The Turkey Citizenship by Investment program has very clear guidelines in terms of the process of application. The recent changes to the program have made this opportunity very attractive to investors. The process can seem somewhat overwhelming to a potential investor. This is where Terranova Global can give reassurance and peace of mind to clients, as we offer a full service that takes the stress away.
One of the biggest benefits of the Turkish Citizenship by Investment Program is that applicants are
able to receive their Turkish passport in as little as 3 months and it is open to all nationalities. Turkey currently has visa free or e-visa status to 111 countries and this is like to grow in the future.
In terms of taxation, another great benefit for investors into this program is that there is no inheritance tax in Turkey
Turkish Citizenship law 5901 was adopted on 2009 and clearly defines the basis of eligibility for Turkish Citizenship. Of significance was the amendment passed on the 12th of January 2017, which allowed the right for foreign nationals to apply for Turkish citizenship through investment. . Its most recent effort in this was a further amendment to law 5901, under issue 30540 decision 106 updated on the 19th September 2018.
As of September 2018, The Turkish Government has made an amendment to the existing law on citizenship by investment. They have reduced the required amount of investment required to obtain Turkish Citizenship. This has made the prospect of becoming a Turkish citizen far more attractive as an investment of $250,000 can now achieve this. The Turkish economy has suffered recently and therefore this is one of the ways for the Government to drive property sales and the value of the lira. As the Turkish real estate market has dropped in value by 30% in the last year, it also makes it a great opportunity for investors to pick up a bargain property. This program is open to all nationalities, the only restriction currently is that Syrian nationals may only participate under the bank deposit option. Turkey offers visa free travel to 111 countries and in addition it is a straightforward process to apply for Schengen visa’s which are often granted for up to 10 years, making this Turkish citizenship by investment program very attractive.
The property can be purchased in anywhere
There are two possible routes for investors to achieve a Turkish passport. The first is an investment into the Turkish real estate market of $250,000 US. The property can be purchased anywhere in Turkey, although the Istanbul Real Estate Market is very buoyant and has a lot of good opportunities for investors. The process to buy house in Turkey is fairly straightforward, especially if the property already has Title deeds. Our Team at Terranova Global can assist clients through every stage of property purchasing from the search right through to the issuing of Title Deeds, payment of land transfer tax and VAT. We have Turkish real estate market experts on hand to advise clients of the most lucrative investments and value for money prospects. The process of obtaining Turkish citizenship by investment through real estate investment will take approximately 6 months. Investors can include immediate family in the application process which includes children under 18. This investment in the property must be held for a minimum of 3 years.
Bank Deposit Alternative
The second route for investors is a bank deposit of $500,000 US. This is a more straightforward route to achieve Turkey citizenship and a Turkish passport. The investment must be held for 3 years in this bank and cannot be touched during this period. As with the investment into the Turkish real estate option, Terranova Global will assist clients with all aspects of the application from ensuring all required documents are collated, managing the application through with the different Government entities, and opening the required bank accounts. We will support our clients until they have their Turkish passport in their hands. As this process is more straightforward, citizenship can be achieved in as little as 3 months from the date of submission of the application.
A highly desirable and intriguing country
Both of these investments offer a great opportunity for Investors, as it enables them the opportunity to live and work in Turkey – a highly desirable and intriguing country ranked in 17th place globally in terms of its GDP. However, one of the great features of this program is that there are no requirement to reside in Turkey in order to achieve Turkey Citizenship. This provides flexibility and peace of mind to investors and their families. For more information, please contact our team who will be more than happy to answer any questions and help you begin your journey to Turkish Citizenship. In addition, they can give advice on the Istanbul and Turkish real estate market and help you make the best decision on the purchase of your property.