Turkish Citizenship by Investment Program
If you are considering investing in real estate in a foreign country, Turkey should be on your shortlist of destinations. This vast country offers a wide range of property types in some fantastic locations, including some of the most visited places in the world. In recent years, Turkey has attracted foreign investment from property buyers across the globe, Turkey’s real estate industry is booming, and the numbers speak for themselves. Between January and June 2022, foreigners purchased 35,383 homes in Turkey, an increase of 72.7% from the previous year. Leading cities for residential real estate sales among locals and visitors alike include Istanbul, Ankara, and Izmir. These three cities completed about 33% of the year’s first-half sales contracts. One of the primary reasons for this is the Turkish citizenship by investment program, which allows foreigners to invest in the country in various ways and get a Turkish passport.
The Program and Investment Requirements
In 2016, Turkey unveiled its citizenship by investment program, which aimed to encourage FDI and boost the country’s real estate market in January 2017. Investors can choose various ways to invest in Turkey under this scheme and get a Turkish passport.
Before introducing the program, the government set the entry fee at a minimum of $1 million. This high benchmark discouraged many investors. Subsequently, the Turkish government reduced the investment required to $250,000 in the middle of 2019 after understanding that the amount was excessive. As a result, the nation receives $250 million a month in revenue from international investors. However, because of the hike in the number of applications, the minimum fee increased from $250,000 to $400,000 in 2022.
How to Get Turkish Citizenship by Investment
Investing in real estate is the most common way to qualify for Turkish citizenship by investment. In contrast to some of these programs in other nations, foreigners are not required to get permits to purchase real estate. Nevertheless, there are several procedures to complete to obtain Turkish citizenship through real estate investment. Here are the steps for how to get Turkish citizenship by investment:
- Meet the program requirements:
This initial step includes researching, viewing, and buying one or more real estate properties. To complete this process, you must open a Turkish bank account and get a tax number.
- Prepare your paperwork.
You will need to complete an application form plus pay all applicable fees and provide a list of documents which include; a copy of your passport, biometric photographs, a criminal record check, and a notarized permit for the processing of your data that allows access to your bank account details and owned assets, and documents about the investment. In addition, you must translate all foreign documents into Turkish, then notarize, and apostille them.
- Get a short-term residence permit.
This document is easy to obtain and is sufficient to state your objective, which is to gain Turkish citizenship by investment through real estate purchases.
- Apply for Citizenship.
You can do this at either the Turkish embassy in your home country or the Turkish registry office. You need to provide biometric data and attach a copy of your residency permit to the paperwork you’ve previously prepared. Assessment of the application takes around three months. The Turkish Ministry of Internal Affairs will review the paperwork during this time, and the president will sign the decision to give citizenship.
- Get your Turkish passport.
You will need to come to Turkey to receive your Turkish passport. If this is not possible, your lawyer can obtain the documents.
Advantages of Turkish Citizenship
Citizenship extends to your family.
The spouses and children under 18 of investors who obtain Turkish citizenship automatically gain citizenship too. This benefit also applies to children born after the original citizenship is granted.
Turkey has open agreements with many countries, which means they allow for dual citizenship in most cases. So, you can benefit from citizenship in your home country or country of residence and Turkish citizenship.
Gateway to working in the USA
If you have plans to move to the US, applying for an E-2 investor visa to enter the US is simple. A treaty between Turkey and the US governs US E-1 and E-2 investor visas. Those who cannot apply for an E2 visa through their native citizenship have a fantastic opportunity to obtain Turkish citizenship.
Easy Inheritance Path
The law in Turkey vigorously protects inheritance rights, so your investment property can pass easily to your descendants.
Buying Property in Turkey is Easy
When purchasing a property in Turkey, costs are involved, but compared to many other countries, these costs are relatively low. You will need to employ the services of a translator, and there are notary fees, stamp duties, and minimal taxes. Due to the tourist draw of Turkey, many Turkish people speak many foreign languages, and the use of English is widespread. This makes things much easier for international buyers, both during the purchasing process and in later dealings involved in property ownership. Real estate purchases in Turkey are not subject to the requirement that foreign nationals have a residency permit. In addition, under Law No. 6458 on Foreigners and International Protection, foreign nationals who purchase property in Turkey are given renewable short-term resident permits. There are also no stipulations on the amount of time you must remain in Turkey before or after completing the Turkish citizenship by investment process. Additionally, you can proceed even if you are unfamiliar with the local Turkish language.
Living in Turkey means admiring the magnificent landscape, enjoying beautiful azure coastlines, savoring mouthwatering cuisine, and being embraced by welcoming neighbors. Turkey’s role as a gateway to markets in Europe and Asia, plus its significance as a primary tourism destination, are the main factors motivating foreigners to apply for an investment visa.
Turkey’s tourism sector is one of the top ten most popular tourist destinations in the world, but it hopes to become one of the top three. This is fantastic news for buy-to-let investors looking to acquire a vacation house or a luxury property adjacent to a tourist attraction. Investing in Turkish real estate can be a profitable business. Within five to 10 years, the nominal value of the real estate in Istanbul doubles. Nationwide home price increases typically range from 5 to 20% annually.
Suppose you would like to benefit from Turkish citizenship by investment program and purchase a fantastic property in a desirable location. In that case, Royal Blue Istanbul has an excellent opportunity for you. Our luxury serviced villas are located in the Sile district of Istanbul, within 40 minutes of the Istanbul airports. With this type of buy-to-let property, you can earn up to 50% higher rental income. Furthermore, the location and quality of our villas mean they have a higher appreciation value. Get in touch with our knowledgeable advisors to start your real estate investment journey in Turkey and get your Turkish passport.
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