According to Article 46 of Turkish Citizenship Law of 5901 published in the Official Gazette Republic of Turkey dated 09.18.2018, to qualify for Turkish citizenship, the persons who are determined by Capital Markets Board to have purchased a minimum of USD 250,000 of real estate, or participation fee of USD 500,000 capital of venture capital investment fund and and to hold these assets at least for 3 years are entitled to citizenship of Republic of Turkey.
Retaining liquid funds in this way leading to a second citizenship ranks Turkey as one of the lowest cost citizenship by investment programmes on the market.
A Turkish passport allows visa free travel (or visa on arrival) to 114 countries worldwide. Turkey also holds out the possibility of eventual visa free access to the EU. Currently talks are ongoing although Turkey has some way to go in order to meet EU conditions.
Required minimum investment limits for the citizenship programme are as follows:
- Choice A stipulates that a minimum amount of property (real estate) investment shall be made for 250.000 USD(or the equal value in Turkish Lira) on the condition to not sell the invested property within the next 3 years.
- Choice B is to deposit 500.000 USD in cash (or the equal value in Turkish Lira) for at least 3 years in one of the Turkish Banks.
- Choice C requires that a fixed capital investment shall be made minimum of 500.000 USD (or the equal value in Turkish Lira. This investment shall be confirmed by the Ministry of Industry and Technology.
- Choice D indicates that TC could be obtained provided that government bonds and bills to be purchased on the condition to hold them for at least 3 years. And this investment shall be confirmed by the Ministry of Treasury and Finance.
- Choice E, foresees that it will be possible to obtain TC in the event of an investment to be made into a Turkish real estate investment trust, or buy the shares of the venture capital investment fund with a minimum amount of 500.000 USD.
This means, it is possible to obtain TC for yourself, as well as for your family members: your wife and children below 18 years old (18 years old included) with proceeding one of the abovementioned investment options according to your choice, and once the required conditions are duly met.
In order to benefit from this arrangement and determine the amount which is indicated in the application for the slae of the immovable property, there should be prepared an immovable valuation report which should be accepted by the Capital Market Board in accordance with valuation standards by valuation expert who has a valid license .
Based on the value in the immovable valuation report that shows the market value, the value of immovable/immovables in US dollars is calculated on the effective selling rate of the Central Bank of Turkey at the date of transcation.
The amendments of the Regulation dated 12.01.2017 and the effective date of this instruciton, in case if more than one immovable is acquired by the same person, the sum of which corresponds to a price stated in the relevant article or above, the value calculated in accordance with the effective sales price of each immovable on the sale date shall be taken as basis.
The foreign real person who has bought the real estate should be arranged and declared;
Within the scope of Article 20 of the Regulation on Implementation of the Turkish Citizenship Law states that this immovable / immovables property will not be sold for a period of 3 years for purpose of acquisiton of Turkish citizenship; Within the scope of the 20th Article of the Regulation on the Implementation of the Turkish Citizenship Law” is stated that within 3 years is declared that it will not be sold for 3 years from the date of acquisition”. “Within the 20th Article of the Regulation on the Implementation of the Turkish Citizenship Law, there is a commitment not to be sold within three years from the date of acquisition”.
From now on, the immovable property which will be purchase for purpose of obtaining Turkish citizenship should commit that tyhe property will not be sold for 3 years. However, the immovable property which was purchased between the Regulation on implementation dated 12.01.2017 and the date of entry into force of this directive without declaration of not selling the property should declare and undertake that in accordance with article 20 of the regulation on the implementation of the Turkish Citizenship Law there is a declaration that the immovable property will not be sold within three years from the date of acquisition.
With the condition to have the same date and the same journal number, If more than one immovable is requested for the same person with a value equal or exceeding stated in the related article, the statement of each immovable shall be made within the scope of “Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law There is a commitment not to be sold within three years from the date of acquisition”. Point (b) The condition that the amendment of the regulation taken on the date of 12.01.2017 and for the immovable/immovables acquired in the date interval in which this directive entered into force shall not be required to be purchased with the same journal number.
According to the decision taken with the regulation the said statement with the requirement the abandonment following the three years stated within the law, If the applicant’ cancellation requested by the applicant within 3 years from the date of the entry of the declaration, the MERNIS registry shall be checked to see if the applicant has obtained Turkish citizenship. by;
If the owner is registered as a Turkish citizen in the system, the citizenship will be revoked until the end of three years’
In case of not being registered, the question of whether to abandon the commentary from the General Directorate of Population and Citizenship Affairs should be questioned and directed to the procedures to be taken.
Foreclosure, measure etc. on immovables acquired in this way is possible by establishing annals with the same limited rights and in case that the property’s owner change within the three year period without the agreement of the owner the General Directorate of Population and Citizenship shall be informed urgently.
The evaluation reports which will be submitted within the scope of this instruction shall belong to the same year and the application and operation made at the end of the year or the applications which have not been finished in the same year the reports submitted will be reevaluated according to the reevaluation ratio determined by the Ministry of Finances.
If the amount of the immovable valuation report based on the sales transactions under this instruction is lower than the value of the real estate tax determined for the municipal acquisition year according to the provisions of the Real Estate Tax Law No. 1319, the title fee shall be collected on this value.
The title deed registration is given to the applicant following the completion of the procedure.
Provides legal consultancy services to foreign real and legal persons with its distinguished lawyers specialized in international standards.
Our office provides legal support regarding national and international law according to principles of operation with 35 lawyers, 11 patent consultants, 12 copyrights consultants and 45 support staff combined 103 personnel in 81 cities of Turkey in different languages.
*Please contact our advisors for further details on the citizenship by investment programme in Turkey.
Whatsapp : 00 90 543 4130706