The Turkish Citizenship by Investment Program offers an attractive pathway for foreign investors to obtain Turkish citizenship. By investing in real estate or other sectors, investors can enjoy the benefits of Turkish citizenship, including visa-free travel to over 110 countries. Here’s a detailed look at how the program works, its benefits, and the required documentation.
Overview of the Turkish Citizenship by Investment Program
To obtain Turkish citizenship through real estate investment, you must purchase property in Turkey with a minimum total value of $400,000. This can be a single property or multiple properties, as long as the total investment meets the required amount. The process typically takes 3-4 months. Investors can purchase land, commercial, or residential properties.
Additional Costs and Tax Considerations
In addition to the property purchase, there are other fees. For a family of four, passport application fees average around $6,000, including due diligence fees. The tax considerations for the property purchase include:
- Value Added Tax (VAT): 1% for residential and 18% for commercial properties. Non-residents of Turkey are fully exempt from VAT.
- Title Deed Tax: 4% of the property’s value.
Assuming the minimum $400,000 is invested, the total cost of the process ranges between $270,000 and $300,000, depending on the property type. The program also extends citizenship to immediate family members, including parents and children.
Freedom to Purchase Any Property
Foreign investors can buy any type of real estate, anywhere in Turkey, except for certain military zones. This freedom contrasts with other countries’ programs that restrict property types and locations, often inflating prices for designated properties.
Alternative Investment Pathways
Besides real estate, foreigners can obtain Turkish citizenship through other investment sectors:
- Fixed Capital Contribution: A minimum investment of $500,000.
- Government Bonds: A minimum investment of $500,000.
- Real Estate Investment Fund or Venture Capital Investment Fund Shares: A minimum investment of $500,000.
Required Documentation
To apply for the Turkish Citizenship by Investment Program, you need to provide the following documents:
- Original and photocopy of valid passport
- Marital status certificate/documentation
- Birth certificates
- Biometric photos
- Receipt of payment (Foreign Exchange Receipt)
- Power of Attorney
Foreign Exchange Receipt Requirement
Recent amendments to the Citizenship law require that the capital wire transfer results in a Foreign Exchange Receipt (FER). This ensures the investment amount meets the program’s threshold by converting foreign currency to Turkish Lira at the Turkish Central Bank rate, freezing the USD value of the investment capital.
Benefits of Turkish Citizenship
Obtaining Turkish citizenship through this program offers numerous advantages:
- Speed: The process takes 3-4 months with no minimum prior residency required.
- Cost-Effectiveness: It is one of the most economical citizenship programs.
- Healthcare and Education: Access to a world-class national healthcare system, pension plans, free state primary education, and secondary reimbursement plans.
- Visa-Free Travel: Turkish passport holders enjoy visa-free travel to over 110 countries, with future inclusion to the Eurozone and Schengen regions.
- Real Estate Investment: Foreign nationals have the same access to property as Turkish citizens, benefiting from the same prices.
Military Service Exemption
Primary applicants above the age of 21 are exempt from military service. Sons under 18 must participate but can be exempted with a contribution of around $5,000.
Property Investment Flexibility
Investors can make separate purchases over time to reach the $400,000 investment threshold, provided the program remains unchanged.
Inclusion of Dependents
While dependents over 18 cannot be included in the initial application, they can obtain Turkish residency status. Children turning 18 during the application process remain eligible.
Documentation Challenges
In cases where marital status or birth certificates are hard to obtain, an affidavit from the home country is acceptable.
Multiple Ownership and Citizenship Eligibility
A single title deed can be split among multiple owners, each eligible for citizenship if their share meets the $400,000 threshold.
Polygamy and Citizenship
Although Turkish law allows only one legal spouse, the program respects marital statuses recognized in the investor’s country of origin.
The Turkish Citizenship by Investment Program presents a unique and attractive opportunity for foreign investors. Its flexibility, cost-effectiveness, and numerous benefits make it a standout option among global citizenship programs. For more detailed information and assistance with the application process, contact our experienced team today.