With the new regulation which was published in April 2022, it became possible to get Turkish citizenship by 400.000 USD investment. So, we can say the minimum amount is 400.000 USD to obtain Turkish citizenship by investment. With this arrangement, at the same time at least 500.000 USD investment that investors are foreigners who deposit bank accounts of 500.000 USD in Turkey or at least 50 foreign investors in providing job opportunities to Turkish citizens also have the right to acquire Turkish citizenship. In addition, VAT exemption has been brought to foreign investors with a new regulation issued by the state. In accordance with the new VAT regulation, it is possible for foreign investors to purchase real estate without paying VAT. However, an annotation is required for the sale of these properties for three years.
If at least 400.000 USD or more of real estate is purchased by foreigners, the request for Turkish citizenship is processed with an application to the General Directorate of Land Registry and Cadastre. The General Directorate of Land Registry and Cadastre checks that the properties sold are at least 400.000 USD. Foreign investors are required to prove that they have purchased at least 400.000 USD real estate with a valuation report from a real estate appraisal company licensed by the Capital Markets Board. Reports from any real estate agent or consulting firm are not considered valid. The Directorate of Land Registry gives approval from 3 to 7 days for citizenship applications. As soon as the application is approved, foreigners must apply to the Immigration Office for a residence permit without an appointment. After the approval of the Immigration Office, it is necessary to apply to the General Directorate of Population and Citizenship Affairs with the approval paper and residence permit on the same day.
All this process after the land registry application is followed in the Citizenship Information Offices in Istanbul and Ankara. Citizenship applications are concluded between 46 and 60 days.
Can I purchase more than one real estate for Turkish Citizenship ?
Yes, it’s possible. More than one real estate can be purchased with a total value of at least 400.000 USD. However, the application is required for all at the same time. If the values declared to the General Directorate of Land Registry and Cadastre are over 400.000 USD, citizenship application is accepted.
Real estate appraisers confirm whether the value of the property declared in the title is over 400,000 USD. The Ministry requests the “entailed estate annotation” from the General Directorate of Land Registry and Cadastre. Payment should be made via bank transfer. General Directorate of Land Registry and Cadastre, the property’s value in USD, effective on the date of sale of the Central Bank of Turkey are calculated at the exchange transaction.
How is the process of Turkish Citizenship by investment ?
Opening Bank Account: First of all it is necessary to open a bank account on behalf of foreign investors in Turkey.
Investing: Necessary investment transactions such as title deed, cash deposit, government bond / share purchase should be carried out.
Application for Residence Permit: Applicants are required to obtain a residence permit during their citizenship application. During this period, residence permit holders can continue to live abroad as long as they wish.
Turkish Citizenship Application: An application can be made to Turkish citizenship immediately after obtaining a residence permit. It is not necessary to come to make the application process or talks in Turkey. All transactions can be made by third parties, provided that a letter of attorney is given.
What are the Documents Required to Apply to Turkish Citizenship via Investment?
-Citizenship application form
-ID card belonging to the country of citizenship (passport, identity, birth certificate, registration form, etc.)
-4 passport photos of each family member
-Residence permit or valid tourist visa registered on the passport
-The original of the official documents (marriage certificate or marriage certificate, children’s birth certificates) proving the identity of the spouse and children under the age of 18, if any, and family ties.
-Spouses or relatives T.C. The citizens, photocopy of ID card and residence address in Turkey
-Payment receipt for application
-Receipt showing payment of 400.000 USD
-Commitment to purchase property with title deed or notarization