Turkish Citizenship by Investment
Overview
Turkey is a beautiful, culturally-rich country located in a strategic geographical position between Europe and Asia. This location allows resident investors to reach markets in 16 different time zones.In the last few years, Turkey has become one of the fastest-growing economies in the world. Currently, it is a preferred hub for manufacturing, exports and management.
The Turkish government also provides generous support programs for innovation projects, employee training initiatives, and exporters through various grants, incentives, and loans.
In May 2017, the Turkish government introduced the Citizenship by Investment Program (CBI), which was renewed in subsequent years and allows foreigners the possibility to receive citizenship by investment. The current program offers seven different ways to obtain a Turkish passport within 3 to 6 months.
Who can apply?
Turkey offers citizenship by investment to individuals of any origin except: Armenia, Cuba, Nigeria, North Korea and Syria. The main applicant must be above the age of 18 years, must be able to prove a legal source for his/her funds and have a clean criminal record. Individuals may submit applications together with family members, such as their spouse or/and dependent children under the age of 18 years old or disabled children of any age.
Investment opportunities
Investment option 1: Real estate
Investors may choose to acquire one or more properties with a minimum value of USD 400,000. These properties must be held for a period of no less than three years. The Government allows purchasing multiple properties, however they must be located in the same neighborhood and be registered on the same day to count towards the required USD$ 250,000.
Investment option 2: Bank deposit
A minimum deposit of USD 500,000 is required in Turkish banks. This amount must remain on deposit for a period of three years, a condition that will be certified by the Banking Regulation and Supervision Agency (BRSA).
Investment option 3: Government bonds
This investment option involves the acquisition of securities issued by the government (government bonds) for a minimum value of USD 500,000. The main condition is that these securities cannot be sold for a period of at least three years, which will be duly certified by the Ministry of Finance and Treasury.
Investment option 4: Real Estate Investment Funds or Venture Capital
Interested parties may invest in shares of Real Estate Investment Funds (REIF) or Venture Capital Funds (VCIF) for a minimum amount of USD 500,000. These shares must be held for a period of no less than three years, and the transaction will be certified by the Capital Markets Board.
Investment option 5: Contribution to the Private Pension System
This involves a deposit of USD 500,000 (or its equivalent) in funds designated by the insurance and private pension supervisory body. This capital must remain in the system for a minimum of three years.
Investment option 6: Fixed business capital
This option requires a minimum investment of USD 500,000 in fixed business capital. This investment will be certified by the Ministry of Industry and Technology and cannot be withdrawn for a period of three years.
Investment option 7: Business and job creation
To acquire Turkish citizenship, you can set up a company that will provide employment to at least 50 people. Keep in mind that Turkish law requires that employers who hire fifty or more people in one workplace, must employ a certain number of disabled personnel, which should be equal to 3 % of the total employees hired by the employer in a given city. As the company owner you will be required to run payroll and provide your team with fixed-term or indefinite employment contracts and social security. The company must keep the number of employees for at least 3 years.
Benefits of a Turkish passport
One of the biggest advantages is the ability to travel visa-free to over 100 countries. For citizens of countries like India, Sri Lanka, Iran, Egypt and many others, this is a game-changer in their business and investment opportunities. Moreover, a Turkish passport allows you to easily apply for an E-2 Investor Visa to the United States.
Turkey provides access to free education, free public medical care and allows foreign citizens to benefit from Pension Programs.
Applicants are not required to visit or live in Turkey in order to gain citizenship. The process is very quick (3-6 months) and individuals who decided to purchase real estate may rent the property and enjoy an additional income.
Due to its natural and cultural diversity, Turkey offers many investment and business opportunities in various economic sectors. The strongest pillars of the economy are agriculture, tourism and manufacturing. However, the renewable energy industry, the defense industry and the mining sector have also grown significantly.
Contact us
For more information email us at info@kraemerlaw.com