Can you buy Turkish citizenship?

Can you buy Turkish citizenship

Turkish citizenship allows you to live in the nation continuously and apply for an E-2 business visa to the United States. To get a passport, most investors purchase real estate worth $400,000 or more. Status registration takes three to six months. The investment will pay off in three years.

The Advantages of Turkish Citizenship

Turkey is recognised as a vocational country because of its pleasant Mediterranean temperature, breathtaking natural beauty, delicious food, and friendly people. However, its advantages are not limited to the weather and culture.

Investors become Turkish citizens in order to gain opportunities for successful investments, company development, the acquisition of liquid real estate, and the ability to get an E-2 business visa in the United States.

Visas are not required. Turkish nationals may travel visa-free to 110 countries, including Japan, Hong Kong, and Singapore.

There is the possibility of applying for an E-2 investor visa to the United States and relocating with the entire family. The United States and Turkey have inked an agreement on the issuing of this type of visa.

The E-2 visa is nonimmigrant, meaning therefore cannot be used to get a green card or petition for citizenship. It is valid for five years and can be renewed for another two years.

The E-2 visa has no minimum investment requirement. If you invest $800,000 in the American economy or create 10 jobs, you can obtain an EB-5 visa and a green card, which opens the door to Turkey citizenship by investment.

Convenient circumstances for acquiring Turkish citizenship. Investors are not required to give up their present citizenship and are not required to take examinations in the country’s language or history. Furthermore, the applicant is not required to dwell in Turkey in order to achieve or retain the status.

Social safeguards. Turkish nationals are entitled to free medical care and education in the country’s clinics and colleges. There are likewise no limitations on real estate and asset inheritance.

Until recently, one of the benefits of Turkish citizenship was the ability to relocate an entire family to the United Kingdom on a business visa (Turkish Businessperson Visa) in one to two months. There was no requirement for investment; just transferring funds or starting a business sufficed. After obtaining a Turkish Businessperson visa, you may apply for permanent residence in the UK and citizenship.

The Turkish Businessperson Visa programme will be phased down by the end of 2020. Its extension is now under consideration.

The possibility of becoming a European Union citizen. Turkey claims to be a candidate for membership in the European Union and is negotiating visa-free travel to the Schengen area.

Who may obtain Turkish citizenship by investment?

A foreigner who has not been convicted has not broken Turkish immigration regulations and has met the program’s requirements may receive Turkish citizenship.

The programme is not open to citizens of Armenia, Cuba, Nigeria, North Korea, or Syria.

Turkish citizenship is awarded to the investor’s spouse and children under the age of 18. Spouses’ parents and adult children can apply for residency in Turkey. A residency permit costs $5,000 per individual.

If the investor’s adult children and parents have their own sources of income, they cannot be included in the application. To get citizenship, they must apply as individual primary applicants and meet the investment requirements.

How to Obtain Turkish Citizenship Through Investment

Turkish citizenship can be obtained in three to six months. Turkish citizenship via investment is popular among foreigners. Up to half of all applicants are granted a Turkish passport in this manner. Almost the last two years, over 35,000 people have obtained Turkish passports in this manner. The applicant may select from one of six investment alternatives.

  1. Purchase of a $400,000 piece of real estate: When applying, this is the simplest and most common investment choice. You can purchase any type of property, including apartments, houses, commercial/industrial properties, and land.

It is not essential to purchase a single object; you may purchase many units totalling more than $400,000. The sole requirement is that no more than two months pass between transactions.

  1. A deposit of $500,000 or more at a bank: You can save money in any currency that the Turkish bank accepts. In 2020, the average interest rate on deposits in Turkish lira ranges from 6.75 to 15.5 percent, while interest rates in dollars range from 0.9 to 1.5 percent.
  2. Purchase of national securities starting at $500,000: government bonds and bills, as well as shares of investment firms specialised in real estate or venture capital.
  3. Purchase $500,000 in government bonds with a three-year commitment to safeguarding assets.
  4. Purchase of $500,000 in shares of investment funds specialised in real estate or venture capital ventures, with a three-year responsibility to safeguard assets.
  5. Start a firm with a $500,000 investment or create at least 50 employment.

Turkish citizenship investments are recoupable. After three years, you can sell the bought documents or real estate or close the deposit. If you’re lucky, the investment will pay off.

Turkey’s property prices: a market overview

Purchasing a property is the most common way to gain Turkish investment citizenship. In contrast to several of these initiatives, foreigners do not require permission to purchase real estate.

In Turkey, there are numerous real estate properties to suit every taste: cheap flats, apartments in sophisticated residential complexes with their own infrastructure, penthouses, mansions, seaside villas, and commercial spaces. Typically, investors purchase property in Istanbul, Antalya, and Ankara.

A one-room apartment in a regional city costs between $30,000 and $50,000, and villas with multiple bedrooms start at $100,000.

An investor can purchase one of the following for $400,000:

  • a two-room apartment in Istanbul with an area of 80 m2; a three-room apartment in Antalya with an area of 170 m2; and a villa by the sea in Alanya with an area of 200 m2.

Turkish real estate may be a lucrative investment. In Istanbul, the nominal value of real estate doubles every five to 10 years. House prices in the nation often grow by 5 to 20 per cent every year.

Taking into account strong inflation, the real price growth is relatively moderate, ranging from 2 to 6.5 per cent every year. Prices even declined somewhat between 2015 and 2019. Rent will add another 5 to 8 per cent every year.

Turkish real estate is among the most affordable in Asia. A square metre costs between $450 and $800 on average. Housing is relatively liquid; most houses are sold within a few months.

Foreigners are driving the demand for houses in Turkey, despite the country’s economic challenges. The depreciation of the Turkish Lira works in their favour because there are numerous properties on the market at reasonable costs.

Stages of acquiring Turkish citizenship through investing

Obtaining Turkish citizenship by investment occurs in several phases.

  1. Fulfilling programme criteria, such as searching for and purchasing real estate, creating a business, purchasing stocks, or opening a deposit. You will also need to create a bank account and receive a taxpayer identification number to do so.
  2. Gathering the appropriate documentation. In addition to usual documentation such as a questionnaire, a copy of your passport, proof of state fee payment, and pictures, you will need:

1- a certificate of police clearance;

2- a notarized permit for local officials to process the applicant’s data Government agencies will have access to information on your bank accounts, assets, and real estate as a result of it.

3- papers demonstrating investment implementation: for example, a cadastral service certificate of compliance, a market evaluation report, an extract from a bank or investment fund, and component documents.

4- All papers from other countries must be translated into Turkish, notarized, and apostilled.

  1. Obtaining a temporary residency permit. This document was issued without incident. It is sufficient to state the purpose – obtaining investment citizenship.
  2. Applying for citizenship at the Turkish register office or the Turkish embassy in another country. You must add a copy of your residency permit and provide biometric data to the previously assembled packet of documents. Within three months, the application will be reviewed. During this period, the Turkish Ministry of Internal Affairs will examine the paperwork, and the president will sign the decision to give citizenship.
  3. Apply for a Turkish passport. The applicant visits Turkey and obtains a passport. If this is not feasible, a lawyer can get the papers.

Other options for obtaining Turkish citizenship

Aside from investing in the Turkish economy, there are various additional options for obtaining Turkish citizenship:

  • After three years of marriage, by marriage
  • By birth – acceptable for people who have at least one Turkish citizen parent.
  • By employment – after five years of contract labour.
  • By naturalisation, after five years in Turkey. Another essential criterion is that you cannot leave the nation for more than six months during this time. To apply, you must additionally demonstrate knowledge of the Turkish language, a job, or a suitable amount of money.

Purchasing any property is the simplest way to obtain an initial tourist home permit. Another option is to purchase $100,000 in real estate to obtain a permanent residency visa. A permanent residency visa will be issued for two years, with the option of extending it for another three years.

For exceptional performance in science, industry, culture, or sports (Turquoise Card).

Who could be interested in gaining Turkish citizenship?

Citizenship by investment in Turkey is appropriate for people seeking to live permanently in the nation, receive an American E-2 investor visa, or have a “safe haven” in the event of a domestic disaster. Furthermore, having the status of a citizen permits you to purchase real estate at advantageous financing rates.

Turkish citizenship is not appropriate if the investor wants to travel to the United States, Canada, Europe, Great Britain, or China, minimise taxes, or expand the company in Europe. Choose citizenship from Malta, Montenegro, or the Caribbean in certain instances (Antigua and Barbuda, Dominica, Saint Lucia, Grenada, Saint Kitts and Nevis and Vanuatu). They all allow you to gain citizenship for your entire family without having to live in the countries listed or understanding their original languages.

A Maltese passport allows you to live, work, and do business in any European Union nation, as well as travel without a visa to Schengen, the United States, and the United Kingdom. It also gives you access to the European financial system.

Montenegrin citizenship entitles you to visa-free travel to Schengen nations, where you can stay for 90 days out of 180. Furthermore, if you have a passport from Vanuatu or another Caribbean country, you can enter the UK without a visa and remain for up to six months.

If you have any queries or would need a thorough breakdown of the actual costs, please contact us and we will be happy to assist you.

Arnold Bloom

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