The government made amendments to the Turkish Citizenship by Investment Program, often known as Turkey Golden Visa, in June 2022. As a result of such modifications, purchasers can now get citizenship and a passport for as low as $400,000 USD. As a result, the program is now among the most accessible and appealing civic programs worldwide.
Ever since, Property Turkey has assisted numerous investors in obtaining citizenship via real estate investments. If you have Turkish Citizenship, you are eligible to qualify for an E-2 US travel visa and live there indefinitely. Investors frequently purchase real estate for $400,000 or more to qualify for a Turkish passport. Foreigners can get Turkish citizenship by investment. You can find here for more information related to getting Turkish citizenship by investment.
Additional choices involve $500,000 in investments in stocks, commercial ventures, or bank deposits. Status certification takes three to six months. In three years, the investment can be recovered. Foreign nationals are permitted to buy land and real estate in Turkey in their identities as long as the properties are located in cities, not in villages or rural areas, and are outside of army regions.
Important Tips To Buy A Property
A claim must be made to the local Land Registry Office where the asset is located to obtain the land title. The Land Registry Office transfers the designation after performing the required lookups and inspections for the above conditions. The Land Registry Office should show evidence or documentation proving the transference of the entire purchasing amount into Turkey throughout the deal.
Additionally, a 1% duty is due and received from both the buyer and the seller during the exchange. Residential structures are subject to yearly real estate taxes levied by the municipalities at a rate of 0.3%. For five years, freshly constructed homes can avoid paying yearly estate taxes. For tax reasons, all assets are liable to reassessment every five years.
The purchased property can be rented out or sold again, and the money earned can be moved outside Turkey. When a property is bought for commercial purposes, different rules apply. Purchasing real estate in Turkey is also important if you want Turkish Citizenship.
Below it will be explained how to obtain a Turkish passport, who it is appropriate for, and how this initiative is unique.
How To Invest Your Way To Turkish Citizenship
Turkish Citizenship can be attained in three to six months. Regarding foreigners, Turkish Citizenship through investing is in favor. That’s how approximately half of all candidates acquire a Turkish passport. More than 35,000 people have acquired Turkish passports in this manner.
Purchasing A $400 000 Piece Of Property
When enrolling, this is the simplest and most common investment alternative. You can purchase any estate, including apartments, homes, acreage, and business and corporate buildings.
It is not essential to purchase a single item; instead, you can purchase multiple apartments for more than $400,000. The only prerequisite is a two-month maximum gap between purchases.
An immobile financial report should be created to assess the value of the real estate, and it ought to be approved by the Capital Market Board in compliance with assessment guidelines by a licensed valuation specialist.
- The worth of immovable/immovables in US dollars is estimated using the actual market price of the Central Bank of Turkey at the time of the purchase, depending on the market value specified in the immovable valuation report.
- You must declare that the real estate you bought to become a citizen of Turkey won’t be sold for three years.
- Your Citizenship will be withdrawn if you sell your home before the minimum 3-year time has passed.
- Before Investing, the funds must be legal.
There is no official restriction on any nationality.
In Turkey, dual Citizenship is accepted. To become a resident of Turkey, you are not needed to relinquish your current Citizenship.
- Genuine and photocopied passports
- Four photographs the size of a passport
- Health Certification
- Original Certificate of Police Clearance
- Original birth certificate or certified copy
- Original marriage certificate or certified copy
- Title Deeds or Other Evidence of Real Estate Registration
- contract for the selling and purchase of a real estate
- Proof of Real Estate Payment
- Statement of Funds Source
Any of these other investment alternatives are available to the candidate.
- An Investment of At Least $500k in a Bank. Any currency that the Turkish bank accepts can be used for savings. In 2020, the average interest rate on deposits was between 6.75 and 15.5% in Turkish lira and between 0.9 and 1.5% in dollars.
- Buy national securities starting at $500,000. These include shares of investment vehicles that focus on real estate or startup finance and government securities and expenses.
- Purchase $5000 worth of bonds from the government with a three-year asset preservation obligation.
- Purchase of $500,000 worth of startup capital or real estate-focused investment fund shares with a three-year asset preservation requirement.
- Start a firm with a minimum investment of $500k or generate 50 jobs. Turkish Citizenship can be purchased with a refund. You can resell the acquired documents or real estate or cancel the deposit three years after getting Citizenship. If you’re fortunate, your investment will turn a profit.
Investing In Turkey And Acquiring Citizenship
By investing, one might become a citizen of Turkey in phases.
Fulfilling The Program’s Prerequisites
Property investment search and purchase, the establishment of a company, purchasing securities, or activating a deposit. To achieve this, you’ll also need to create a checking account and get a taxpayer identification number.
Gathering The Required Paperwork
You would require the following in addition to the usual paperwork, such as a survey, a copy of your passport, proof of receipt of state fees, and photos:
- A Certificate of Police Clearance;
- A signed authorization that allows local authorities to access the claimant’s data. Government agencies will now have privy to details about your possessions, property investment, and banking information.
- Investment implementation documentation includes a cadastral service certificate of conformity, a market evaluation study, an excerpt from a bank or investment fund, and component papers.
- Notarization and apostille are required for all foreign papers.
Acquiring A License For Temporary Domicile
Without any issues, this paper has been issued. It is sufficient to state the objective to gain investment citizenship.
Submit a citizenship application at the Turkish registration office or the Turkish embassy overseas. You must submit biometric information and a copy of your residency permit to the already-assembled packet of documents. Three months are given for the application to be assessed. The Turkish Ministry of Internal Affairs will review the paperwork throughout this period, and the president will then sign the resolution to give Citizenship.
Obtain A Passport From Turkey
The candidate travels to Turkey and is issued a passport. A lawyer can get the papers on your behalf if this isn’t achievable.
Although it is an investment vehicle that may be customized to match your requirements, Citizenship is not something you are confined to having from birth. You could believe that obtaining a second passport is difficult and takes a lot of money, to begin with. Follow the steps mentioned earlier, and the steps will be easy.