A Guide to Obtaining Turkish Citizenship by Investment 2022
Obtaining Turkish Citizenship by investment has become easier with the legal amendments that the Turkish government has initiated. During the last decade, the real estate sector has witnessed an unprecedented boost in demand, increasing development and growth opportunities through foreign investment.
Such a significant increase in demand required efficient supply adapted to the changing market. According to YourTurkey.gov.tr, foreigner housing acquisitions have increased from 26.000 in 2017 before the law was adopted to 61.000 in 2019. One of the most important legal reforms is the possibility for a foreigner to obtain Turkish citizenship by investment. The amendments were met with acclaim from foreigners interested in Turkey. If you’re one of them and you want to learn more about getting Turkish citizenship, then you need to continue reading.
So, What Are the Requirements for Obtaining Turkish Citizenship by Investment 2022
There are several ways to get Turkish citizenship, you just need to meet one of these criteria:
- Making a capital investment of at least 500.000$
- Purchasing real estate in Turkey for a value of at least 250.000$ on the condition that you don’t sell the property for at least 3 years.
- Generating employment for a minimum of 50 individuals.
- Depositing at least 500.000$ or it’s equivalent in Turkish Lira or other currency in a Turkish bank with the impossibility of withdrawal for 3 years.
- Purchasing a minimum of 500.000$ worth of government bonds with the obligation of keeping them in reserve for 3 years.
Among all these methods, a foreigner might find the property investment method as the easiest, the most practical, and the least time-consuming. In fact, if you apply for Turkish citizenship by investing in property, you can get your Turkish passport within 90 days.
If you meet the criteria, you will be granted Turkish citizenship and the privileges that come with it. If you want to learn about these privileges, keep on reading!
The advantages of Turkish citizenship include:
- Visa-free travel to 72 countries and 48 simplified visas, therefore easy access to a total of 104 countries which means unlimited travel to more than half of the world.
- Full Turkish citizenship rights such as voting, free education, and free access to healthcare, pension and retirement plans.
- The ability to pass Turkish citizenship to spouses and children less than 18 years old.
- The right to enter and exit Turkey unlimitedly.
- The possibility of Turkey joining the European Union in the future would open endless horizons and interesting opportunities to Turkish passport holders.
For more information about the advantages of the Turkish passport, you can read our other article: “Why Should You Obtain Turkish Citizenship? What are the Advantages?”
Are There Any Additional benefits of Turkish Citizenship?
You must think “What more benefits could I get by only obtaining Turkish citizenship?”
Benefits do not just stop with the citizenship itself, but they extend to the whole citizenship by investment program. We can mention a few examples such as:
- Profitable investment: After 3 years, you will have the right to sell the property you used to get Turkish citizenship. In other words, you get to keep the amount you spent while buying the property. Not only that, but you would be also investing in property in Turkey. This is due to the fact that in 3 years, you will sell it for a much higher price because real estate value in Turkey increases all the time. Therefore, by this program, you would be getting Turkish citizenship all while making tons of money out of it!
- Shared investment: This program is so flexible that it allows different individuals to collectively purchase one property and obtain one Turkish citizenship for every 250.000$ invested.
- You can enter and exit Turkey freely, even during the period of application for Turkish citizenship. A free movement starts the moment you come to Turkey.
Did Obtaining Turkish Citizenship by Investment Process Change in 2022?
The conditions for acquiring Turkish citizenship by investment were updated on 06/01/2022, with the document signed by President Recep Tayyip Erdoğan and published in the Official Gazette. According to the new update, TL regulation was introduced in the transition to citizenship by real estate purchase and investment.
According to the regulation change published in the Official Gazette, the investor must convert his/her USD or other foreign currencies into Turkish lira via Turkish banks. The investors should make the investment via Turkish Lira and they have to use Turkish banks for their money exchange and transfer process. Those who purchase property worth at least $250.000 USD or equivalent in a foreign currency will also be able to benefit from this exception, provided that an annotation is put in the land registry that it will not be sold for 3 years.
While you are getting your certificate of conformity, also banking institutions will inspect your purchasing operations at the same time. The money exchange process should be done in a Turkish bank.
How Much is the Investment Limit for Getting Turkish Citizenship by Investment 2022?
No, the legal amount of obtaining Turkish citizenship is still $250.000. The investment price is still the same but the payment process just changed. Before, the investor could send that money in USD both from Turkey or abroad. Now, the investor should bring the money to Turkey, deposit it to a Turkish bank, and exchange it to Turkish Lira in the bank. The Turkish Lira transition should be made in the bank, not in the exchange office or anywhere else. The USD amount should be sold to the Turkish Central Bank via Turkish banks.
How Can You Get Turkish Citizenship by Real Estate 2022? How Does This Process Work?
All you need to do is to choose a property and buy it. After the payment is made, we will take care of the rest of the steps with your full consent. Managing the process on your behalf will spare you the burden of bothering with the time-consuming procedures and irritating paperwork.
For instance, if you choose an investment consultancy company or Invest Global, our aftersales team will supervise the financial process while the legal department handles all the paperwork such as the title deed, the certificate of conformity and other necessary documents. They will also apply for Turkish citizenship on your behalf and oversee the whole process.
To sum up, getting Turkish citizenship by investment is the most practical and lucrative method. You don’t just become Turkish, but you also make money out of it!
If you’re interested in getting Turkish citizenship by real estate investment and want to know more about the process and criteria, you can check out our other article: “What is the Process of Buying Real Estate in Turkey?”
If you want to learn how to get Turkish citizenship, you can look at our youtube video explaining the whole thing.