Legal Basis of Turkish Citizenship
Turkish Citizenship law 5901 was adopted on the 29/05/2009 and clearly defines the basis of eligibility for Turkish Citizenship. Over time several amendments have been made to this law. 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. At this time the law required the following investment from applicants in order to be eligible to apply For Turkish Citizenship:
- A purchase in the Turkish real estate market with an investment of no less than $1,000,000 US. The real estate must be maintained for a minimum of 3 years
- Investing in a Turkish company no less than $2,000,000 US
- A bank deposit in a Turkish bank of $3,000,000 which must be held for a minimum of three years without access to the funds
- Investment into Turkish Government bonds which must be held for a minimum of three years
The required amount of investment
2018 has been a challenging year for Turkey, which has seen devaluation of the Turkish lira, high levels of inflation as well as the contraction of the Turkish economy. Another significant factor is that house prices have also dropped close to 30% in 2018 in the Turkish Real estate market. While some of these factors make it a good time to invest in Turkey, The Government is also taking efforts to stimulate the economy including attracting foreign investors into Turkey. Its most recent effort in this was a further amendment to law 5901, under issue 30540 decision 106 updated on the 19th September 2018. This amendment significantly reduced the required amount of investment for foreigners seeking Turkey Citizenship.
Under this recent amendment, in order for foreigners to be eligible for Turkey citizenship they will need to fulfill one of the obligations below:
- Invest $250,000 into the Turkish Real Estate market which must be maintained for a minimum of 3 years
- Deposit $500,000 into a Turkish Bank Account, this must be held for a minimum of 3 years with no access to funds
The best value for money propositions of all citizenship programs
As part of this process of citizenship, the Government will perform due diligence on all applicants and only if approved will the investor be able to achieve Turkish Citizenship.
This move by the Turkish Government has made the Turkish Citizenship by investment program one of the best value for money propositions of all citizenship programs and already it has demonstrated a lot of interest from potential investors.
Visa free travel to 111 countries
The Turkish passport allows for visa free or e-visa travel to 111 countries including Japan and Singapore. In addition to this it is a straightforward process to obtain a Schengen visa which can be issued for up to 10 years. One of the reasons this program is so popular is because unlike other citizenship programs that really only offer a passport for visa free travel, this program allows investors the opportunity to live and work in such an attractive, diverse and buoyant country that offers a high standard of living. In addition, rather than contributing or donating money to a Government, this program allows the investor the opportunity to make a return on their investment as well as maintain the investment in their own financial portfolio.
Currently this program also allows applicants to apply for their spouse and dependent children under the age of 18, although under the bank deposit option, applicants can include a second wife.