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Turkish Citizenship by Investment

TURKISH CITIZENSHIP BY INVESTMENT

Turkish Citizenship by Investment is possible for foreigners who makes certain investment to Turkiye within the criterias set by the Law. With the Turkish citizenship by investment application, the foreigners can gain Turkish Citizenship not just for themselves, but also for their spouses and their children under the age of 18. This type of application is called ‘Türk Vatandaşlığının İstisnai Yolla Kazanılması’ which means gaining Turkish citizenship with an exceptional way.

Besides the exceptional way, there are other ways to gain Turkish citizenship, such as Turkish citizenship by marriage or Turkish citizenship by standard / general way. You may examine our Turkish citizenship by marriage or Turkish citizenship by standard way articles from here.

6 Ways to Obtain Turkish Citizenship by Investment

There are few ways to obtain Turkish citizenship by investment.

  • Purchasing a property which is valued at least 400.000 USD or above. After the purchase, there is a 3 year ban for transfering the property to a third party. In addition to this, it is also possible to take over an easement right or condominium equivalent to this amount. The ban for not transfering the property for 3 years also applies in this condition.
  • To deposit 500.000 USD or above amount to any bank operating in Turkey, with the condition of not withdrawing at least 3 years.
  • Employing 50 or more workers,
  • Making a fixed capital investment equivalent of 500.000 USD or above,
  • Purchasing goverment bonds or other debt instruments equivalent of 500.000 USD or above, with the condition of keeping them for at least 3 years,
  • Purchasing real estate investment fund participation shares or venture capital investment fund participation shares equivalent of 500.000 USD or above, with the condition of keeping them for at least 3 years.

9 Steps for Turkish Citizenship by Purchasing a Real Estate

The stages of Turkish citizenship by investment are below;

  • Step 1 – Obtaining a Tax Registration Number

The tax registration number can be obtained from any tax office and an original passport and one biometric photograph.

  • Step 2 – Finding a Suitable Real Estate

It is possible to apply for Turkish citizenship by investment with one property which has the value of 400.000 USD or above, or with multiple properties which are valued 400.000 USD or above combined.

  • Step 3 – Obtaining a Valuation Report 

The valuation report is an official report which shows the market price of the property. The valuation reports are obtained from government licensed property valuation companies. The valuation report is a requirement Turkish citizenship application process.

Therefore, before acquiring the property, a valuation report must be obtained and presented to the Land Registry Directorate. In case the property’s value and legal status meets the criterias set by the Law, it is possible to continue to acquire the property for Turkish citizenship application. The property can be purchased within 3 months after the valuation. In case the 3 months passed after the valuation, the valuation must be renewed.

If the property’s value or legal status does not meet the criterias set by the Law, it is still possible to purchase the property. But in this case the property cannot be used for the citizenship application.

  • Step 4 – Obtaining the Foreign Currency Purchase Certificate

The investors are required to open a bank account in Turkey and sell at least 400.000 USD or above amount to the bank and receive a ‘Foreign Currency Purchase Certificate’. Basically, the Foreign Currency Purchase Certificate is a document that shows at least 400.000 USD or above amount is sold in to a bank operating in Turkey to be sold to the central bank before the sale of the property.

This process is completed by the bank with the investor’s personal presence or investor’s attorney’s presence which must have the necessary authorizations in his Power of Attorney.

In accordance with Article (13) of the Capital Movements Circular of the Central Bank of the Republic of Turkey, foreign currency must be exchanged for the full amount of the sale price of the property.

After the obtaining the Foreign Currency Purchase Certificate, this document will be presented to the Land Registry Directorate to continue with the Turkish citizenship application. The Foreign Currency Purchase Certificate is required for the properties which are obtained after the date of January 24, 2022.

  • Step 5 – Purchase of the Real Estate

The payment for the property must be made via bank transfer and the payment receipt description should include the specifications of the property and a note stating that the property was purchased for Turkish citizenship.

  • Step 6 – Obtaining the Certificate of Conformity

An official valuation report must be presented to the Land Registry Directorate to obtain the certificate of conformity. Certificate of conformity (eligibility) is a document that shows the property is suitable for the citizenship application. In addition to the valuation report, the commitment for not selling the property for at least 3 years must be given to the Land Registry Directorate.

Obtaining the certificate of conformity allows the investor to apply for J type (exclusive for investors) residence permit, which is required to completed the citizenship application.

The investor is notified via e-mail by the Land Registry Directorate at the time the “Certificate of Conformity” is issued. This document is also sent to the General Directorate of Immigration.

  • Step 8- Residence Permit Application (J Type Short Term)

In order to apply for Turkish citizenship by investment a residence permit is required. In order to apply for residence permit the foreign currency purchase certificate and the certificate of conformity must be obtained.

Upon receving the required documents the residence permit application will be made to the Investment offices. The investors are subjected to special residence permit procedure than the general residence permit application process.

Investor’s presence is required for the residence permit applications.

  • Step 9 – Citizenship Application

After obtaining the residence permit, it is possible to complete the citizenship application with presenting the required documents. While a copy of the documents is sufficient for the residence permit application, all documents required for citizenship applications must be originals along with one copy.

Key Points for Obtaining the Foreign Currency Purchase Certificate

The Foreign Currency Purchase Certificate cannot be revised or issued again. Therefore, it is very important to issue this document in accordance with the law. Even though the document is issued by the banks, most of the bank officers are not familiar with the elements which the certificate must contain. Hence, it is vital to supervise the bank officer at the time of issuing the foreign currency purchase certificate.

The Foreign Exchange Purchase Certificate must include;

  • The full name and surname,
  • Passport number or foreign identity number of the investor,
  • The US Dollar equivalent of the foreign currency purchased (TRY equivalent is included in all cases),
  • A statement indicating that this transaction is carried out within the scope of “Article 13 of the Capital Movements Circular”.

The foreign currency will be sold to the Central Bank of Turkey through the investor’s bank. The key point is that the foreign currency purchase certificate and the receipt for the payment for the property must be submitted to the Land Registry Directorate before the sale. The sale of foreign currency can be made by the investor directly or investor’s representatives with a power of attorney.

The Required Documents for Turkish Citizenship by Investment Application 

1-Required Documents for the Transfer of the Ownership of the Property

  • The deed of the property,
  • Original passport and copy of the passport of the investor (with approved Turkish translation),
  • Real Estate Fair Value Certificate (Must be obtained from the municipality where the property is located),
  • Mandatory earthquake insurance policy (In case the property is an apartment)
  • 1 biometric photo of the seller,
  • 2 biometric photos of the investor (white background, biometric) Sworn translator if the foreign purchaser does not speak Turkish)
  • In case the the ownership transfer will be done by a represantative, the original or notary approved version of the power attorney is required.

2-Required Documents for Residence Permit Application (J Type Short Term)

  • Residence permit application form (must be signed by the foreigner and/or his/her legal representative),
  • Original passport and one copy,
  • 4 pieces of biometric photographs (taken within the last 6 months)
  • Documents that shows having sufficient financial means for the period of stay (The immigration may request supporting documents),
  • Valid health insurance (the duration of the insurance must cover the duration of the requested residence permit) Receipt of payment of the government fee and card fee
  • The deed of the propety that shows owners information,

3-Required Documents for Turkish Citizenship by Investment Application 

  • Turkish citizenship application form,
  • Passport or similar document, and if stateless, the relevant document if it is possible to obtain it,
  • Certificate of marital status, (marriage certificate if married, divorce certificate if divorced, death certificate of spouse if widowed)
  • Birth certificate, (must be apostilled)
  • If the applicant is married, a civil registry copy or similar document proving the family ties of the spouse and children,
  • If the applicant’s children are under the age of 18 and the parents are separated the applicant must present a document which shows the children are under his/her custody and also a document showing the consent of the other parent. The other parent’s consent is given at the notary within Turkiye, and given at the Turkish consulates outside of Turkiye.
  • If the applicant has first or second-degree relatives who are Turkish citizens, a copy of their relative’s birth certificate,
  • If the exact month and day of the applicant’s date of birth are missing, a document must be obtained from the competent authorities of the applicant’s country to complete the date of birth, or if the document cannot be obtained, a signed statement that the applicant agrees to be processed in accordance with Article 39 of the Population Services Law No 5490.
  • Receipt showing that the service fee has been deposited to the government,
  • 2 pieces of biometric photographs,
  • If the application will be done by a represantative a Power of Attorney is required.

Properties That Are Not Eligible for Turkish Citizenship by Investment

It is not possible to apply for Turkish citizenship by purchasing any property in Turkiye. In the law there are certain criterias for a property to be used for citizenship application. For this reason, the investor who wants to purchase a property with the intend to apply for Turkish citizenship by investment, must examine deed records and make sure the real estate is suitable for citizenship application.

  • The property which will be used for citizenship application must not be registered in the name of foreign real persons, (including the spouse and children of the foreign person)
  • The property that is subject to sale must not have been transferred to a Turkish citizen/company after 12.01.2017 by the foreign individual who will acquire the property for the purpose of citizenship, whether by themselves, their spouse, and children, or by a foreign individual of the same nationality. However, after the transfer of the property registered in the name of a foreign individual to a Turkish citizen/company after 12.01.2017, it is possible for a foreign indiviual a different nationality to acquire the property for the purpose of obtaining Turkish citizenship,
  • The property that is subject to sale must not be registered in the name of a legal entity, either in the name of a company of which the acquiring foreign individual, their spouse, and children are partners or directors, or in the name of a company subject to Article 36 of the Land Registry Law (foreign/international capital) of which foreign individuals of the same nationality are partners.
  • After acquiring Turkish citizenship through sale or promise of sale, the same immovable or immovable share cannot be subject to citizenship acquisition,
  • The certificate of conformity is valid by the approval of the Governorate for the following; secure zones declared by governorates, the areas where the sale of property to foreigners is prohibited, tourism zones, agricultural lands, and properties located in military areas.

FREQUENTLY ASKED QUESTIONS

1-How to Obtain Turkish Citizenship by Investment? (Purchasing a Property for 400.000 USD)

As it is explanied above in detail, there are several important steps to apply for Turkish citizenship by purchasing a property. In summary, after finding a suitable property for citizenship application, a valuation report must be obtained. Upon receiving the valuation report the foreign currency purchase certificate will be obtained and the payment for the property will be made via bank transfer. The foreign currency purchase certificate and payment receipt will be presented to the Land Registry Office and ownership of the property will be transferred to the investor.

Upon completing the property ownership process, a residence permit application will be made. After obtaining the residence permit, citizenship application will be made.

2-Is the Limit Still 250,000 USD for Turkish Citizenship by Investment? 

Following the legal change on June 12, 2022, the fee for Turkish citizenship application through investment has been increased from 250,000 USD to 400,000 USD. Therefore, it is no longer possible to apply for Turkish citizenship based on a property valued at 250,000 USD. (If there are multiple properties available, and the total value of these properties exceeds 400,000 USD, it is legally possible to apply for Turkish citizenship by investment.) 

In accordance with the Law the amounts of the properties that can be used for citizenship application are below;

The value of the property/properties purchased within 12.01.2017-18.09.2018, must be at least 1.000.000 USD,
-The value of the property/properties purchased after 19.09.2018 – 12.06.2022 must be at least 250.000 USD (this rule applies if the application is made before 12.06.2022)
-The value of the property/properties purchased after 19.09.2018 (with the exception of legistlation change on 12.06.2022) must be at least 400.000 USD.

3-What is a Real Estate Valuation Report?

Foreign individuals who wish to acquire Turkish citizenship by purchasing real estate in Turkey, must first have the current market value of the property professionally determined. The valuation is done by government licensed valuation companies and presented to the Land Registry Directorate.

4-How to Open a Bank Account for a Foreigner for Citizenship?

Foreign individuals who wish to acquire Turkish citizenship by investment, are required to open a bank account at a any bank operating in Turkey. You can read our article form here; Opening a Bank Account for Foreigners.

5-Is it Necessary for the Investor to be Personally Present During the Applications?

The investor’s presence is required only for the residence permit application process. The other steps can be completed by the investor’s represantative with a proper authorizations given by power of attorney.

6-When is the Retinal Eye Scan and Fingerprint Taken?

The retinal eye scan and fingerprint is required for residence permit application. Therefore, the investor’s pyhsical presence is required.

7-Can the Spouse and the Children of the Investor Benefit from Turkish Citizenship by Investment? 

Yes. The spouse and the children under age of 18 of the investor can benefit from the Turkish citizenship by investment application and receive Turkish citizenship.

8-Can Turkish Citizenship be Acquired by Purchasing Multiple Properties?

Yes. If the all properties meet the criterias set by the law, and also if the combined amount of the properties exceeds 400.000 USD, it is possible to apply for Turkish citizenship by investment with multiple properties.

9-What Are the Costs for Turkish Citizenship by Investment? 

Excluding the property transfer fees (%4 of the property value), general cost for Turkish citizenship application is around 30.000,00 TRY. This amount may vary depending on the number of the applicants, notary and translation fees.

10-What Can be done If Turkish Citizenship by Investment Application Is Denied? 

In this case, the reason of the rejection is important. If an additional document is required, it is possible to submit the document and continue with the application. But if the reason for the rejection derives from the applicant, in that case the citizenship application is considered ultimately rejected. In this situation, it is necessary to file a lawsuit in the administrative court for the cancellation of the rejection decision within 60 days upon receiving the decision.

11-Is it Mandatory to Hire an Attorney for Turkish Citizenship by Investment Applications?

No. It is not mandatory to hire an attorney to complete the Turkish citizenship application. It is legally possible for the investor to complete all the steps in person. But since the process is very detailed and the transactions cannot be reversed (such as foreign currency purchase certificate) it is recommended to work with a professional attorney to minimize the risks and to complete the citizenship process as quickly as possible.