The Türkiye Citizenship by Investment Program, initiated in January 2017, aims to attract foreign direct investment and stimulate growth in the country’s real estate sector. This program offers various options for economic contributions, enhancing the Turkish economy.
Overview of Türkiye
Türkiye, straddling Europe and Asia along the Bosphorus Strait, is a transcontinental Eurasian nation. Its strategic position at the crossroads of Europe and Asia lends it significant geostrategic importance.
Investment Requirements
To qualify for citizenship, the main applicant must meet one of the following investment criteria:
- Acquire real estate worth at least USD 400,000.
- Invest a minimum of USD 500,000 in fixed capital.
- Deposit at least USD 500,000 in a Turkish bank account.
- Invest at least USD 500,000 in government bonds.
- Commit at least USD 500,000 in real estate investment fund shares or venture capital investment fund shares.
- Invest at least USD 500,000 in a private pension system with a minimum holding period of three years.
- Create jobs for at least 50 people, as certified by the Ministry of Family, Labour, and Social Services.
Applicants can include their spouse, dependent children under 18, and children of any age with disabilities in their application.
Procedures and Time Frame
- Select Investment: Choose a qualifying investment option.
- Residence Permit: Apply for a residence permit for the family.
- Bank Account: Open a bank account in Türkiye.
- Document Preparation: Prepare application documents, including certifications and translations.
- Complete Investment: Complete the investment in Turkish lira equivalent to the USD amount and submit documents to the government.
- Biometrics: Visit Türkiye to submit biometrics for the residence application.
Applications are typically approved within three to five months, after which citizenship documents are issued, allowing for passport application.
Important Considerations
Be aware that Turkish gift and inheritance taxes apply to worldwide assets held by Turkish citizens. Professional advice is recommended to navigate these regulations.