Turkish Citizenship by Investment
In 2018 approximately 22 thousand people in Turkey became a Turkish Citizen. To get citizenship from Turkey has become quite easier for foreigner as long as there is an investment of a required amount. Among foreign investors, over 250 investors has made 4.8 billion dollars worth of investment in total. In general, investors that have preferred Turkey are citizens of Iraq, Kuwait, Saudi Arabia, Afghanistan and Russia. Most of attention towards Turkey is expected to come from Arab investors in 2019 too. For foreigners that purchase properties from Turkey, areas for investment varies according to the expectations of the investor.
Cities foreign investor invest in the most are ranked as; Istanbul the trade center, one of the vacation towns of the Mediterranean, Bodrum, and lastly industrial city Bursa. Aside from Istanbul’s being the economy and trade center, city’s developed transportation network also increases the value of properties. Foreign investors’s interest in the vacation spot
Bodrum plays a huge role in the increase of value of properties too. Textile city Bursa manages to catch the attention thanks to the great contribution it makes to Turkish industry.
How to Become a Turkish Citizen by Investment?
Turkish citizenship is much more easier to acquire compared to other countries. Foreign investors earn the right to get a Turkish citizenship for life after making a property purchase at the worth of 250.000 dollars. Before, the minimum amount that was required to get a citizenship was 2 million dollars for investment and 1 million dollars for property investment. Minimum amount for bank deposits were 3 million dollars. Thanks to the recently established simplified laws you can earn the Turkish citizenship right simply by making a 250.000 dollar investment. Ministry of Internal Affairs reply to citizenship application in 45 days if all papers are ready. Those who become a citizen afterwards also has the rights as other Turkish citizen. A lot of countries in the world are trying to attract investors by using similar types of citizenship programs. In order to grow as a country, allowing investment in exchange for citizenship and enhancing entrepreneurship are basic factors.
Foreign investors that acquire Turkish citizenship agree to the term of not selling the investment or the property that has been purchased for at least 3 years. Citizenship right earned after investment applies to families including investors spouse and children, too. After the investor that applied gets their citizenship, their family can apply to Turkey for citizenship too. Family members’ citizenship application process finalizes around the same period that of the investors. There is a must for children that were applied for to be 18 years old or under.
Formerly, it was a long period for the main applicant and other family members to acquire the Turkish citizenship and the Turkish passport. It lasted 3-6 months if all the necessary papers were ready for citizenship application and after the finishing up on all the processes before and after the investment. According to the law established in 2019, after making an investment Turkish citizenship process was lowered to 90 days for all family members including all procedures. Aside from the support offices’ application process acceleration works presented by the government, you can also count on professional businesses such as Trem Global. As citizenship application process is very tough, foreigners should work with local and trustworthy partners. For every investment you make in Turkey, we are here to support you as Trem Global.
What is Needed for Turkish Citizenship by Investment?
First of all, the foreign investor is supposed to open a bank account in Turkey. After the investor makes a transaction of money, necessary procedures should be taken care of such as title deed acquisition, cash transaction. Property transfer is finalized by official and signed bills and registrations in order to get your title deed, according to the law.
Next thing to do is applying to residence permit and getting it. Even though you do not have to reşide in Turkey in order to get a Turkish citizenship, you are required to have a residence permit at the time of your application. It is possible to get the results for your residence permit application in the same day you applied for it. After getting your residence permit you can apply to Turkish citizenship immediately. You are not required to be in Turkey physically or do an interview during the time of your interview. You can permit someone else or some other company to manage your application process after agreeing with them. Fort his process, you need to give procuration to the party you agree with in Turkey. The documents required to be present during the application through procuration process are the original procuration document or an official procuration document copy with a notary confirmation.
Advantages of Investing in Turkey
Turkey continues catching the attention of the foreign investors with her profitable investment opportunities and economic developments. One of the most important details catching the attention of foreign investors that choose Turkey for investment, is being able to apply for Turkish citizenship after making and investment. We explained below other advantages of investing in Turkey.
1- Structure and History
Turkey is a vibrant and lively country catching the attention of all. Indicated as a synthesis of both modern and traditional elements, Turkey is home to what is considered as one of the most broad histories in the world. Turkey’s Tourist attracting, historical Golden Horn area, that still has a feel of the Ottoman period, alone is enough to captivate the investors. Turkey, attracting investors from all over the world due to its geopolitical location, also offers an opportunity to foreign investors with her being a hub of energy and trade.
With Istanbul, being the only city in the world located on two continents and performing an important port duty on the commerce area, being in Turkey raises the real estate prices.
Not only commercial but also being the culture and entertainment capital in Turkey, world famous Istanbul dazzles all tourists that visit her with its perfect location.
2- Booming Economy
Turkey’s economy is regarded as one of the major economies in the world. With correct navigation, the always active Turkish economy is one of the most ideal economies to make an investment. Turkey, that has made a name for herself in the real estate area with a developed real estate market, continues to draw attention from the Middle East featuring prices much more affordable than any other European country.
Turkey is one of the biggest importers in the textile area in the world, after Germany and Italy. Bursa, known as the textile city, is regarded as an important hub for the market. Aside from industrial cities, touristic areas also contribute to Turkish economy greatly. Famous shores to Aegean Sea and to the Mediterranean hosts thousands of tourists every year. And the first city that comes to mind is Bodrum with amazing turquoise coves.
3- Easy and Advantageous Investment Opportunities
In Turkey, with millions of investment options, real estate is the area that makes the most profit and therefore blesses the investors the most. Investment and the great advantages it brings along, makes purchasing a property much more attractive. How easy and effortless investing in Turkey, strikes ones eyes as another factor. According to Turkish law, you can start living in Turkey after getting the title deed of the property you have purchased and the residence permit. In Turkey, where getting a residence permit takes only 1 day, you can rent the property you have purchased if you would like.
In the country where the real estate values double every passing year, real estate sector would offer you a highly profitable return. The right to apply to Turkish citizenship after making a 250.000 dollars worth of purchase of one or more properties that make up the same amount, which was established last year, also triggers the foreigners’ wish to invest in Turkey.