Turkish Citizenship by Investment in Real Estates:
The Turkish government passed the Turkish Citizenship by Investment Program Act in 2017 for granting Turkish resident status, citizenship and passports to foreigners who have made significant contributions to Turkey by means of investments in the country. According to the Turkish Citizenship Law No. 5901, a foreigner who invests in real estates in Turkey with an amount of not less than USD 1 million and agrees to hold the real estates for at least 3 years may obtain Turkish citizenship.
On 18th September 2018, the Turkish Parliament revised the Turkish Citizenship Act to lower the threshold for foreigners to apply for citizenship to encourage investments. A foreigner may obtain Turkish citizenship and passport by investing in real estates in Turkey with an amount of no less than USD$250,000 and agreeing to hold the real estates for not less than 3 years.
Turkish Citizenship by Investment in Bank Deposits:
According to the Turkish government's official announcements on 2nd January 2017, a foreigner may obtain Turkish citizenship by depositing not less than USD 3 million in a bank operating in Turkey and agreeing to hold the deposit for not less than3 years.
However, the Turkish government's official subsequent announcements on 18th September 2018 has reduced the required bank deposit from USD 3 million toUSD$500,000.
2. Eligibility Requirements
The applicant must be 18 years old or above;
The applicant’s spouse and dependent children aged below 18 years may be included in the application together with the applicant.
3. Investment Requirements
The applicant may choose any one of the following investment options for his/ her Turkish citizenship application:
Purchase real estates in Turkey with a value of no less than USD$250,000, and register the real estates in the local land registry. The real estates must be held for not less than 3 years before it can be sold;
Deposit a sum of not less than USD$500,000 in a bank operating in Turkey and promise to hold the bank deposit for no less than 3 years; or
Invest a sum of not less than USD$500,000 in Turkey's fixed capital investment, government bonds, real estate investment funds or venture capital funds, and promise to hold the investment for no less than 3 years.
4. Advantages of Turkish Citizenship by Investment Program
Low investment cost: No donations; no need to operate any business; the investor may just deposit with a licensed bank or buy real estates, the whole family can apply for citizenship and passports.
Fast return of funds: The investment cycle is short, and the real estates can be sold after 3 years.
Advantages of visa-free: Turkey is one of the EU candidate countries, Turkey passport holders can enjoy visa-free entry to more than 110 countries, including Japan, Thailand, Singapore, Hong Kong, Macau; Turkey is close to the Continental Europe, very convenient for travelling around Europe.
E2 Contracting State: With a Turkish passport, it is easy to apply for an American E2 visa, making it more convenient to go to the United States;
Low Requirements: No education and no language requirements, no need to explain the source of funds;
Convenient and fast: No quota, no appointment schedule and no residence requirements; passports can be obtained in 3 to 6 months and are valid for 10 years;
Dual citizenship: Turkey recognizes dual citizenship; Turkish government will not notify any other countries about the applicant’s Turkish naturalization;
Educational advantages: Turkey is rich in educational resources; with a Turkey passport, it will be easier to apply for entry to prestigious foreign universities, and it will more advantageous when applying for entry to first-class universities in the Mainland China.
5. Application Process
The application process of the Turkish Citizenship by Investment program is simple. The entire process can usually be completed within 3 to 6 months. The process includes:
Choose investment options / projects;
Apply for a Turkish tax number;
Arrange for a Power of Attorney (“POA”) to the local lawyer;
Set up a Turkish bank account;
Complete the relevant investment;
Prepare and submit relevant citizenship application documents;
Receive from the relevant authority the approval letter on eligibility for citizenship application;
Prepare and submit documents related to residency application;
Receive the residence card, valid for one year;
Submit passport application;
Received formal approval from the Turkish government;
Obtain a Turkish passport and ID card.
Note: The information in this article is for reference only, everything is subject to the contract.