With the Turkish government lowering the minimum investment threshold for investors, it is now easier than ever before to get Turkish citizenship by investment. In this article, we will answer the question: how can I get Turkish citizenship? And what are the benefits of obtaining it?
How to get Turkish citizenship by investment?
Since the Turkish citizenship by investment program was introduced in 2018, the minimum investment threshold has dropped from US$2m to just $250,000, making Turkish citizenship more accessible than ever before. Thousands over overseas buyers have taken advantage of the programme, earning themselves a permanent home in Turkey.
However, it’s expected that Turkish citizenship by investment will be a temporary measure to attract foreign investment, so we recommend that, if you’re considering getting Turkish citizenship, you act within the next year to ensure that this option is available to you.
What are the benefits of Turkish citizenship?
With Turkish citizenship, you’ll be perfectly positioned to live and work in Turkey. There will be no need for visas, work permits or Turkish residence permits. And best of all, Turkey allows dual citizenship, so you’ll be able to keep your original nationality, and won’t need to worry about spending a certain number of months in the country to maintain your rights there.
As a growing economy with a young workforce, more and more companies are headquartering in Turkey’s larger cities, so as well as its position as an established destination for lifestyle property buyers, Turkey is quickly becoming a hub for foreign companies wishing to grow and expand into this fast-moving market.
Turkish citizenship requirements
To get Turkish citizenship, you have a few options:
- Make a fixed capital investment of at least $500,000,
- Buy a property valued at at least $250,000
- Employ at least 50 people in Turkey.
How can you apply for Turkish citizenship?
The steps to apply for Turkish citizenship by property investment are pretty straightforward:
1. Obtain a tax number through any tax office in Turkey. You’ll need your passport and some photos.
2. Open a Turkish bank account. You’ll need a passport, tax number and a utility bill showing your address.
3. Find a property: it must be valued at at least $250,000 and be completed, or close to. It will need a habitation licence, title deed and be valuation ready.
4. Buy the property: get confirmation of the transfer, and have your title deed and/or sales contract annotated to show the property won’t be sold for three years.
5. Certificate of conformity: request and then provide official valuation survey. Submit the bank transfer receipt, and apply to the Ministry of Environment and Urbanization.
6. Apply for Turkish residency: to the Directorate General of Migration Management.
7. Apply for citizenship: to the Directorate General of Migration Management.
Turkey citizenship by investment requirements
Applicants will be required to keep their property for at least three years. This will be reflected on the Turkish title deed. If an applicant has a spouse and children, they will be included in the application. If the property is bought with a mortgage or is subject to a mortgage, the value of the mortgage will be deducted from the value in the survey.
To find out more, get in touch with us. We have a dedicated team of consultants who can help guide you through the Turkish citizenship requirements with ease.
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