If you hold Turkish citizenship, you are eligible to apply for a permanent residency permit in Turkey as well as an E-2 visa to enter the United States for business or other purposes. The majority of the time, investors purchase real estate for at least $400,000 to qualify for a Turkish passport. It can take anything from three to four months. Also, there is a potential return on the investment in three years.
We will help you through the process of obtaining Turkish citizenship, discuss who is eligible, and explain the uniqueness of the program among others.
The Numerous Advantages of Holding Turkish Citizenship
- Turkey is a popular tourist destination due to its outstanding natural beauty, diverse cuisine, temperate Mediterranean climate, and warm and welcoming people. However, the benefits of living there are not solely derived from its climate and culture.
- Investors who want to increase their chances of making profitable investments, developing their businesses, purchasing liquid real estate, and obtaining an E-2 business visa in the United States often choose to become a citizen of Turkey. This provides them with various benefits.
- Travel without a visa. Citizens of Turkey are exempt from the need to obtain a visa to enter 110 different countries, including Japan, Hong Kong, and Singapore.
- There is the possibility of relocating to the United States with one's family after successfully obtaining an E-2 investor visa and settling there. The United States and Turkey have just signed an agreement to facilitate the issue of this category of visa.
The E-2 visa is a nonimmigrant visa, which means that it cannot be used to obtain a green card or petition for citizenship. It can be renewed for an additional two years after its initial validity period of five years has passed.
The E-2 visa does not require a minimum amount of investment from its applicants. If you expand your investment in the American economy to $800,000 or create ten jobs, you are eligible for an EB-5 visa as well as a green card, which paves the way for citizenship in the United States.
The requirements to become a Turkish citizen are not very difficult. Investors are not required to give up the citizenship they already hold, nor are they required to pass any exams on the history or language of the country. Besides, under the terms of the investment program, the applicant is not required to establish or continue a residence in Turkey to get or keep the status.
- Social assurances. Citizens of Turkey are eligible to get free medical care in the country's public hospitals and are not required to pay tuition to attend public schools. There are also no limitations placed on the passing down of assets and real estate to future generations.
- One of the benefits of having Turkish citizenship was the ability to relocate one's entire family to the United Kingdom in two months using a business visa (the Turkish Businessperson Visa). There was no requirement for an investment; merely transferring funds or starting a business was sufficient. After transferring to the Turkish Businessperson Visa, you would be eligible to submit an application for permanent residence in the United Kingdom as well as citizenship in that nation.
- The opportunity to get citizenship in the European Union. Turkey has made claims to join the European Union and is currently in negotiations to have its citizens travel throughout the Schengen zone without a visa.
Who Is Eligible to Receive Turkish Citizenship Through Investment?
A non-Turkish national can become a citizen of Turkey as long as he/she has not been convicted of a crime, has not broken any of Turkey's immigration regulations, and has satisfied all requirements of the program.
Residents of the following countries are ineligible to take part in the program: Armenia, Cuba, Nigeria, North Korea, and Syria.
The investor's spouse and any children who are younger than 18 years old are also eligible to receive Turkish citizenship. Parents and adult children who are accompanying their spouses to Turkey may be eligible for residency visas. The fee for obtaining a residency permit is $5,000 for each individual.
If the investor's adult children or parents have their sources of income, then those individuals can't be included in the application. They must engage in the program as individual primary candidates and meet the investment requirements to get citizenship.
Investors’ Guidebook: Getting Turkish Citizenship by Investment
You can become a citizen of Turkey in as little as three to four months if you apply. The path to Turkish citizenship by investing is popular among those who are not Turkish. A Turkish passport can be obtained in this manner. More than 35,000 persons have been granted Turkish passports through this route over the past two years. The applicants have six different investment opportunities.
1. The acquisition of property with a value of $400,000
When applying, selecting this form of investment is both the simplest and most common option. You have the option of purchasing any type of real estate, including land, apartments, houses, and commercial or industrial areas.
It is not essential to purchase a single item; rather, you can purchase multiple flats with a combined cost of more than $400,000. The only prerequisite is that there must not be a gap of more than two months between each transaction.
The rules in real estate sales between foreigners and Turkish citizens were modified by the Turkish government in March of 2021. If an investor bought an apartment and subsequently sold it to another foreign citizen, then the investor would not be able to obtain citizenship for the acquisition of real estate because of the sale of the flat. It is no longer possible to sell the property to its prior owner, who was either a Turkish firm or a Turkish national.
If an investor purchases housing from a developer and afterward sells it to him, the criteria for gaining Turkish citizenship may be subject to change. One of the few exceptions to this rule is when a court orders the return of property to its previous owner.
2. A deposit in a financial institution of at least $500,000
You can save money in any currency that the Turkish bank is willing to take. In 2020, the average interest rate on deposits in Turkish lira ranges from 6.75 to 15.5%, while the average interest rate on deposits in dollars ranges from 0.9 to 1.5%.
3. The acquisition of national securities beginning with $500,000
Bonds and bills issued by the government, along with shares of investment firms that focus on real estate or venture capital investments are examples of safe investments.
4. Making a purchase of government bonds for $500,000
You need to make a purchase of government bonds for $500,000 with the requirement that assets be protected for three years.
5. The purchase of shares in investment funds for a total amount of $500,000
You should purchase shares in investment funds for a total amount of $500,000, with the requirement that assets be held for three years, the funds specializing in real estate or venture capital investments.
6. Launching a company with an initial investment of $500,000 or,
You should either launch a company with an initial investment of $500,000 or generate at least 50 new employment opportunities.
There is a potential return on investments made in Turkish citizenship. You will be able to close the deposit, sell any purchased papers or real estate, or sell the property three years after getting citizenship. If you have good fortune, the investment will turn a profit for you.
For further information regarding Turkish citizenship conditions, see our article titled What Are the Conditions of Being a Turkish Citizen? now.
Prices of Real Estate in Turkey: An Overview of the Market
The purchase of real estate in Turkey is by far the most common way for foreign investors to get citizenship in that country. In contrast to some of these other initiatives, international buyers do not require permission to purchase real estate.
In Turkey, there is a wide variety of residential and commercial real estate available to suit a variety of budgets and preferences, including studio apartments at affordable prices, apartments in contemporary residential complexes with their infrastructure, penthouses, mansions, villas by the sea, and commercial areas. Investors mostly tend to purchase real estate in the cities like Istanbul, Antalya, and Ankara.
The price range for a one-bedroom apartment in a provincial city is often between $200,000 and $300,000, while the starting point for a villa with several bedrooms is $600,000.
An investor has the option of the following to purchase for $400,000:
- several low-cost apartments in Kemer
- an apartment in Istanbul with two rooms and an area of eighty square meters
- an apartment in Antalya with three rooms and an area of one hundred seventy square meters
- and a seaside villa in Alanya with a surface area of two hundred square meters
Investing in Turkish real estate through the purchase of a property can be quite lucrative. Within five to ten years, the nominal value of the real estate in Istanbul will have increased by two times. The annual increase in the cost of real estate in the nation typically falls somewhere between 5% and 20%.
When inflation is taken into account, the actual rate of price inflation is much lower, hovering between 2.5% and 6.5% each year. The prices went down somewhat from 2015 to 2019. The rent will bring in an additional 5% to 8% annually.
Property in Turkey is one of the most affordable options available across all of Asia. The price range for one square meter is from $450 to $800. The housing market is highly liquid; often, homes are sold within a few months after being listed for sale.
An overwhelming majority of non-Turkish nationals are driving up Turkey's already high property demand despite the country's ongoing economic woes. The fall in the value of the Turkish lira plays right into their hands because it has caused the prices of many available properties to become more appealing.
5 Must-Follow Steps to Gain Turkish Citizenship by Investing
The process of acquiring Turkish citizenship by investment takes place throughout numerous stages.
- Completing one of the following program requirements: looking for and purchasing real estate; beginning a business; purchasing securities, or opening a deposit account. In order to accomplish this goal, you will also need to sign up for a taxpayer number and create a bank account.
- Compiling the required paperwork and submitting it. You will need the following items in addition to the regular documentation, such as a completed questionnaire, a copy of your passport, proof that state fees have been paid, and photographs:
- a certificate stating that the applicant has been cleared by the police,
- as well as a permit that has been notarized to allow the applicant's data to be processed by local officials. Because of this, government departments will have access to information regarding your bank accounts, assets, and real estate, as well as documents confirming the implementation of investments.
- These documents include things like a certificate of conformity from the cadastral service, a market assessment report, an extract from a bank or investment fund, constituent documents, and so on.
Every document from a foreign country needs to be translated into Turkish, notarized, and apostilled before it can be considered valid.
- Obtaining a permit to stay in the country for a certain amount of time. There are no issues with the release of this document. It is sufficient to simply point out the objective, which is to get investment citizenship.
- Applying for citizenship at a Turkish registry office or an embassy located outside of Turkey. In addition to the bundle of documents that you have already gathered, you will also be required to provide a copy of your residency permit and your biometric information. Within the next three months, the application will be reviewed. During this period, the paperwork will be reviewed by the Turkish Ministry of Internal Affairs, and the president will sign the decision about the awarding of citizenship.
- Acquire a passport from the Turkish government. The applicant must physically present themselves in Turkey in order to obtain a passport. In the event that this cannot be done, the documents can be secured through the assistance of an attorney.
Alternative Routes to Obtaining Citizenship in Turkey
In addition to investing in the economy of Turkey, one can get Turkish citizenship by a variety of additional means, including the following:
- By marriage - after being married for three years.
- Citizenship at birth is an option for people who meet the requirements of having at least one parent who is a Turkish citizen.
- Through one's place of employment, upon the completion of five years of work under a contract.
- The process of citizenship requires a five-year residency in Turkey. An essential requirement: during this period, you are not permitted to leave the nation for a cumulative period of more than six months. To apply, you will also be required to demonstrate an understanding of the Turkish language, in addition to having a job or demonstrating an adequate amount of income.
- Purchasing real estate is the quickest and easiest way to qualify for an initial tourist residency permit. One further method is to invest one hundred thousand dollars in real estate to qualify for a permanent resident permit. A permit for permanent residency will initially be issued for two years, with the option to extend it for an additional three years.
- In recognition of exceptional achievements in the fields of science, business, culture, or athletics (Turquoise Card), this award is given for extraordinary merit.