Turkish Citizenship by Investment
Turkey’s Citizenship by Investment (Turkish CBI) program provides a streamlined path for foreign nationals to gain Turkish citizenship through financial investments. This initiative, regulated in 2018 and again in 2022, offers various investment options, making it attractive for individuals and families seeking a second citizenship. Here’s an overview of how the program works and what investors need to know.
Key Investment Options for Turkish Citizenship by Investment
Under the Turkish CBI program, foreign nationals can apply for citizenship by making one of the following qualifying investments:
a) Real Estate Investment:
Purchase real estate worth at least $400,000 USD with a commitment not to sell the property for three years. Investors can purchase multiple properties as long as the combined value meets the minimum threshold.
b) Company Investment:
Invest a minimum of $500,000 USD in a Turkish company.
c) Bank Deposit:
Deposit at least $500,000 USD in a Turkish bank, with a commitment to keep the funds in the account for a minimum of three years.
d) Job Creation:
Create employment for at least 50 people in Turkey.
e) Government Bonds:
Purchase Turkish government bonds valued at $500,000 USD, with a pledge not to sell them for three years.
These options provide flexibility for potential investors, and applicants may include their spouse and children under the age of 18 in the citizenship application.
Timeline for the Turkish CBI Program
The application process for Turkish citizenship typically takes 3 to 4 months, but in some cases, it can extend to 6 months, depending on the time of year and the complexity of the case. Once all the necessary documents are submitted, the government processes the application in a relatively swift manner, especially compared to other CBI programs worldwide.
Does the Property Have to Be Residential?
No, the real estate investment does not need to be residential. Investors can purchase commercial properties, which can be an attractive option for those looking to generate rental income or start a business in Turkey.
Can I Buy Multiple Properties to Meet the Minimum Investment?
Yes, the program allows investors to purchase more than one property to reach the required $400,000 USD threshold. As long as the combined value of the properties meets or exceeds the minimum amount, they will qualify under the Turkish CBI program.
Co-Investment in a Single Property
Co-investment in a single property is also allowed. If multiple investors are involved, each investor’s individual share must meet the minimum investment amount for them to qualify for citizenship separately. This provides an opportunity for business partners or family members to invest together while still qualifying for the program.
Dual Citizenship and Residency Requirements
Turkey permits dual citizenship, so applicants are not required to renounce their current nationality. However, it’s important to verify that your home country allows dual citizenship as well.
While applicants do not need to live in Turkey to apply for citizenship, they are required to obtain a residence permit before applying. If the investment is made in real estate, that property can serve as the address for the residence permit, provided it is not rented out during the three-year commitment period.
Language Requirements
Unlike some other citizenship programs, there is no requirement to speak Turkish for those applying through the investment route. However, Turkish language proficiency is needed for citizenship applications made through other means, such as naturalization based on residency.
Financing the Investment: Can I Use a Loan?
When applying for Turkish citizenship, investors cannot finance the minimum required $400,000 USD real estate investment through loans from Turkish banks. However, investors are free to take out loans for amounts exceeding the minimum investment requirement.
Required Documents for Turkish Citizenship
Applicants need to submit a set of documents that include, but are not limited to:
Passport copies
Birth certificates
Marriage certificate (if applicable)
Power of attorney for the legal representative
Biometric photos
Family status certificate
The entire process can be managed by a qualified attorney, making it smoother for the investor.
Conclusion
Turkey’s Citizenship by Investment program offers an efficient and flexible pathway to Turkish citizenship, with various investment options and a relatively quick processing time. Whether you’re looking to invest in real estate, create jobs, or make financial investments, the program opens the door to numerous opportunities in one of the most strategically located countries in the world. For more information, please contact a Turkish immigration attorney.