As many countries act more aggressively through laws and regulations, tax and liquidity issues get more complex every day. Therefore, having a place to go, having the option to open a (no questions asked) bank account has became a must. That is to say, anyone who wants to be freed from the invisible chains, should invest for increased mobility. These are some of the many reasons why investors prefer Turkish Citizenship by Investment Program.
Second citizenship, is the legal way to protect your freedom from governments’ fast-changing regulations and tax policies. Certainly, investment is the fast-track to obtain a new passport. Your nationality never have to be a lifelong relationship, but it might be a good pathway or shield when needed.
With the investment limit decrease on 19/09/2018, Turkish Citizenship by Investment Program has became the wildcard of dual citizenship market. In fact, we can say that it is a worldwide record breaking program among other immigrant investor programs. So far, 2843 people from 76 different countries have acquired immovables from 29 different provinces and become Turkish citizens.
To learn more about why Turkish Citizenship by Investment Program is the most preferable one, you can read our article on Why every investor needs Turkish Citizenship?. But before listing the many reasons to get Turkish passport, let’s talk about the Program itself.
What are the investment options to apply for Turkish Citizenship?
1. Investing in the form of fixed capital at least it the amount of 500,000-USD:
This option allows investors to establish a company in Turkey or invest in an already existing company. The condition is investing in the issued capital, inventory, assets or real estate of the company. Currently the minimum investment limit is 500,000-USD but it used to be 2,000,000-USD before 2018.
It is a considerable option for those who had already invested in companies in Turkey. Likewise for the ones who are planning to establish a business in Turkey. Especially for foreign shareholders of businesses who are seeking to get work permit in Turkey. Because when you have a chance to get Turkish passport, why would you only settle with a work permit?
Above all, you can invest in any convertible currency; as long as the total investment is equal to 500,000-USD. (*with the recent changes it is no longer possible to keep your money in foreign currencies.)
2. Buying property at least in the amount of 400,000-USD:
This is the most popular investment option in the market. This option allows you to purchase house, land, apartment or office building that costs at least 400,000-USD. Before the decrease of limits, it used to be 1,000,000-USD.
Furthermore, you do not have to invest this amount all into a single property. In other words, you can purchase multiple properties from different locations. Which allows you to diversify your risk. For instance, you can purchase an apartment in Istanbul, along with a business establishment at Kuşadası. Another option might be purchasing a summer house at Çeşme or Bodrum. We can even say that discovering Turkey’s potential is part of the program.
Only condition is not selling such properties for at least 3 (three) years. While collecting rent during this period is possible. Furthermore, there is always the option of purchasing a property with a tenant inside.
Finally, you can sell your property after 3 years. In fact, by this 3 year period, you would already become a fellow citizen. Which means that you can sell your property to a foreign friend of yours so that they can apply for Turkish Citizenship program as well. (*with the recent changes it is no longer possible to use the same property for multiple citizenship applications).
3. Providing employment to fellow citizens for your Turkish Citizenship application:
Establishing a business in Turkey and hiring at least 50 Turkish citizens is another option within the Turkish citizenship by Investment program. Previously the limit was providing employment for 100 Turkish citizens. For the details of this option, you can read our article here.
4. Depositing 500,000-USD into a bank account at Turkey:
Which means that you can apply for Turkish Citizenship by Investment Program, if you deposit 500,000-USD into a bank account in Turkey. Before September 2018, the limit was 3,000,000-USD.
Furthermore, you can diversify your funds, you do not have to keep it all in Turkish Lira. Which allows you to hold your money in EURO, GOLD, JAPANESE YEN, BRITISH POUND or any other convertible currency. (*With the latest updates, it is no longer possible) (Not cryptocurrency of course, since it is legally not defined as “currency”). The diversity of the investment is totally up to the investor and Turkish law enables applicants to collect interest for 3 years.
Only condition is always keeping funds in your account at least in the amount of 500,000-USD continuously for 3 years. In other words, your account balance can never fall below such minimum limit during the 3 year period.
5. Buying governmental bonds at least in the amount of 500,000-USD to get Turkish Citizenship:
Investing in government bonds is another option to get Turkish citizenship. The condition is that you can not sell such bonds for at least 3 years. Before the decrease in 2018, the limit was 3,000,000-USD.
6. Buying real estate investment trust share or venture capital investment trusts share at least at the amount of 500,000-USD:
The only condition is keeping the shares for at least 3 years.
When this option was first presented in 2017, the limit was 1,500,000-USD. On the other hand, with the decrease of investment limits on 19.09.2018 it is reduced to 500,000-USD. Of course, you can invest in any convertible currency; as long as the total investment is over the limit.
WHAT ARE THE STEPS OF TURKISH CITIZENSHIP BY INVESTMENT APPLICATION? HOW LONG DOES IT TAKES TO GET TURKISH PASSPORT?
In all abovementioned Turkish Citizenship by investment options, the process has 3 following steps.
- Completing the investment
- Getting residence permit
- Making the citizenship application
You can find a step by step explanation of the process; as well as the timeline.
1. Completing the Investment
Turkish Citizenship by Investment Program has a structure that allows the investors to determine its speed of process. The program starts after client chooses the preferred investment method and completes the funds to invest. For example, if you already set your eyes on a property to purchase, congratulations! You have just completed the hardest step, by deciding. However, please be careful about the scammers in the market.
Whether you choose to purchase a property, choose the deposit option or decide on establishing a company, the general process is always the same.
Step 1: Questioning the exact cost and completing the funds
Learn about the exact cost of your preferred investment method and complete your funds accordingly.
If you choose to provide employment, learn about the cost of an employee. Likewise, if you choose to purchase a property, learn about the title deed fee, agent commissions and additional expenses. This way, you can know exactly how much you need to spare.
After learning all the cost and expenses, you have two choices. Either you can open a bank account in Turkey; or you can directly transfer the funds from your foreign account. For instance, if you chose to purchase a property; you can open a bank account in Turkey and start funding that account in instalments until you choose your property.
However, with the changes in 2022, it is now mandatory for foreign investors to get a “Döviz Alım Belgesi” before the property purchase. For more details please watch our video here.
Step 2: Getting an evaluation report
This is only necessary for property investment and for investing in fixed capital. So you do not have to worry about this step if you have chosen any other investment option.
Step 3: Completing the investment
Completing all the requirements of the chosen investment option such as officially purchasing the property might be the hardest step of all procedure. This step generally includes visiting many governmental offices. To ease all, we sincerely recommend working with experienced lawyers on your side. Because after all, for either of the investment options, applying for the government’s approval from the related ministry is mandatory.
Finally, please keep in mind that for almost all the options, abovementioned steps can be handled via “Power of Attorney”. Which means, you do not have to visit Turkey either for the investment part or later. In other words, you can become a Turkish Citizen without visiting Turkey at all. In fact, Turk Fortune team has competent lawyers who can easily complete all the application process on your behalf.
2. Residence Permit Application
Step 1: Collecting the necessary documents
After receiving the govenrmental approval on your investment, all you need to do would be completing the necessary documents and delivering them to your representatives in Turkey.
Step 2: Making the residence permit application
As explained above, until this stage the speed of the process is directly depending on you. The sooner you complete the investment and collect the documents, the sooner the official procedure can start.
When all the documents are completed, Turk Fortune team can apply for your residence permit. After the application, your residence permit will be granted within a couple of days. However, the issuance of the original residence permit card can take up to 2 weeks, or sometimes longer. On the other hand you do not have to wait for the card, you can proceed to the next step without waiting.
3. Turkish Citizenship Application
Step 1: Collecting the documents and submitting the file
After collecting all the documents our team can prepare your citizenship application file and present it to the Civil Registration and Nationality Office.
Step 2: Waiting until the investigation and due diligence of the government is completed
If your application file was prepared properly, the next step is waiting until the due diligence and investigation is finalised. The waiting period depends on the file itself but generally it takes 2,5,-3 months. On the other hand, if there are any misleading or conflicting information in the file, it can take longer. Furthermore, you can even lose your chance of becoming a Turkish Citizen with an improper file.
4. Applying for ID Card and Passports After Getting the Turkish Citizenship
You can track down your application process from the official website of General Directorate of Civil Registration and Nationality. After your Turkish Citizenship is granted, you will have two choices. First one is visiting Turkey with your residence card and applying for your ID card from here. The second option is contacting the nearest Turkish Embassy/Consulate. Most of the Turkish Embassy/Consulates around the world would help you and your family to get your ID card and passports. Which means, actually you do not have to visit Turkey at all, to become a Turkish Citizen. You can even obtain your passport from your current address.
Turk Fortune team can gladly contact with the closest diplomatic mission of Turkish Republic on your demand. In accordance with their response, we can get an appointment for your ID card application.
When you receive your ID card, you will be able to apply for a Turkish passport as well. Applying from a different diplomatic mission or from the same one is possible, in accordance with you convenience.
We are always happy to hear from you!
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