Turkish Citizenship by Investment - Real Estate Investment in Turkey
Turkey, like many other countires in the world, allows its citizens dual nationality for those whom meet the criteria. Furthermore to this Turkey also offers potential buyers the opportunity to obtain Turkish citizenship by investment. However, in order to apply for this, there is some criteria that needs to be met and certain things that need to be considered:
- The value of the real estate to be purchased
- The amount to be kept in deposit accounts in Turkish banks
- Fixed capital lower limit
- Minimum number of people that foreign investors should employ (for those looking at opening a business)
The process of applying for citizenship has been made easier and quicker than ever, especially for those who follow the criteria. For those wanting to apply for Turkish Citizenship, they should know the process and the criteria well. If necessary, it may also be recommended to use consultary services to help in the process.
Let's take a closer look at the changing criteria for people who want to acquire Turkish citizenship by investment.
The Minimum Amount of Real Estate for Citizenship by Investment
A foreign citizen can apply for Turkish citizenship once they have purchased a real estate property worth at least 400,000 USD.
At this point, it is worth mentioning the following important point: The person who buys the real estate worth 400,000 USD (or more) can apply for Turkish citizenship, as well as his/her spouse and children (whom are under the age of 18), if appropriate. Another important issue is that the person applying for citizenship cannot sell the purchased real estate for at least 3 years.
Fixed Capital Amount
Persons who make a fixed capital investment of at least 500,000 USD can apply for Turkish citizenship.
Employment of Turkish Citizens
There is a certain number of people that foreign investors doing business in Turkey should employ here. A foreign citizen who employs at least 50 people is sufficient for the transition to Turkish citizenship.
Deposit Amount Required in Turkish Banks
Foreigners who want to acquire Turkish citizenship by investment are required to keep a certain amount of deposits in Turkish banks for 3 years. Foreigners who want to become Turkish citizens can have the right to apply for citizenship when they deposit 500,000 USD in Turkish banks with a 3-year maturity rate.
Important Things to Know About Turkish Citizenship by Investment
The criteria mentioned above are of great importance for the transition to Turkish citizenship. Foreigners who fulfill the required conditions can apply for Turkish citizenship. However, not everyone who has started the process will be rewarded citizenship; during this process, other issues that may prevent applicants from becoming Turkish citizens will also be investigated. If the minimum requirements for the application are met and there are no problems, the person is given the right to Turkish citizenship.
There are different ways to become a Turkish citizen. If it is desired to acquire Turkish citizenship through investment, an "investment eligibility certificate" is required as a prerequisite. For this, the following points should be noted:
- People who want to transition to Turkish citizenship by making a real estate investment must obtain the investment conformity certificate from the General Directorate of Land Registry and Cadastre under the Ministry of Environment and Urbanization.
- Persons who want to have the right to Turkish citizenship by holding a minimum amount of US dollar deposits in Turkish banks can obtain the investment compliance certificate from the Banking Supervision and Regulatory Authority (BDDK).
- Foreign investors who want to obtain Turkish citizenship through fixed capital can obtain the investment conformity certificate from the Ministry of Industry and Technology.
- Investment conformity certificate is issued by the Ministry of Family, Labor and Social Services for those who want to become Turkish citizens by creating employment for at least 50 people.
The above-mentioned institutions examine the application for the issuance of the investment conformity certificate and determine that the necessary conditions for the certificate are legally met. Subsequently, the document is issued and given to the applicant.
It is possible to become a Turkish citizen by using government debt instruments. Foreign investors who hold these vehicles for 3 years can also apply for Turkish citizenship. This amount is $500,000. People who want to have the right to Turkish citizenship by investment and use government debt instruments for this must also obtain a certificate of conformity. The authorized institution to issue this document is the Ministry of Treasury and Finance.
Another method for Turkish citizenship by investment is to invest in real estate investment fund participation shares or venture capital investment fund participation shares. For this, a minimum investment of 500.00 USD is required. People who invest at least $500,000 in these funds for at least 3 years are also entitled to apply for Turkish citizenship. For this, it is also necessary to obtain a certificate of conformity. The authorized institution for this document is the Capital Markets Board.
As you can see, there are many different options for Turkish citizenship by investment. Sometimes it can be difficult to choose the one that suits you best. Because it is often not possible to closely follow Turkey's economic situation, legal regulations in the field of economy and finance, and current developments. Therefore, if you want to have the right to Turkish citizenship by investment, you should definitely get a consultancy service in order to make the right choices and take the right steps regarding the method you have chosen.
