Turkey Citizenship by Investment
From the Romans to the Ottomans and beyond, Turkey is one of the most historically, politically, and economically important nations in the world. It straddles Eastern Europe and western Asia with cultural connections to the ancient Greek, Persian, Roman, Byzantine, and Ottoman empires. Ankara, its capital, reflects its varied history architecturally, with buildings from those empires standing brick by brick next to more modern structures. Ankara holds a great deal of significance for secular Turks—it’s the place where a new era for Turkish citizens started after the Turkish War of Independence and is a symbol of independence, development, and progressive values.
Turkish citizenship by investment
To encourage foreign direct investment and accelerate expansion in the nation’s real estate sector, the Turkey Citizenship by Investment Program was introduced in January 2017. The program gives applicants a variety of options for economic contributions to Turkish society that will advance the economy of the nation. Its foundation is laid down in Act No. 5901, the nation’s Citizenship Law, and in Regulation 2016/9601, which was approved and became law by the Council of Ministers.
One of the simplest ways to get a second passport is to invest in Turkey, which has even simpler regulations for attracting foreign direct investment. Following the enormous success of the residency schemes in Spain, Portugal, and Greece, Turkey’s citizenship by investment program became well-known. Additionally, Turkey’s role as a gateway to markets in Europe and Asia is the main factor motivating foreigners to apply for an investment visa.
So, we are here to help you get more information. Do you know what benefits come with becoming a citizen of Turkey? Are you even qualified for the program for Turkish investment visas? If not, what can you do to meet the criteria requirements?
Why invest in Turkey?
The following financial and non-financial factors can be used to justify picking Turkey as the best location for investment properties:
Turkey’s history and geographic position: Turkey is attractive to everyone because of its rich history and cultural legacy. Turkey has access to over 1.6 billion clients in Europe, Asia, the Middle East, and North Africa thanks to the Aegean Sea, Black, and Mediterranean Seas that encircle it on three sides.Istanbul is the only metropolis that spans both Asia and Europe, making it the country’s economic hub. With low prices in comparison to other big cities, it is also among the cities with the fastest growth rates in the globe.One of the things that draw international investors to Turkey is the fact that non-Turkish nationals can enjoy all the rights of Turkish citizens in all facets of life and for all kinds of investment goals.
- Turkish has low taxes: In addition to providing incentives for strategic investments, large-scale investments, and local investments, it is one of the primary reasons to invest in Turkey.
- The Turkish economy is strong: the Turkish economy is ranked as the fifth largest within the European Union and as the thirteenth largest economy in the entire world. Turkey’s economy is institutionalized, having received 144 billion USD in investment over the past ten years. Additionally, Turkey’s economy is expanding steadily, with average yearly GDP (gross domestic product) growth of 5.6% between 2002 and 2016. With an average annual GDP growth rate of 5.4%, the Turkish economy is predicted to see one of the fastest growth rates among OECD nations between 2017 and 2020.Turkish citizenship through real estate investment may be earned by foreigners who have invested $400,000 in an immovable facility, and this citizenship extends to the investor’s immediate family members as well.
- Turkish natural resources increase investment in real estate: Turkey’s abundant natural resources and pleasant climate draw a large number of tourists each year, and by placing an investment near a natural source, substantial earnings can be made.
- Turkish labor is less expensive: Turkey offers cheaper labor than the USA and Europe. Therefore, if you run a business, this will undoubtedly boost your earnings.
Living is affordable in Turkey; the cost of necessities like food, clothing, and fruits and vegetables is typically lower in Asia than in Europe.
Turkish investment projects are priced affordably; property costs are computed in Turkish Lira, making them significantly less expensive than those in Europe and the US.
Turkish top investment cities
The finest cities in Turkey for investing may astound investors, despite the top two cities’ rankings. The investment projects are situated in Istanbul, the country’s economic and political hub, as well as Ankara, Izmir, the Aegean Sea’s pearl, Bursa, and Antalya, the city of sun and sea. Real estate investors are drawn to Turkey since each city has its own distinctive and lucrative investment locations. In recent years, both foreign and domestic investors have kept a careful eye on Turkey, particularly in the real estate industry.
Benefits of the Turkey Investment Visa
- Straightforward, simple investment plans
- Processing time: 3-6 months
- There is no residency requirement.
- There are no language requirements.
- Visa-free access to 110+ countries
- No personal or worldwide income tax
- Dual citizenship is permitted.
- inclusion of dependent children under the age of 18. Adopted children can be included.
- Citizenship is transferable by descent.
Investment Options in Turkey
There are three ways for a foreigner to invest to receive a Turkish passport.
- Property: Real estate investing offers a variety of opportunities. To buy any form of property in Turkey, a person must invest $400,000 in real estate. A villa, an apartment, or land can be purchased. Furthermore, as real estate is often not overpriced, there is no need to obtain pre-approval before purchasing a property. An investment in a residential property valued at a minimum of USD 400,000 is required for the right to Turkish citizenship and a passport. This property must be held for three years.
Job Creation: Creating jobs for atleast 50 Turkish citizens is another way to obtain Turkish nationality through investing. So, to obtain citizenship, start your own business and outsource some of the work. Considering the costs involved in founding and maintaining a nation, it seems sensible to seek legal counsel. Therefore, employ locals and operate a lawful international firm if you want to learn more about Turkey’s business environment.
Capital Switch: Foreign investors can make a capital investment even if they don’t want to deal with the business world or invest in real estate. The current minimum capital investment requirement for Turkish citizenship is set at $500,000.
Turkey passport requirements
As an investor, you can become a Turkish citizen with no residency requirements. This means you can obtain a Turkish passport six months after you invest, without ever living in Turkey.Additionally, you can hire representatives to handle your investment, visa application, and citizenship processes, like the advisors and legal experts at Golden Visas. As such, you do not have to be in Turkey for your investment or visa application, if you so wish.However, you may need to enter Turkey to oversee your investment. For example, if you are purchasing real estate, you will have to go and check the property or compare different options.
Turkey Visa-Free Travel
With a Turkish passport, you can travel visa-free to more than 115 nations, including Qatar, Japan, Argentina, South Africa, and Ukraine. Some of these nations permit access with a visa on arrival or an online visa, even if the majority of these nations don’t require a visa in advance. Additionally, the benefit of having visa-free travel to numerous European countries in the Schengen region with a Turkish passport is anticipated to be offered shortly as a result of agreements and talks between Turkey and the EU.
How can I apply for a visa for investment in Turkey?
The following steps are involved in applying for a Turkish Investment visa:
Pick an acceptable investment: Depending on your resources, family structure, and end goals, you should consult your experts (such as those at La Vida—Golden Visas) to establish which investment is appropriate for you.
Obtain an eligibility certificate: there are various authorities in charge of granting a certificate of eligibility depending on your investment. For real estate investments, for instance, you must contact the Turkish General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
Open a bank account in Turkey: You must open a bank account in Turkey and deposit funds there.
Apply for a Turkish residence permit: once your investment is approved, you can apply for a residence permit at the Turkish Provincial Directorate of Immigration Administration. The residence permit is issued immediately after, and you can use it to live in Turkey while finalizing your investment and applying for citizenship.
Make your investment: You have to finalize your investment and collect all required documents (certificates, translations, etc.) for the citizenship application.
Apply for Turkish citizenship
As soon as you have made your investment, you can submit your application for Turkish citizenship at the Provincial Directorate of Census and Citizenship. This application is usually resolved within four months.
How do I get Turkish citizenship?
There are various ways to get a Turkish passport:
- By making investments with $400,000 and by getting married.
- If at least one parent is Turkish by birth.
- After five years of employment.
- After five years of residence in Turkey;
- and for exceptional merits and noteworthy accomplishments
How much money is needed for Turkish citizenship?
Investors most frequently purchase real estate for $400,000 or more to qualify for a Turkish passport. Other choices involve $500,000 in investments in securities, business ventures, or bank deposits.
Does Turkey accept dual citizenship?
Yes, dual citizenship is permitted for citizens of Turkey. You must, however, ascertain whether dual citizenship with Turkey is permitted in your nation.
Is Turkey good for citizenship?
Yes, Turkey offers excellent value for money, and many expats discover that their money goes further and buys more here than it does in their native country. This is because, on average, Turkey has a lower cost of living than the majority of Western nations, and Turkish prices are a pleasant surprise to expatriates.