Turkish Citizenship by investment program has been amended recently on 19th Septemper 2018 and requirements for citizenship by investment has been lowered. As a result;
i. Foreigners who bring fixed capital investments of at least $500.000, or
ii. Those who has purchased at least $250.000 worth of immovable properties without selling them within three years of the purchase, or
iii. Those who deposit a minimum of $500.000 in Turkish banks on condition of not withdrawing it for three years will be able obtain Turkish citizenship. In the meantime the person who generate jobs for 50 people or will be eligible to obtain Turkish citizenship.
The foreigners determined by Ministry of Industry and Technology who have made fixed capital investment in the amount of 500.000 US Dollars can be granted by Turkish citizenship upon the decision of President of The Republic. In accordance with the Regulations related, citizenship applications of the foreigners who demand citizenship based on fixed capital investment in the amount of 500.000 US Dollars shall submit an application in writing to the Ministry of Industry and Technology together with the documents (investment information form, trade registry gazette which shows the partnership structure, special purpose report, proof that the direct foreign investment are transferred to the equity capital of the company etc). When calculating for the fixed capital expenses for the applications to be submitted in following years, the expenses made in the last maximum 3 years shall be taken into consideration.
In the event that additional fixed capital investment is made to a currently present investment, the increase in the amount of fixed capital investment as of the beginning of the additional investment shall be taken into consideration.
Besides fixed capital investment; foreigners purchased the immovable property with a minimum amount of $250,000 having land registry record which are determined by the Ministry of Environment and Urbanism on the condition that it is not going to be sold for three years, it is also possible to obtain Turkish citizenship. Within this scope;
- In order to determine the amount which is indicated in the application for the sale of the immovable property, there should be prepared an immovable valuation report which should be accepted by the Capital Market Board in accordance with valuation standards by valuation expert who has a valid license.
- Based on the value in the immovable valuation report that shows the market value, the value of immovable in US dollars is calculated on the effective selling rate of the Central Bank of Turkey or cross rates at the date of transcation.
- The foreigner who has bought the real estate should be arranged and declared that this immovable property will not be sold for a period of 3 years for purpose of acquisiton of Turkish citizenship;
- The title deed registration is given to the applicant following the completion of the full procedure.
Time period for all investments is 3 years. Foreigners can obtain Turkish Citizenship who fulfill the requirements set in Regulations and applicant’s spouse and children who are less than 18 years old will also be granted with Turkish citizenship and Turkish Citizenship will remain throughout lifetime and applicants’ children will be born as Turkish Citizens.
For the applicants who have applied with false or misleading documents, citizenship procedure shall be suspended and further applications shall not be taken into consideration even if they fulfil the related criteria. Therefore it is advised to take legal consultancy and assistance for application and evaluation process.
Besides that, foreigners who have bought a house in Turkey are eligible to get residence permit provided that it is extended in certain periods, they also have the right to get residence permit for their families. With this residence permit, children of the foreigners can get education in Turkey. It is easier for foreigners with residence permit to find a job and it is easy for companies to get work permit. Working with professionals specialized in real estate law will always be in favour of the buyer.