Turkish citizenship by investment:
Who is eligible and how to get it.
Turkish citizenship gives you the right to permanently reside in the country and apply for an E2 business visa to the United States. To get a passport, investors most often buy real estate in the amount of $ 400,000. Registration of the status takes from 3 to 6 months. The investment can be returned after 3 years.
We tell you how to get Turkish citizenship, for whom it is suitable and how this program differs from others.
Benefits of Turkish Citizenship
Turkey is known as a resort country with a mild Mediterranean climate, stunning nature, rich cuisine and hospitable people. But its advantages are not only in the weather and culture. Investors become Turkish citizens in order to get the prospect of profitable investments, business development, purchase of liquid real estate, as well as the opportunity to obtain an E2 business visa in the United States.
Travel without visas.
Turkish citizens travel visa-free to 110 countries around the world. Among them are Japan, Hong Kong and Singapore - Russians do not have visa-free entry to these countries.
The opportunity to apply for an E2 investor visa in the USA and move there with the whole family. Turkey and the United States have signed an agreement on issuing this type of visa. It is impossible to issue it to citizens of Russia.
An E2 visa is not an immigrant visa - it cannot be used to obtain a green card and apply for citizenship. It is valid for 5 years, after which it can be renewed for 2 years.
There is no minimum investment requirement for the E2 visa. If you increase investment in the American economy to $ 900,000 or create 10 jobs, you can get an EB5 visa and a green card that opens the way to citizenship.
Convenient conditions for receiving. To become a Turkish citizen, you do not need to renounce your current citizenship. Investors do not take exams on the knowledge of the language or the history of the country. Also, the investment program does not oblige the applicant to live in Turkey in order to obtain or maintain status.
Social guarantees. Citizens of Turkey get the opportunity to be treated for free in the clinics of the country or study at universities. There are also no restrictions on the inheritance of real estate and assets in the country.
Until recently, one of the advantages of Turkish citizenship was the ability to move the whole family to the UK on a business visa (Turkish Businessperson Visa) in 1-2 months. Investments are not needed - enough capital to open a business. After moving to the Turkish Businessperson Visa, it was possible to apply for permanent residence in the UK and citizenship of the country.
The Turkish Businessperson Visa program closed at the end of 2020. An extension is currently being discussed.
The prospect of becoming a citizen of the European Union. Turkey claims to join the European Union and is negotiating visa-free travel to the Schengen area.
Who can get Turkish citizenship by investment;
Turkish citizenship can be obtained by a foreigner who has not been convicted, has not violated Turkish migration laws and has fulfilled the conditions of the program.
Citizens of Armenia, Cuba, Nigeria, North Korea and Syria cannot participate in the program.
Turkish citizenship is granted to the spouse of the investor and children under 18 years of age. Parents of spouses and their adult children can obtain a residence permit in Turkey.
If the investor's adult children and parents have their own sources of income, they will not be included in the application. In order to obtain citizenship, they take part in the program as individual principal applicants and fulfill the investment conditions.
The Turkish passport for investment is popular among residents of the Middle East, Russia and the CIS countries.
How to get Turkish citizenship by investment.
You can get Turkish citizenship within 3-6 months. Among foreigners, Turkish citizenship by investment is in demand. This is how up to half of all applicants get a Turkish passport. Over the past two years, more than 35,000 people have received Turkish passports in this way. The applicant can choose any of six investment options:
- Purchase of real estate valued at $400,000. This is the easiest and most popular investment option when applying. You can buy any property: apartment, house, commercial and industrial premises, land.
It is not necessary to buy one object - you can buy several apartments with a total value of over $ 400,000. The only condition is that no more than two months should elapse between transactions.
In March 2021, the Turkish government made changes to the rules for real estate transactions between foreigners. The object can be used to participate in the citizenship program only once. If an investor bought an apartment and then sold it to another foreign citizen, he will not be able to obtain citizenship for the purchase of real estate. Property can no longer be sold to the previous owner - a Turkish company or a citizen. If an investor buys a home from a developer and then sells it to him, the basis for obtaining Turkish citizenship will be reviewed. An exception is the return of real estate to the former owner by a court decision.
- Bank deposit with a deposit of $500,000 or more. You can save money in any currency accepted by a Turkish bank. The average interest on deposits in Turkish lira in 2020 is from 6.75 to 15.5% in dollars - from 0.9 to 1.5%.
- Purchase of national securities from $500,000: government bonds and bills, as well as shares of investment funds specializing in real estate or venture investments.
- Purchase of government bonds in the amount of $500,000with an obligation to keep the assets for three years.
- Purchase of $500,000 shares in investment funds specializing in real estate or venture investments, with an obligation to keep the assets for three years.
- Open a business with a capital of $500,000 or create at least 50 jobs.
Investment in Turkish citizenship is returnable. Three years after obtaining citizenship, you can sell the purchased paper or real estate or close the deposit. If you're lucky, the investment will make a profit.
Real estate prices in Turkey:
Market Review
The most popular option to obtain Turkish citizenship by investment is to buy property. Unlike some similar programs, foreigners do not need to obtain permits to purchase real estate.
There is a lot of real estate in Turkey for every taste: inexpensive apartments, apartments in modern residential complexes with their own infrastructure, penthouses, mansions, villas by the sea, commercial premises. Russians are in third place in terms of the number of real estate purchased in Turkey. Most often, our compatriots buy housing in Istanbul, Ankara, Antalya and Alanya.
For $400,000 an investor can choose from:
• Several inexpensive apartments in Kemer;
• One bedroom apartment in Istanbul
• Three-room apartment in Antalya or Alanya
Purchased Turkish property can be a profitable investment.
Real estate in Istanbul doubles in nominal value within 5 to 10 years. The rise in house prices in the country usually ranges from 5 to 20% per year.
Rent will bring another 5 to 8% per annum.
Turkish real estate is one of the cheapest in Asia. A square meter costs on average from $450 to $800. Housing is very liquid - usually objects are sold in a couple of months.
Demand for housing amid Turkey's economic difficulties is largely supported by foreigners. The devaluation of the Turkish lira plays into their hands - there are many objects on the market at attractive prices.
Stages of obtaining Turkish citizenship by investment
Obtaining Turkish investment citizenship takes place in several stages.
1. Fulfillment of program requirements: search and purchase of real estate, opening a business, purchasing securities or opening a deposit. To do this, you will also need to open a bank account and obtain a tax number.
2. Collection of necessary documents. In addition to standard documents - a questionnaire, copies of a passport, confirmation of payment of state duties, photos - you will need:
•Certificate of good conduct;
• Notarized authorization for the processing of the applicant's data by local officials. Thanks to him, government departments will have access to information about your bank accounts, assets and real estate;
• Documents confirming the implementation of investments: for example, a certificate of conformity from the cadastral service, a market valuation report, an extract from a bank or investment fund, constituent documents.
All foreign documents must be translated into Turkish, notarized and have an apostille.
3. Obtaining a short-term residence permit. This document is issued without problems.
It is enough to indicate the goal - obtaining investment citizenship.
4. Applying for citizenship at a Turkish registry office or at an embassy abroad. To the already collected package of documents, you must add a copy of the residence permit and submit biometric data. The application is considered within three months. During this time, the Turkish Ministry of Internal Affairs studies the documents, and the president will sign the decision on granting citizenship.
5. Get a Turkish passport. The applicant comes to Turkey and receives a passport. If this is not possible, the documents can be obtained by a lawyer.
Other ways to get Turkish citizenship
In addition to investing in the Turkish economy, there are several other ways to obtain Turkish citizenship:
1. Through marriage-after three years of marriage.
2. By birth -suitable for those who have at least one parent a Turkish citizen.
3. Employment pot- after 5 years of contract work.
4. Through naturalization -after 5 years of living in Turkey. Important condition:
during this time, you cannot travel outside the country for a total of more than 6 months. To apply, you will also need to prove the knowledge of the Turkish language, have a job or prove a sufficient level of income. The easiest way to get an initial tourist residence permit is to buy any property.
5. For special merit (Turquoise Card, Turquoise Card) -for outstanding achievements in science, business, culture, sports.
Who is eligible for Turkish citizenship?
Turkish citizenship by investment is suitable for those who want to live permanently in the country, get an American E2 investor visa or have an “Alternate Airfield” in case of an unforeseen situation in their homeland. Also, the status of a citizen allows you to buy real estate at preferential mortgage rates.
