Only a few of the countries are transcontinental, among which Turkey is at the top of the list. This country, with a population of 82 million, has a stable economy and is a political hub as it is at the intersection of Europe, the Middle East, and Central Asia, which makes it of great strategic importance. In this transcontinental Eurasian country, you can experience all the western and eastern cultures.
To boost the country’s economic growth by attracting foreign investments, the program named the Turkey Citizenship by Investment Program began in January 2017. There are various types of investments and contribution methods for applicants to choose from, but it is worth mentioning that investment in real estate is the most popular, affordable, and suitable choice for most ex-pats.
The city of Istanbul connects two continents across the Bosporus Strait, due to which the Turkey Citizenship by Investment Program allows entrepreneurs to get access to 1.5 billion consumers in both the Asian and European markets.
Why get Turkey Citizenship by Investment?
Here are some of the benefits that you can gain by acquiring Turkish Citizenship by Investment.
- Visa-free destinations
Turkey has the 5th largest diplomatic network in the world. By acquiring Turkish citizenship, one can easily get access to more than 110 countries and territories visa-free or with a visa-on-arrival facility, including Japan, South America, South Korea, and Singapore, etc. For accessing Europe, it only takes 2 to 3 days to get a Schengen visa with a regular Turkish passport, while Turkish green passport holders can get visa-free access to Europe.
- High standards of living
Turkey is a country that enjoys a high standard of living, along with a mild Mediterranean climate and beautiful scenery. Turkey also has one of the strongest, most developed, and free healthcare systems in the world.
The quality of education is also rising very quickly. Except for a small participation fee, all public schools and universities offer free education to Turkish citizens.
- Full citizenship was granted to the applicant and included family members
By acquiring Turkey citizenship, you will have the full right to live and work in Turkey without any restrictions. Besides living and working in Turkey, naturalized Turkish citizens will have equal rights to vote, access free health care, and full access to education.
- Short processing period
The process of obtaining Turkish citizenship through invested capital takes about 2 to 4 months for both the applicant and family members. The family consists of the partner and any minor kids under 18.
- No language or stay requirements
There is no need to pass any kind of language test or interview in order to get Turkish citizenship. Furthermore, the Turkey citizenship by investment program does not require any physical stay in Turkey in order to get or maintain citizenship. You can stay abroad as long as you like, and you are always welcome home upon return.
- No tax or wealth declaration is needed
The applicants are not required to declare the assets or income that they have in other countries. All that is needed is the police clearance report from the country of origin and a clear source of funds.
Requirements of Turkey Citizenship by Investment
As we have stated above, there are various kinds of methods the applicant can select from in order to qualify for the Turkey Citizenship by Investment program. The amount stated in the following sections is in US dollars.
- Investment in real estate with a worth of at least $250,000
- Minimum investment in the fixed capital contribution of worth $ 500,000
- The applicant can deposit capital into a Turkish bank account with the minimum amount of $500,000 or equivalent in Turkish lira or in a foreign currency.
The applicant should commit to government bonds with at least the amount or equivalent in Turkish lira or in foreign currency
- Commit or equivalent Turkish lira or foreign currency to a real estate investment fund share or a venture capital investment fund share.
- Generate at least 50 jobs for Turkish citizens, as certified by the “Ministry of Family, Labor, and Social Services”.
It should be noted that a main applicant’s family members may include a spouse, children under the age of 18, and children of any age with disabilities.
Application Procedure of the Turkey Citizenship by Investment Program
The first step for the applicant is to select a suitable investment option from the various options available. After that, the applicant will be required to apply for a residence permit on behalf of the family. And after that, the main applicant will have to open a bank account with any of the Turkish banks.
The next step for the applicant will be the preparation of all the application documents, which may also include the applicable certificates. Once the documents are prepared, the applicants should complete the investment process and submit the application documents to the government. The review process will begin immediately once the government receives the application.
The applicant may be requested to appear in an interview during the review period. It typically takes 120 days from the approval of the application to the date the citizenship documents are issued. After receiving the citizenship documents, the applicant can submit a passport application.