Turkey Citizenship by Investment: Program Overview
An introduction to Turkey
Situated at the crossroads of Europe and Asia, Turkey is a truly enchanting country, with its blend of cultures, cuisines, diverse climate, and a landscape almost as fascinating as its past. Although the Turkish republic is still less than one hundred years old, it is infused with a rich history spanning several millenia, influenced by some of the greatest civilisations in history.
Today, Turkey has a population of 82 million people, with an average age of 32 years. It is a beacon of stability, democracy, and tolerance for Muslim nations. Go for a walk on Istiklal street, near Istanbul’s
Over the past 20 years, the Turkish economy has been going from strength to strength, developing into the world’s 16th largest economy. Although the political turmoil in 2016, and subsequent currency devaluation of 2018 has hindered some of its progress, the government has managed to steady the ship, with the outlook bright, and even FDI rose by 14% in 2018 on the previous year.
Along with its developing economy, the Turkish government has been implementing some impressive, private & public partnership infrastructure projects, such as the 7.5 billion USD Istanbul – Izmir highway, and the 12 billion USD third airport of Istanbul, which will be the world’s largest, servicing an estimated 200 million passengers a year.
The Turkish government has gone to great lengths to ensure that entrepreneurs have a
A large number of multinational corporations’ view Turkey as the perfect place to open a head, or regional office, as its strategic location, excellent logistics, and
In September 2018, the Turkish government lowered the minimum investment amount required to qualify for Turkish citizenship. In the case of real estate acquisitions, the minimum investment of $250,000, has been reduced from the previous level of $1,000,000.
Citizenship by Investment Program Requirements
The following are the main ways in which investors could qualify for Turkish citizenship:
- Purchase an immovable real estate asset of $250,000, or more, and hold onto it for a minimum of 3 years (the value of the property must be approved by the Capital Markets Board), or;
- Create jobs for at least 50 Turkish citizens, or;
- Deposit $500,000, or the Lira equivalent into a Turkish bank account, and keep it there for a minimum of 3 years, or;
- Invest a minimum of $500,000 into a Real Estate Investment Trust (REIT), for at least 3 years, or;
- Purchase $500,000, or TL equivalent of government bonds, and hold onto for at least 3 years.
Although there are numerous ways in which individuals can qualify for Turkish citizenship, real estate investments are, and should continue to be, the most popular choice.
The Application Process
Upon transferring the required funds into the country – into either a Turkish bank account, or a client account setup by a lawyer, a private purchase contract will be drafted and signed between the buyer and the developer.
Next, the following 3 steps must be taken to process the applicants CIP application:
Obtain a certificate of eligibility by applying to the General Directorate of Land Registry and Cadaster, of the Ministry of Environment & Urban Planning. Then, obtain the required documents to apply for a residence permit.
Obtain a residence permit by applying to the Provincial Directorate of Immigration Administration of Settlement. Then, obtain the required documents for the citizenship application.
The full citizenship process must start by applying to the Provincial Directorate of Census and Citizenship of the settlement. Next, a citizenship file must be prepared, including all necessary documents, and biometric photographs, then sent to the NVIGM for approval.
Application Processing Fees:
- Notary and Translation Expenses – $1,000
- Application Fee – $400
Although It is not mandatory to use the services of a lawyer, we highly recommend using one to ensure the expedition of a smooth, fast, and successful application.
As the program is still in its early stages, we expect it to be more streamlined in the future. Having said that, the current processing time ranges from 3 to 6 months.