate, two passport-size photographs, relevant marriage certificate if applicable, a divorce certificate if applicable, death certificate if applicable and health insurance coverage valid in Turkey.
Citizenship by investment in Turkey is a wise decision for anyone looking to secure a future for themselves and their families. Turkey has something to offer everyone with its economic incentives, cultural attractions, and diversity of opportunities. Furthermore, the Government’s policies are friendly towards foreign direct investment and create an environment encouraging international connection and collaboration. Therefore, leap into permanent residency or citizenship today and experience everything Turkey offers!