In the past, 2 million dollars investment capital in Turkish banks was used to be a must while 1 million property investment should be purchased. However, it complicates to become a citizen of Turkey not only as a budget, the period of paperworks go through a little harsh as well.
Afterwards, within the fast growing real estate market in the big and touristic cities such as Istanbul, Izmir, Mugla, etc. Turkey real estate turns out the ruling part of the Turkish economy. Nowadays, many residence projects are consumed at the off-plan phase. That’s why the market also starts to seem attractive from all over the world. Especially Istanbul real estate is seen as a profitable market for both local and foreign nationals.
Thousands of hundreds properties are sold out to foreign investors and market keeps its expansion towards up constantly. To push a little high and expands the market share, Turkish government decides to arrange some laws under the leadership of Recep Tayyip Erdogan.
With the decision published on 19.09.2018 on the Turkish official newspaper, some regulations regarding the transition of foreigners to Turkish citizenship changed. Turkish citizenship will be given directly to foreigners who buy at least $ 250.000 real estate investment in Turkey.
HOW TO GET TURKISH CITIZENSHIP 3-6 MONTHS?
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APPLICATION TYPES TO APPLY TURKISH CITIZENSHIP
After being verified by the Turkish President, Recep Tayyip Erdogan, details of the new law change regarding Turkish citizenship law for foreigners were published in the official newspapers as follow 3 options of citizenship by investment program
by PROPERTY INVESTMENT
Those who own a property in Turkey of at least $250,000 value and commit to not selling it for 3 years can apply for the Turkish passport by a decision of the Council of Ministers.
by MONEY DEPOSIT
Those who deposit at least $500,000 as capital investments in Turkish banks can obtain the citizenship. Thus, they become Turkish citizens by a decision of the Council of Ministers.
by BEING EMPLOYER
An investor right grants to apply for the program if the investment guarantees for 50 Turkish citizens employment.
MAIN STEPS FOR TURKISH CITIZENSHIP BY INVESTMENT
OPEN A BANK ACCOUNT
An account should be opened in a Turkish bank in the name of the investor.
MAKE AN INVESTMENT
Carry out the necessary investment transactions such as property title deed transfer, cash deposit, government bond/share purchase etc.
RESIDENCE PERMIT APPLICATION
Applicants are required to hold a valid residence permit at the time of citizenship application form. You can call this as investor visa as well. Nevertheless, permit holders can continue to live abroad as long as they wish.
TURKISH CITIZENSHIP APPLICATION
After obtaining your residence permit, you can apply for Turkish passport immediately. A physical presence or interview is not required during the application process.
Real Estate Investment Requirements
An investor has to purchase a property in Turkey at least $ 250.000 to get national statues. It can be either only a real estate investment or multiple properties in the country. However, the value of an apartment is not associated with the price of how much money you pay.
On the issue of selling a property, the real estate can be sold out after 3 years once you purchased the property. This condition is only valid for a person who applies for a Turkish passport. People aiming for an investment commercially are free for what they are willing to do with their properties.
Decisional authority on the real valuation of an apartment belongs to the official valuation survey done by people who are authorized by the Banking Supervision Board. The actual matter is to write a minimum of $ 250.000 on the valuation report.
Paid price for a property should be transferred directly from the buyer’s account to the seller’s account by a bank transfer. Bank receipts will be a buyer’s prove on this phase that shows the transaction of money between buyer and seller. Moreover, any other third person should not be involved in the transaction process.
On the other hand, the value of the property should be written at least $ 250.000 at the same time when you sign Notarized Sales Contract or the receipt that shows the transfer of the money from the buyer’s account to the seller’s account.
Footnote, if you purchase a property before the law published on 12.01.2017, you can not apply for national statues with this property no matter who owns the real estate such as your wife and children. In this issue, another property investment is a must.
If you prefer to buy a property with a mortgage loan or any other installment instruments, the amount that you withdraw your bank takes into consideration after the deduction of mortgage value from the certain amount.
Afterward, your application will be ready to send to the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs, Directorate of Foreigners Department by the Ministry of Environment and Urbanization, Land Registry Office
First of all you need to know that this is not a golden visas program, this is actual getting nationality of a country. So this is much better than golden visas program of Europe. You need to wait for 3 years to your property investments for sale again so that you can accomplish completely your citizenship process.
However, you can apply for a Turkish passport once you collect all properties in hand. On the other hand, you are going to wait for a 3-year period to turn your properties out a sales income. Moreover, rental income is available in this period. Because of what many residence projects give you a rental guarantee, it won’t be harsh to find a settler to your property.
By checking our portfolio, you can see what projects provide this amenity at the other amenities section marking with a checkmark. The programme offers such a possibility to apply for your spouse besides your children under 18 years old. Staying in the country for a certain period is not stated by the law. Thus, you are free whether coming to Turkey or not.
The second passport will be truly yours forever. Additionally, your future children will also be born as a citizen of Turkey. If you choose to get other passports, the programme lets you multiple passport option in addition to Turkish citizenship.
You can easily find most of the necessary documents without great effort. According to the process, Before your citizenship journey begins, you should collect some documents in advance such as;
Birth certificate: If multiple applications are done, the General Directorate of Population and Citizenship Affairs asks a birth certificate for each person.
Residence certificate is a must. You can apply for the programme only after completing the purchase stage.
Vital Records including such as marriage certificate is another critical issue that is requested by the authority from all family members.
Death Certificate: If one of the couple is not alive anymore, his/her death certificate should be with you.
Photos You need to get 12 Biometrics photos beforehand
Application Forms: Original and notarized translation of application forms
Power of Attorney: To the lawyer which you are giving to follow your application process.
For a more detailed information about citizenship step by step, you can watch our video shown up below and follow the channel for further info about each step of citizenship by investment program process.
Important footnote about the process:
All steps – even the purchase phase – can be done remotely so that you don’t need to handle with the situation coming by.
5 Key Benefits of being Turkey Citizen
BECOME CITIZEN WITH YOUR FAMILY
Your spouse and children under 18 years old can acquire Turkish citizenship together with you at the same time.
NO WEALTH DECLARATION
When you apply for dual citizenship, you are not required to declare your assets or income that you currently have in other countries.
NO NEED TO BE A PERMANENT RESIDENT
You do not have to have lived constantly in Turkey for a certain period to become eligible for citizenship. You can continue to live abroad and apply for citizenship as soon as you get the residence permit.
REPATRIATE YOUR INVESTMENT
After holding your investment for 3 years. You can cash out your investment and repatriate the funds along with its proceeds (i.e. rental income, interest etc.) free of exchange control restrictions.
NOTABLE VISA-FREE COUNTRIES
When you become a Turkish citizen, you get the right of free access to 115 countries without any visa requirement.
Visa Free Countries to Travel
115 countries to travel without visa requirement 26 of them is found in Europe. Among these countries, numerous important locations are found such as Japan and Latin America countries that even United States citizens should apply for visa to travel some of them. However, you can get this right only at 250.000 $. If you are businessman working with these countries, it means that Turkish passport gets you rid of permanent workloads each application. You make profit, get a house and citizenship and borders out to many places meaning that visa savings at the same time. Here is the full list of visa-free countries written below.
The power of Turkish passport lets you visa free travel to the most important points in the Arabian Peninsula, the middle and far Asia such as Kuwait, Singapore, Qatar, Japan and South Korea.
By obtaining citizenship, you can visa free travel almost all countries in Latin America. Important countries such as Mexico, Argentina, Brazil and Colombia are going to give you free access by this way. On the other hand, many important borders of North and South Africa are open with a little investment.
Antigua and Barbuda
Saint Kitts and Nevis
Saint Vincent and Grenadines
Trinidad and Tobago
For obtaining Turkish Passport, no need to
Have lived in Turkey for a certain period
Speak Turkish Language
Donate Money to certain funds for the application
Wait for 3 years to get Turkish citizenship by investment
And...You can handle application procedure remotely
F.A.Q. Frequently asked questions about the Turkey citizenship by owning properties worth $250,000.
1. Does a foreigner who owns more than one Turkish property totaling to $250,000 have the right to apply for citizenship programme?
Yes, a foreigner who owns real estate with a total value of more than $ 250,000 is entitled to the Turkish citizenship under the latest law change. It is not required to be a single property. It may depend on more investment than one. Your investment plan can vary on land and commercial purposes as well.
2. Is the citizenship granted only to the owner of the property or to him and his family?
Turkish citizenship is granted to the owner of the property. All his children who are under 18 years of age qualify to Turkish citizenship law
3. Is there a specific currency required to buy a property in Turkey and get citizenship?
The decision states that the purchase of a property must be worth $250,000 or its equivalent in foreign currency.
4. Are Individuals who own real estate in Turkey worth $250,000 and above before the recent law change entitled to apply for a passport now?
Unfortunately, your investment with the value of 250.000 $ is invalid before the law, you should purchase another 250.000 $ property to apply for Turkish passport
Vartur Real Estate Company
team helps you from the beginning until you get your passports when you apply for citizenship by property investment. For further questions & to apply for citizenship,