Obtaining Of Turkish Citizenship For Foreign Investors
As a result of the amendments in the Regulation on the Implementation of the Turkish Citizenship Law, foreign investors have an opportunity for acquiring Turkish Citizenship.
The minimum obligatory amount of Investment has been reduced on 19th September 2018, thus making “Investing in Turkey” more appealing for foreign investors. By investing in Turkey, not only the investors themselves, but also their spouse and children under age of 18 may become a citizen of Turkey.
PREMAR works with expert law firms that provide legal advice to foreigners for years both in the investment process and in citizenship practices.
PREMAR explores investment opportunities in the interest of foreign investors and ensures that the necessary legal procedures are followed by specialized law firms.
On behalf of foreign investors and their families, application of residence permit, followed by the application of the citizenship processes are provided by experienced lawyers throughout the process.
PREMAR helps you get the best and fastest service for your citizenship.
The Investments And Details Required By Foreigners For Acquisition Of Turkish Citizenship Are As Follows
Option (A) stipulates that a minimum amount of property (real estate) investment shall be made for $250k USD on the condition to not sell the invested property within the next 3 years. This amount has been reduced from $1m USD to $250k USD recently (or the equal value in Turkish Lira).
Option (B) requires to deposit $500k USD in cash (or the equal value in Turkish Lira) for at least 3 years in one of the Turkish Banks.
Option (C) requires that a fixed capital investment shall be made minimum of $500k USD (or the equal value in Turkish Lira. This investment shall be confirmed by the Ministry of Industry and Technology.
Option (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.
Option (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 $500k 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.
Total value of the bank receipts evidencing payment must match the value USD 250.000 taking into consideration the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day preceding the date of payment.
The values given in the valuation report and the official deed must not be less than total values given in the bank receipt.
It must be deposited to the bank account of the seller or the seller’s authorized representative through such means as money transfer, EFT etc. by the purchaser or the purchaser’s authorized representative and must be documented.
For real estates owned by public institutions and enterprises, such as TOKİ and Emlak Konut, the transfer/payment of the price may also be evidenced by a certified bank receipt or official letter showing the amount received.
As applicable for 07.12.2018 and thereafter, the application may be filed after an undertaking is provided not to transfer and cancel the agreement issued before the notary for a period of three years, provided that the minimum amount of USD 250.000 or equivalent thereof is paid in advance for real estates with condominium or construction servitude created thereon.
To get Turkish Citizenship, you need to buy a real estate with a minimum value of USD 250.000 and that has an annotation “not sold” to the title deed during 3 years. Real estate to be purchased can be a building, a flat or a plot. In case joint-owned plot is bought, the value of the share must be at least USD 250.000.
The investor must deposit in foreign currency or Turkish Lira equivalent to a minimum of USD 500.000 into the bank account that is opened for himself. This account must be blocked by the Banking Regulation and Supervision Agency for 3 years. This amount of investment can be placed in a deposit account or a drawing account.
Only investor’s application of Turkish Citizenship is adequate. Other family members do not need to get residence permit under sub-paragraph.
One of the types of investment specified in Regulation is sufficent for the investor, his/her spouse and their children under 18 to apply the Turkish Citizenship. Children older than 18 must invest individually for the acquisition of the Turkish Citizenship.
Investor may appoint a power of attorney to lawyers for managing the whole process of Citizenship application. Investor only must apply residence permit under sub-paragraph j himself. Since the process is based on trust, the power of attorney shall be given to expert and reliable lawyers.
Security clearance is conducted on investors and investors are examined in the focus of Turkish national security and public order. If the investment’s amount is not wrong or insufficent, if investor passes the security clearance and every foreign investor may obtain the Turkish Citizenship.
Yes, you can make an investment with your Money that has been already deposited in Turkey. There is no obstacle for this.
You can get support from our expert consultants for citizenship process by contacting our office.
- According to Article 35 of the Law No. 2644, the acquisition of foreign real persons is only possible within the legal limits. In accordance with the Law No.
- 2565 on Military Forbidden Region and Security Zones, it is not possible to acquire real estate for foreigners in military prohibited areas.
- A real person with foreign nationality can acquire real estate and limited real rights up to 30 hectares nationwide. The Council of Ministers is authorized to increase this amount to double.
- The total area of real estate acquired by foreign nationals and the limited real rights of independent and continuous nature cannot exceed ten percent (10%) of the district face measurement of private property.
- The acquisition of real estate by foreigners in places located in the strategic area and in the private security zones is not possible, as determined by the Council of Ministers as the area that foreign natural and legal persons cannot acquire.
Real persons who are citizens of the country listed in the list of designated countries do not need to obtain a residence permit in order to obtain real estate.
Real persons who are citizens of the country listed in the list of designated countries do not need to obtain permission from the Ministry of Interior in order to acquisition real estate.
The Turkish translation of the passport and foreign country identification documents using the alphabets other than the Latin alphabet may be requested if deemed necessary by the Directorate of Land Registry. However, the Turkish translation of passport or country identities arranged in accordance with the Latin alphabet will not be required.
- The title deed of the real estate or village / neighborhood, island, parcel, building, independent section information,
- ID card or passport (with translation as required),
- Obtaining the "Real Estate Fair Value Certificate" of the real estate,
- The compulsory earthquake insurance policy for buildings (housing, workplace etc.), 1 photograph of the seller, 2 photographs of the buyer (in the last 6 months, size 6x4),
- Sworn translator who does not speak Turkish,
- In case of a transaction with a power of attorney held abroad, the original or approved copy of the power of attorney with its translation.
- According to a new circular dated 02.15.2019 Republic of Turkey Ministry of Environment and Urbanization, it has become mandatory to obtain a valuation report prepared by a licensed appraisal company in foreign real estate sale transactions. (Appraisal reports submitted to the Land Registry Office are valid for 3 months from the date of issue until the transaction is completed.)
While projects vary from project to project, there is usually a possibility of installment sales in the underconstruction projects. However, almost all of the completed projects are in cash sales.
The amount of down payment varies between 25% and 30%. Installment amounts are generally 36 months and in some projects this period is up to 48 months.