Recently, Republic of Turkey has made amendments to its citizenship rule granting citizenship to individuals who are investing certain amount in Turkey without a residential requirement. The legislation has opened up new investment routes.
Not only the individual investor but also the dependents of the individual will also be granted citizenship in Turkey. Another important change is the investment cap which is further reduced in order to grant citizenship.
You need to purchase an immovable property of worth $250000 USD and you can obtain your Turkish citizenship with ease. There is a whole process for purchasing property then determining the value of the property, approving the sale deed and recommending the person for citizenship. Various authorities, banks and regulation boards are setup in Turkey to deal with this issue.
Republic of Turkey
Turkey is a Middle Eastern country that connects Asia to Europe and is a developed nation. Being a country that connects two continents, Turkey is the hub of trade and has transformed itself into a pro-business country.
Turkey is a member of NATO, IMF, World Bank and is a founding member of various organizations including OECD, OIC, G20, etc. Given its focus on trade, Turkey over the years has transformed itself and has been favorable to businesses and entrepreneurs including foreign investment and investors.
With its population of 82M Turkey it is an attractive destination for business, tourism, etc. Being an attractive destination due to its simple business setup procedures, policies and incentives by the government investors show keen interest in Turkey for business.
Turkey’s geographical location makes it even more special. Businesses operating in Turkey can easily cover Middle East, Europe and Asia together which reduces transportation costs of goods and reduces time in transportation of goods.
Over the years Turkey had various policies and rules for foreign investment, citizenship, residence, etc. and with time all have evolved. The latest is the recent amendment in the citizenship rules of Turkey that has made acquisition of citizenship much easier.
Turkish Citizenship by Investment: New Rules
The recent changes brought by the Turkish government has made investment and acquisition of citizenship much easier. Earlier laws were though liberal yet they had various preconditions for granting citizenship which is now quite relaxed.
The new set of rules are following.
- Citizenship will not only be granted to the individual applicant who is investing in Turkey but it will also be granted to his immediate dependents that is family members without any condition of separate investment on their behalf.
- Permanent right of residence to the investor
- Right to work on permanent basis and to invest without any limitations
- Visa free travel opportunities to many countries
- Simplification of visa approval process for traveling to many countries thus reducing time and hassle in obtaining visa
- Turkey has signed various multilateral and bilateral agreements with various countries and unions that gives certain incentives and exemptions to Turkish citizens. The same will be extended to you as well.
Apart from these there are various conditions, rules and guidelines issued by the government in this regard.
Comparative Changes after Amendments:
Amendments have brought some drastic changes in the investment policy and the same can be seen from the chart below.
|Amount of immovable properties with 3 years of non-saleable period as approved by the government
|A minimum of $250000 or its equivalent in any other currency
|Minimum of $1000000 or equivalent in any other currency
|Minimum amount of investment that has been approved by the ministry of Industry and Tech
|Minimum of $500000 or equivalent
|Minimum of $2000000 or equivalent
|In order to recruit number of employees, approval from the concerned ministry
|A minimum of 50 employees
|A minimum of 100 employees
|Total amount of money to be kept in a Turkish Bank as authorized by Banking Regulation and Supervision Agency of Turkey
|Minimum of $500000 USD or equivalent
|Minimum of $3000000 USD of its equivalent in foreign currency
|Minimum amount of government debt instrument purchase as approved by Finance Ministry
|Minimum of $500000 USD or its equivalent
|Minimum of $3000000 USD or its equivalent
|Minimum amount of investment fund through venture capital or shares in real estate as per Capital Market Board
|Minimum 500000 USD
|Minimum 1500000 USD
Through the methods listed above one can obtain the Turkish citizenship through investment for themselves, their family members like spouse and children who are aged not above 18 years.
There are certain sets of conditions that is mentioned above. Some of these conditions are now amended and the minimum investment amount and employee requirement is also reduced. This will help investors with limited capital to invest and obtain citizenship.
Turkey had a real estate sale of 45967 to foreigners in 2019 with maximum to Iraqi citizens (7596) and then to Iran and then to Russia.
What is the need to obtain a citizenship of Turkey? What is so special about Turkey? Here are some good reasons for you to obtain citizenship of Republic of Turkey:
- Turkey is situated in large Mediterranean location making it a very ideal place for stay. The climate of Turkey remains moderate all year long making your stay comfortable.
- Despite being a Muslim nation, Turkey has remained secular especially since the fall of Ottoman Empire. In the recent while, the present leadership has shown some sign of Political Islamic renaissance but it is still a safe place to invest.
- Turkey is not only a modern nation but it is also a cultural nation with a rich past. Thus there is much more than modernity. A combination of modernization of cultural past.
- Turkey is a connecting country between Asia and Europe. It connects the European nation with Middle East. Therefore trade from Turkey has various benefits from geographical aspect.
- Turkey has done extremely well in terms of basic facilities and amenities like Education, health, employment, food, etc. Thus Turkey has lot to offer for people who do not share same lifestyle.
- It has world class healthcare service. The government is proactive in rolling out various health schemes benefiting its citizens.
- Potential to gain a visa free travel to Europe. Once you obtain this visa, you can travel all over Europe with ease.
- Turkey provides high standard of lifestyle. Per capita of individuals are quite high. Despite being a Muslim majority country it is secular by law and is liberal in culture and lifestyle.
Cost of Living in Turkey:
Cost of living in Turkey is relatively cheaper than EU yet the standard of living is comparatively high. Turkey provides some great facilities to its citizens. Here is a chart depicting cost of living for different class of people.
|Lower Class Lifestyle
|3 Member Family
|4 Member Family
Some changes can be expected as per once lifestyle and choices. The above figures are average and not specific.
Who is Eligible for Turkish Citizenship along with me in case if only I have applied?
If you have satisfied the authorities to obtain your citizenship by fulfilling the conditions of investment. You can obtain citizenship for your spouse and your children who are 18 years of age or below.
How long will it take to obtain Passport and Turkish Citizenship?
It will take close to 3 to 4 months to obtain your citizenship and passport of Turkey if you have complied with all the necessity conditions and investment. If you have also complied with the details related to your family members you will also get the citizenship and passport for your family members within the same time period.
What are the Necessary Documents required?
For each process you may need certain types of documents like passport of your native country, identity proof, bank details, investment receipt with details, details of property, family members list, etc. All such details are subject to various requirements and are different for different issues.
What is the Process of obtaining Citizenship through investment in Real Estate?
You need to purchase an immovable property of worth $250000 USD and you can obtain your citizenship with ease. There is a whole process for purchasing property then determining the value of the property, approving the sale deed and recommending the person for citizenship. Various authorities, banks and regulation boards are setup in Turkey to deal with this issue.
One has to also commit that the purchased property shall not be sold within three years of purchase.
How can I purchase Property in Turkey to comply with the Citizenship requirement Norm?
The authorities in Turkey will help you out in order to purchase property. You can also contact various dealers in Turkey who are also available online to purchase property. You should remain in touch with the Turkish immigration and citizenship granting authorities. There can be chances of fraud therefore verify the details of such agencies with the Turkish authority before you proceed for purchase.
Turkey is a wonderful country not only in terms of tourism but also in terms of business. It is one of the leading countries in terms of attracting foreign investment. Turkey ranked at 33rd spot in Ease of Doing Business Index.
Its close proximity with EU nations makes it an ideal country for establishing business especially for those who want luxury of Europe but don’t want to spend much.