Turkish Citizenship by Investment … Features and Updates

Turkey is a great country and a connection point for continents. It is strategically located and bordered by three seas, and this made it a preferred tourist destination, as Turkey’s location facilitates communication with major markets through excellent transport links.

Although Ankara is its capital, the leading global city of Istanbul is the largest in Turkey and is its main commercial and cultural center.

The Law on Obtaining Turkish Citizenship by Investment in Turkey was launched in January 2017 to attract foreign direct investment and promote growth in Turkey’s real estate sector.

This law allows citizenship applicants to choose from a number of different types of economic contributions to Turkish society, thus developing the country’s economy.

Advantages of Turkish passport for investors

Visa-free or visa-on-arrival entry to 110 destinations including Hong Kong, Japan and Singapore

Nationality of a country with a moderate Mediterranean climate, beautiful landscapes and a high standard of living

Full citizenship is granted to the applicant and includes family members

Eligibility for a five-year, renewable E-2 investor visa in the United States of America

Access to a Eurasian intercontinental country that is a stable economic, financial and political center between Europe, West Asia and the Middle East

To be qualified for citizenship, the main applicant must meet one of the following investment requirements:

Own  a property in Turkey that worth at least $400,000

Invest a minimum of $500,000 fixed capital contribution

Deposit a minimum of 500,000 USD or equivalent foreign currency or Turkish Lira in a Turkish bank account

Put at least $500,000 USD or equivalent foreign currency or Turkish lira into government bonds

Putting at least $500,000 USD or equivalent foreign currency or Turkish lira into a real estate investment fund share or a share in a venture capital investment fund

Providing job opportunities for at least 50 Turkish citizens, and obtaining the approval of the Ministry of Family, Labor and Social Services

Updates about Turkish Citizenship by Investment

An amendment was issued this year regarding the purchase of a property in Turkey in order to obtain Turkish citizenship, where the minimum value of the property became 400,000 US dollars, after it was 250,000

The Turkish government has also announced amendments to the conditions for obtaining citizenship by investing or buying properties in Turkey, whereby foreigners wishing to sell the foreign currencies specified in the law will have to sell to the Central Bank of Turkey.

According to the “Regulation for Amending the Regulations Concerning the Application of the Turkish Citizenship Law”, foreign currencies that are deposited in Turkish banks, in order to obtain Turkish citizenship, will be sold to the Central Bank.

In this context, under the “Regulation on Amending the Regulations Concerning the Application of the Turkish Citizenship Law”, a foreigner wishing to obtain Turkish citizenship, through one of the above-mentioned methods, will sell the specified foreign currencies to the Central Bank of Turkey through active banks in the country.

The Turkish lira that resulted from selling the dollar to the Central Bank of Turkey, will be kept in lira accounts with banks, or with one of the government debt instruments, for a period of no less than 3 years.