Turkey encourages foreign investors to invest in the country, by reducing monetary limits in the Turkish citizenship by investment program.
According to a recent amendment on September 19, 2018, foreigners who purchase real estate in Turkey worth at least 250,000 USD can benefit from Turkish citizenship. The previous limit was 1 million USD.
The new regulation has also reduced the limits on other types of investment choices:
- The lower limit of fixed capital investments to get Turkish citizenship has been reduced from 2 million USD to 500,000 USD.
- The deposit requirement of minimum 3 million USD in Turkish banks have been also lowered to 500,000 USD.
- A similar regulation applies to those foreign investors who hold government-issued bonds, real estate investment fund shares or venture capital investment fund shares, worth at least 500,000 USD which are not diversified for three years. The minimum requirement was 3 million USD.
- Foreigners who generate jobs for a minimum of 50 people, will also be able to apply for Turkish citizenship. The previous requirement was 100 people.
As a result, there are five different options to become a Turkish citizen by investment:
- a fixed capital investment of 500,000 USD in Turkey
- a minimum bank deposit of 500,000 USD or equivalent currency into Turkish bank accounts for at least 3 years.
- a minimum investment of 500,000 USD on Turkish government bonds, real estate investment fund shares or venture capital investment fund shares, with the condition to hold them for at least 3 years.
- a minimum investment of 250,000 USD on any type of real estate in Turkey, with the condition to not sell the acquired property within the next 3 years.
- generate jobs for at least 50 Turkish citizens.
For each of the investment options, you should fulfill the investment requirement and get a certificate of conformity from the relevant government department.
- The certificate of conformity for 500,000 USD fixed capital investment is issued by the Ministry of Industry and Technology.
- The certificate of conformity for bank deposits is issued by the Banking Regulation and Supervision Agency.
- The certificate of conformity for government bonds is issued by the Ministry of Treasury and Finance.
- The certificate of conformity for investment fund shares or venture capital investment fund shares is issued by the Capital Market Board,
- The certificate of conformity for the option of employing 50 people is issued by the Ministry of Family, Labour and Social Services,
- The certificate of conformity for 250,000 USD real estate investment is issued by the Ministry of Environment and Urbanization.
By a recent amendment, on December 7th, 2018, incomplete projects will be eligible for the citizenship by real estate program. Foreigners who purchase the immovable property, whose condominium or floor easement is established, by a contract held by the notary public and attach annotation at land registration not to sell or transfer this property for three years will be eligible for the program.
Smart Twins consultants can assist foreign individuals with their investment choice and file their citizenship applications diligently.
Among these options, 250,000 USD on real estate is the most preferred one. In this program, the only requirement is to sign an affidavit declaring that you will not sell the property for 3 years. In 3 years, you can live in the property or rent it to get a good rental income. At the end of 3 years, you can sell the property with a good appreciation and your passport will be free.
We help our clients buy real estates with the best price, the lowest return on investment and the highest expected appreciation so that our clients are fully satisfied with their investment choice.