TURKISH CITIZENSHIP BY INVESTMENT

Turkey offers Turkish Citizenship to foreign investors and their eligible family members through the program of Turkish Citizenship by Investment

Turkey has launched its Turkish Citizenship by Investment Program at the end of 2016 and since then the growing number of investors are joining the program as the investment thresholds were taken down at the end of 2018 to attract more applicants for Turkish Citizenship by Investment.

Please click here to see Cosar & Akkaya’s brochure about Turkish Citizenship by Investment.

Foreigners may choose one of the below investment options to obtain Turkish Citizenship together with spouses and children under 18 years old:

* Option (1) stipulates that a minimum amount of property (real estate) investment shall be made for $250.000 USD on the condition to not sell the property within the next 3 years. 

* Option (2) requires depositing $500.000 USD in cash (or the equal value in Turkish Lira) for at least 3 years in one of the Turkish Banks.

* Option (3) requires that a fixed capital investment shall be made a minimum of $500.000 USD (or the equal value in Turkish Lira. This investment shall be confirmed by the Ministry of Industry and Technology.

* Option (4) indicates that citizenship could be obtained provided that government bonds and bills at the value of $500.000 USD 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 (5) foresees that it will be possible to obtain citizenship 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.

How the procedure to obtain Turkish Citizenship by Investment is started?

Please click here to see how we deal with the procedure.

The procedure starts with a free consultation about the details of the investment program. Once the investment decision is taken, we sign an Engagement Letter and share our template Power of Attorney for the investor to be issued inside Turkey or in the Turkish Consulate where the investor lives. Due diligence procedure regarding the chosen investment option will follow the issuance of power of attorney. Our lawyers will provide a report regarding the appropriateness of the chosen investment whether it is property or other types of investment. Then, investment is made and the Turkish citizenship application procedure shall start with applying to a residence permit. Upon the completion of residence permit, Turkish citizenship application is submitted for the Investor and the eligible family members.

Does the investor need to visit Turkey during any stage of the procedure?

Investors may not visit Turkey at any stage until the end of the procedure. Turkish passports and IDs are given following the fingerprints are provided by the investor and the eligible family members.

How long it will take to get the Turkish citizenship?

It will take around 3-6 months provided that all the documents are ready for the foreign applicant and the family members.

What documents are required from the investor’s Country of origin?

Investor must provide his/her passport, civil registry record (or birth certificate if applicable) and marriage certificate. The notarized translation of such documents in Turkey shall be made by our firm.

Cost of getting citizenship

As Cosar & Akkaya we charge a fixed fee comprised of two instalments being an advance payment at the time we sign our Engagement Letter and another instalment after the application is successfully completed as a success fee. Our fees are quite competitive and our service is boutique to our clients. Please contact us today by sending an email to info@cosarakkaya.law or call us at +90 212 813 65 84.

Who are the eligible family members?

The current Turkish Citizenship regulations allow investor’s spouses and any children below 18 years old to obtain Turkish citizenship together with the investor.

Does the investor need to stay any certain period in Turkey per year for keeping citizenship?

There is no requirement for investor or the eligible family member to stay in Turkey at all either during any part of the application procedure or following the citizenship is obtained.

Does Turkey allow dual citizenship?

Turkey allows dual or triple citizenship without any limitation.

Which of the available investment option under Turkish Citizenship by Investment is appropriate for me?

Our lawyers evaluate your personal circumstances and provide advice on the most suitable option for your case. As the lowest threshold ($250.000) in Turkish Citizenship by Investment Program is for property investment, it is the most widely chosen option.

*Foreigners buying property (real estate) in Turkey can obtain Turkish Citizenship

Please click here to see Cosar & Akkaya’s brochure regarding Property Investment Procedure to obtain Turkish Citizenship.

Cosar & Akkaya is a boutique law firm advising to foreign investors on buying property (real estate) in Turkey and offers its expertise in obtaining Turkish citizenship through Turkish Citizenship by Investment Program. Amendment of the Regulation on Implementation of Turkish Citizenship Law was introduced on 19th September 2018 in the Official Gazette allowing foreigners to obtain Turkish citizen with an amount of investment in property in any part of Turkey at the amount of $250.000. The foreigner applicant using this pathway in Turkish citizenship application must register a lien with the land registry that s/he will not sell the property for 3 years. Family members are also eligible to obtain Turkish citizenship with the main investor. The eligible family members are spouses and children up to 18 years old. That is, a property (real estate) at the minimum amount of $250.000 USD will allow an investor and its eligible family members to obtain Turkish citizenship.

Other related issues- Property Evaluation and Legal Due Diligence Report

Due diligence for the property (real estate) is important before the investor invests in a property in Turkey. Cosar & Akkaya assists its clients who would like to buy a property in Turkey by getting an official report showing the market value of the property from a licensed property evaluator and prepare a legal due diligence report showing whether the property’s title deed is clear and appropriate for investment.

If the Property is from a project which is still not completed, Preliminary Contract for Sale can be signed and  Turkish citizenship can be obtained.

Amendment of the Regulation on Implementation of Turkish Citizenship Law was published in the Official Gazette dated 7th December 2018 which takes the ‘Preliminary Contract for Sale’ in the scope of the new regime of Turkish Citizenship by Buying a Property (Real Estate) in Turkey. This allows investors to invest in the uncompleted projects and obtain Turkish citizenship before they receive the Title Deed. Our lawyers assist the procedure and ensure the security of the investment from the legal perspective by attending the signature of Preliminary Contract for Sale before the Turkish Notary.

Contact us at info@cosarakkaya.law and we will get back to you within the same business day.