Turkey is offering a fast route to acquiring a passport within two months by investing in property worth $250,000. This program includes a straightforward process that doesn’t require the investor to declare his/her assets or income generated in other countries, and also him/her being physically present. If the applicant chooses to bring his/her family, the spouse and the children (under 18 years) all get the visa.
What’s more, the Turkish citizenship by investing program offers simplified routes just in case you decide to relocate to both the UK and USA, under the respective visa categories available for Turkish nationals. Now, let’s dive a little deeper and find out how you can apply for this program, plus the requirements.
Requirements For Real Estate Investment
- Applicants are required to buy a property worth $250,000 and above in Turkey, which can be fulfilled either by buying a single property or several properties, but of course, following regulation provisions.
- After buying, the applicant is required to retain the property for at least three years before reselling it. This commitment should be included as an annotation on the Title Deed, or the Notarised Sales Contract.
- To figure out the value of the property, a team of professionals selected by the Banking Supervision Board conducts an official valuation survey. Remember, the value of the property must reflect over $250,000 and above in the valuation report.
- The applicant must pay for the property via a bank transfer, which is to be supported by bank receipts that will prove that the transaction was successfully made from the buyer’s account to the seller’s account.
- At the time of transfer of ownership or the Notarised Sales Contract at the Land Registry Office, the officially declared value of the property should still be a minimum of $250,000. So you will need to watch out for depreciation.
- If the applicant took a mortgage to buy the property or is subject to mortgage by any means, then the loan value should be deducted from the stated value in the valuation survey, where the remaining amount will then be taken into consideration.
- The application should be taken to the Ministry of Internal Affairs, Directorate of Foreigners Department, General Directorate of Population and Citizenship Affairs, through the Land Registry Office in the Ministry of Environment and Urbanisation.
Steps For Applying For Turkish Citizenship by Investment
- Getting a tax registration number – you can obtain this registration number from just any tax office in the country. You will need to have your original passport and photos.
- Opening a bank account in Turkey – you will need to bring the following: an original passport and Tax Registration Number; documentation of transaction during the buying stage; and any official document (like a Public Utility Bill) that clearly indicates your current address.
- Finding the property – as we mentioned multiple times above, the total value of the property should be above $250,000 or equivalent Turkish Lira (one or multiple units). This property needs to be completed or it’s close to completion, has the habitation license granted. What’s more, if the property is under construction, you will need to get a construction servitude, and if it’s complete, you will need to get the Title Deed. Also, the property needs to be suitable and ready for the official valuation survey.
- Buying the property – after deciding on what property to buy, the progress of expertise, and appointment for the signing of the title deed takes about a week. Now, when paying for the property, you need to do it via bank transfer and document the transaction by a receipt. Also, this is the stage where your title deed registry or the Notarised Sales Contract annotated with the statement “Not to Be Sold for 3 Years.”
- Obtaining the certificate of conformity – in this stage, the applicant requests or provides an Official Valuation Survey submits the bank receipt, and applies with the Ministry of Environment and urbanisation. He/she will be given a certificate of conformity stating that he/she has attained all the required standards and is eligible to apply for citizenship.
- Applying for Turkish Residency – take all the required documents which include the certificate of conformity, and apply with the Directorate General of Migration Management.
- Apply for Turkish citizenship – similar to residency application, you need to take all the required documents and apply with the Directorate of Migration Management.
- Birth Certificate
- Certificate of residence
- Health Insurance
- The spouse’s death certificate – that is if the applicant is widowed
- 12 biometrics photos with a white background
- Documents showing all the family members as the wife, husband, and children, marriage, or divorce certificate.
- Power of attorney
- Application forms
- Original and Notarised Turkish translation of all these documents
Benefits of Turkish Citizenship by Investment
- For starters, there is a time requirement for the investment, after which the investor has the right to withdraw the investment, which means that after the 3 years has elapsed, the investor will be able to get his/her money back plus the legal interest, and won’t be sabotaging the citizenship.
- Secondly, the applicant doesn’t have to abandon the nationality of their home country in order to obtain Turkish citizenship by investment. Also, you don’t have to be physically present while applying for citizenship.
- Thirdly, the property market, housing, and construction sectors in Turkey are quite lively and active, making receiving citizenship by buying in this sector the best deal ever. After all, based on the assets and the future plans of the investor this investment might make a lot of sense in the long run.
- The other benefit is that, by obtaining a Turkish passport, you unlock visa-free access to multiple other countries, which include South Korea, Japan, and Singapore. Also, once the applicant gets a hold of this visa, he/she can relocate to the UK, especially using their business visa.
- Lastly, with the Turkish passport, the applicant may get a US E-2 business visa, which is mostly followed by the EB-5 immigration visa as well as the green card application.