What You Wonder About Getting Turkish Citizenship by Investment
Legal provisions on the acquisition of Turkish citizenship made it easier for foreigners to invest in Turkey. General rules are as follows:
- Bringing a minimum of $500.000 of fixed capital investment.
- Purchasing a real estate property worth a minimum of $250.000, provided that it is not resold before the third year of the purchase.
- Depositing a minimum of $500.000 in Turkish banks, provided that it not withdrawn for three years.
- Enterprising with at least 50 employees.
Turkish citizenship will be granted by the President of the Republic to the foreigners whose investments of fixed are identified by the Ministry of Industry and Technology. In accordance with the relevant legal regulations, the foreigners who made fixed capital investment will submit written application together with the necessary documents (investment information form, trade registry document showing the trade partnership structure, special purpose report, foreign investment proof that it has been transferred directly to the company capital, etc.). While calculating the fixed capital expense for future applications, the expenditures made within the last 3 years will be taken into consideration. In the event of an additional capital investment made in addition to an already existing investment, the increase in the start of the additional investment will be taken into account.
It is also possible for foreigners to obtain Turkish citizenship if they purchase a real estate property worth a minimum of $250.000 determine by the Ministry of Environment and Urbanization and can be documented by the deed title, provided that they don’t resell it within the first three years.
In this context;
- In order to determine the amount of the property reported in the application, it is required to prepare an immovable valuation report in accordance with the Capital Markets Board valuation standards by the Capital Markets Board licensed valuation companies.
- The dollar-denominated amount of the property in the valuation report showing the fair market value of it, will be calculated based on cross rates or the effective selling rate announced by the Central Bank or the Republic of Turkey.
- The foreigner who bought the real estate; will accept and declare that they will not sell this immovable property within the 3 years in order to acquire Turkish citizenship.
- Deed registration on behalf of the foreigner will be made after the completion of all this procedure.
All investment types are for 3 years. Together with the foreigner, his or her spouse and all children under the age of 18 will gain Turkish Citizenship and will remain a Turkish citizen for life. The children born later will be Turkish citizens as well. Citizenship applications of those who apply with wrong or misleading documents will be suspended and other applications will not be taken into consideration even if they meet all the criteria. Hence, it is crucial to get consultancy during the application and evaluation process. Additionally, foreigners who buy a house in Turkey and their families are entitled to a residence permit extended for periods of time.
With the residence permit, children of these foreigners living in Turkey have the right to get an education. The foreigners can also find a job in Turkey, and it is easier for companies to obtain work permits.