TURKISH CITIZENSHIP BY INVESTMENT PROGRAM

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New Legislation and Regulation Change

 

Turkish Citizenship by Investment Program was first introduced on 12.01.2017 and amended significantly on 18.09.2018 and 13.05.2022. Within the scope of this new regulation change, Turkey grants citizenship to foreigners who buy real estate in Turkey worth at least $400.000 under the condition that the property is not sold for at least 3 years. By purchasing a property of valued minimum $400.000 USD in any part of Turkey or making $500.000 capital investment, a foreign investor will be able to get Turkish Citizenship for him/herself and the family within 3 months.

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With the amendment made to the Regulations Regarding the Implementation of Turkish Citizenship Law, Foreigners who meet any of the following criteria may be eligible for Turkish citizenship, subject to the decision of the President of the Republic of Turkey:

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1-) Real Estate Investment : $400.000 

• Main criteria: Starting from 18.09.2018, acquiring a property worth minimum of 400,000 USD with a title deed restriction on its resale for three years as attested by the Ministry of Environment and Urbanization ​

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• ​For the real estate(s) purchased between the dates 12.01.2017 and 18.09.2018, the real estate must be worth at least $1.000.000 and above. It is not possible to apply for citizenship with real estate(s) purchased before the date 12.01.2017 and the real estate(s) covered by an agreement for the promise of sale before the date 07.12.2018.

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• Payment obligations of real estate purchased in Turkey by foreigners can only be fulfilled in foreign currency. In the acquisition of real estate by foreign real persons, before the acquisition, the sale price must be sold to a bank by the foreign buyer, seller, their proxies or representatives in USD or equivalent foreign currency to be sold to the Central Bank. The "Foreign Exchange Certificate" to be issued by the Bank will be submitted to the Land Registry Directorate at the time of application and the Turkish lira amount registered in the foreign exchange certificate is to be declared as the sales price.

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• USD value of the property is calculated based on the effective exchange rate of Turkish Central Bank at the date of transaction. Official real estate evaluation reports, bank receipts and purchase amount on the title deed must be more than the minimum investment threshold each separately. We check and coordinate all this process to ensure its compliance with the program.

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• All real estate-related money transfers must be sent as a bank transfer through the banks of the buyer/seller or their representatives.

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• It is possible to combine multiple real estate purchases in the same city or different cities to reach the minimum investment amount. 

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• Undeveloped lands and lands without any building  are not eligible for the program. Other than this, there is no specific restriction on the property type (developed land, office, villa, shop, apartment, etc) or location.

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• Joint-owned properties will no longer be eligible for the application as of February 1, 2023. (Eligibility cannot be obtained through shared ownership of a single property by different investors, in other words dividing a single property into shares for multiple citizenship applications is not allowed.) If a property is acquired by multiple foreign individuals in a shared ownership structure, that property cannot be considered for citizenship. However, if a property registered in the names of multiple individuals is acquired in its entirety by a foreign individual, that property can be considered for citizenship.

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• Properties subject to sale for citizenship application can only be purchased from Turkish citizens/companies.​

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• The property subject to sale shouldn’t be among the properties which were transferred to a Turkish citizen/company  by the foreign investor or his/her first degree relatives whether they are Turkish or not. 

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• The property subject to sale shouldn’t be among the properties which were transferred to a Turkish citizen/company by a foreigner within the last 3 years. The property subject to sale shouldn’t be owned by a Turkish citizen who acquired citizenship through the investment program.

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• The property subject to sale or promise to sell agreement should not be registered in the name of a company in which the foreign investor or his/her spouse or his/her children is a shareholder or manager. The said property also must not be registered in the name of a foreign capital company where there is a foreign person shareholder(s) of the same nationality with the foreign investor.

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• Once used, the same property cannot be used again to acquire citizenship by a second investor.

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• In the event that the foreign investor who has acquired Turkish citizenship by acquiring property transfers (or sells) the relevant real estate back to the same Turkish citizen/company after the expiration of the investment holding period (excluding compulsory transfers made by court decisions or compulsory execution), or abandons the promise to sell contract to transfer the property to a third person, the General Directorate is notified and the status of the eligibility certificate that forms the basis of citizenship acquisition is reevaluated.​

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• The rights of the inheritors are preserved on the real estates acquired by the foreigners in Turkey.

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​2-) Deposit Account in Turkish Bank : Turkish Lira Equivalent to $500.000 

• Main criteria: Depositing at least 500,000 USD equivalent Turkish lira in any bank(s) operating in Turkey with the condition not to withdraw the same for at least three years (attested by the Banking Regulation and Supervision Agency)

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• Bank deposit for citizenship can only be kept in Turkish Lira as of Jan 2022. The investor will be eligible to apply for the citizenship after opening a deposit account in any bank operating in Turkey (government or private) and investing $500.000 by selling the said amount to the Central Bank with the condition not to withdraw the same Turkish Lira amount for 3 years. Turkish lira amounts obtained as a result of this foreign exchange sale are kept in Turkish Lira deposits for 3 years.

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• Investors can open 'YUVAM' account to benefit from official hedge scheme against exchange rate surges.

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• USD equivalent of the currency on the date of determination by the Banking Regulation and Supervision Agency will be taken as basis by the banks and will be expected to remain at the same amount.

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• Total amount can be deposited over different accounts in one bank or different accounts in different banks operating in Turkey. It is also possible to apply for citizenship through a joint account opened with investor’s spouse (or brother ,etc) if the same consent (investment holding period) is given by the investor’s account partner.

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• The blocking process which will be established on the accounts/s ($500.000) in the beginning is voluntary and doesn’t prevent the right of the account holder to withdraw the same amount. Account holders have the right to suspend or cancel the citizenship process by withdrawing the deposited amount. In this case (and in case of any attachment,pledge,injunction or other legal restrictions) banks will immediately inform the Ministry of Interior which will eventually led to the cancellation of acquired citizenship.

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• Investor can benefit from all kind of returns (interest, dividend and similer returns) as long as the amount doesn’t fall below the initial deposit amount.

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• Shifting from deposit investment to other capital investment options within the investment holding period is possible

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3-) Fixed Capital Investment : $500.000

• Making a minimum fixed capital investment (land, building, machinery and equipment for the production of goods and services, company shares) of 500,000 USD or equivalent foreign currency or Turkish lira (as attested by the Ministry of Industry and Technology)

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4-) Government debt instruments : $500.000

• Buying at least 500,000 USD equivalent Turkish lira worth of government bonds with the condition that they cannot be sold for at least three years. (attested by the Ministry of Treasury and Finance)

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• Only Government Bonds issued in Turkish Lira can be bought for the citizenship program as of Jan 2022. Eurobonds issued by Turkish Treasury are no longer included in the citizenship program.

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• Includes: Government debt securities, Bonds issued by Turkish Treasury  lease certificates issued by Turkish Treasury and Sukuks.

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• Investors can freely benefit from the interest / rental income (coupons) of above mentioned debt instruments blocked in their investment account.

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• The minimum investment requirement of USD 500,000 or equivalent foreign currency or Turkish Lira envisaged for government debt instruments is calculated using the effective selling rate (If the investment is blocked gradually, the exchange rate valid for each blocking date.) valid for the date when the government debt instruments are blocked in the investor account.

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• If the net value of the Government debt instrument decreases below USD 500,000 as a result of the change in the cross exchange rate or the TL / USD rate (comparing the rate when it was blocked), it will not affect the citizenship application and / or acquisition.In addition, in the event of a decrease in the value of Government debt instruments blocked due to changes in market conditions, the minimum investment requirement is not considered to be lost.

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• We assist our clients on opening an investment account at a bank in Turkey and finding the most suitable Government Bonds issued by Turkish Treasury as we follow them weekly basis.

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5-) Real estate investment fund / venture capital investment fund : $500.000

• Buying at least  500,000 USD or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years (attested by the Capital Markets Board of Turkey)

 

6-) Employment : 50 People

• Creating jobs for at least 50 Turkish employees (attested by the Ministry of Family, Labor and Social Services)

• Continuity of the employees working full time in the last 6 months will be taken into consideration

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-The applicant can keep the investment and its regular income & acquire citizenship at the same time.

-Some of the benefits are visa free travel to more than 100 countries, full health coverage for the whole family, pension program, free education at public schools and universities, allowing multiple citizenship, etc.

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-No requirements to reside in Turkey during or after the application process.

-No need to donate any specific funds to the government

-No exam or complex procedures

-No wealth/financial disclosure

-Open to almost all nationalities in the world

-Strong passport with visa free access to more than 100 countries

-Fast processing time

-Allowing multiple citizenship 

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-Citizenship&Passports: 6 Months

-Scope: Principal Applicant+Spouse+children under the age of 18

-Investment holding period: 3 years

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APPLICATION PROCESS&LEGAL SERVICES

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​​Citizenship application requires careful and professional attention by a specialized Immigration Lawyer who knows all the ins and outs of this process and can represent the client vis-a-vis government authorities.

 

In order to avoid any potential risks and mistakes that could endanger both the investment and application stages, it is important to take the first step with a qualified lawyer who will advise, guide, represent and accompany the client throughout the entire process.

 

With a deep expertise and experience on all of the above mentioned investment options of Turkish Citizenship Program from the very beginning, we conduct and follow up all the steps and procedures very diligently for our clients from 30+ different countries.  

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We assure confidence&transparency, simplify complexities and ensure a successful outcome for our clients.

 

We actively take part in the following phases to manage the process under the best possible legal framework from A to Z and in full compliance with the latest official regulations. Our meticulous attention to details ensures a smooth and stress-free process for the clients.

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•  Obtaining a foreigner tax id number & Opening a bank account in Turkey

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• Investment Process&Obtaining the 'Certificate of Eligibility' from the related ministry/government agency.

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•  Real Estate Investment:​​

  • Finding the most suitable and secure residential or commercial property that fits client's preferences and investment plan: We prioritize security and transparency throughout the entire process, ensuring a stress-free journey to property ownership in a different country.  With our comprehensive due diligence and market insights, we meticulously navigate the market to secure your investment.

  • Ensuring that the property is transfer-ready, suitable for the citizenship application and free of any debts, taxes, legal problems, encumbrances.

  • Obtaining/reviewing the official valuation/appraisal report for the real estate

  • Completing Tax (VAT) exemption procedures through tax office

  • Drafting&reviewing the preliminary sales contracts with the seller side

  • Representing the Client during the title deed transfer at the land registry office

  • Applying&Obtaining the 'Certificate of Eligibility' from the Land Office

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• Collection and preparation of the documents in required legal forms (Apostille, attestation, consular formalities, embassy legalization, notarization, certified translation etc.)

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• Application for Investor Residence Permit for the principal applicant

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• Submission and follow up of the Turkish Citizenship Application 

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• Receiving the Citizenship Approval Certificates from the Civil Registration and Citizenship Directorate

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• Passport and ID appointments, arrangements (Civil registry offices in Turkey or Turkish Embassies/Consulates)

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• Professional relationship with the authorities

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• %100 Success Rate (250+ application files / clients from 30+ countries)

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• Full confidentiality of client information 

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CONTACT US TODAY FOR A FREE CONSULTATION AND DISCOVER HOW WE CAN TAILOR A PATH TO A SUCCESSFUL APPLICATION FOR YOU

 

OFFICE

+90 212 635 30 59

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MOBILE 

+90 530 541 50 82

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E-MAIL

m.y@yavuzozdemir.av.tr

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