Obtaining Turkish Citizenship via Investment
According to the amended Regulation Regarding Application of Turkish Citizenship Code[1], foreigners have a number of investment options to become eligible to acquire Turkish Citizenship for themselves as well as their families. Applicant’s spouse and children who are less than 18 years old will also be granted Turkish citizenship with proceeding one of the below-mentioned investment options once the required conditions are duly met. The current criteria for Turkish citizenship eligibility are as follows:
- Foreigners who make a fixed capital investment of a minimum USD 500.000 or its equivalent currency or equivalent Turkish Lira,
- Foreigners who purchase a real estate property with a minimum value of USD 250.000 or its equivalent currency or equivalent Turkish Lira (it is required to annote in the relevant title registry that such property will not be sold for 3 years)
- Foreigners who generate employment for at least 50 individuals,
- Foreigners who deposit a minimum of USD 500.000 or its equivalent currency or equivalent Turkish Lira to banks which operate in Turkey and keep the deposit in the bank for 3 years,
- Foreigners who purchase a minimum of USD 500.000 or its equivalent currency or equivalent Turkish Lira worth of government bonds and keep in reserve for 3 years,
- Foreigners who purchase a minimum of USD 500.000 or its equivalent currency or equivalent Turkish Lira worth of real estate investment fund share or venture capital investment fund share and keep in reserve for 3 years.
The foreign investors who meet one of the above-mentioned criteria will be eligible to be granted Turkish citizenship as an exception by the decision of the President.
The detailed process regarding the most preferred investment options amongst foreign investors in acquiring Turkish citizenship are as follows:
1. Real Estate Investment:
- Choosing the real estate property to invest in: In this option, the applicant should choose a real estate property to purchase with a minimum value of USD 250.000 or its equivalent currency or equivalent Turkish Lira (Please note that it is possible to purchase one or more than one real estate with a total value of minimum USD250.000).
- Obtaining a Valuation Report: The property must be evaluated by a valuation expert. This can only be done by a valuation firm authorized by the Capital Markets Board. The valuation report should indicate the market value of the property and ensure that the property meets the regulatory financial thresholds.
- Sale and Annotation in Title Registry: Following the sale of the property, the applicant’s name will be registered on the property and it must be annotated in the title registry that such property will not be sold for at least 3 years.
- Issuance of Certificate of Compliance: The valuation report, the title deed and proof of funds transfer to the seller are submitted to the Foreign Services Department of Land Registry and Cadastre Directorate which is affiliated to Ministry of Environment and Urbanization in order to obtain a Certificate of Compliance. If the applicant meets the criteria, the Land Registry and Cadastre Directorate will issue a Certificate of Compliance.
- Application for Residence Permit: A residence permit which is specific for the investors should be obtained from the Ministry of Interior Directorate General of Migration Management. Such residence permit has a validity of one year and it does not permit the applicants to work in Turkey.
- Application for Turkish Citizenship: Once the applicant’s residence permit is approved, the applicant may file for Turkish citizenship before the General Directorate of Population and Citizenship Affairs. The applicant should submit the title deed of the property and the Certificate of Compliance along with the standard application documents. The Directorate will conduct a background check of the applicant by particularly focusing on national security and public order considerations. Upon the completion of the background check, the applicant’s file will be sent to the President. In the event that the application is approved by the President, the application will be returned to the General Directorate of Population and Citizenship Affairs for the completion of the process.
2. Investment in the Banks Operating in Turkey:
- In this option, the applicant should deposit a minimum of USD 500.000 or its equivalent currency or equivalent Turkish Lira to banks which operate in Turkey and keep the deposit in the bank for 3 years,
- Issuance of Certificate of Compliance: The applicant should apply to Banking Regulation and Supervision Agency (Financial Consumer Relations Department) to receive such document.
- Application for Residence Permit: A residence permit which is specific for the investors should be obtained from the Ministry of Interior Directorate General of Migration Management. Such residence permit has a validity of one year and it does not permit the applicants to work in Turkey.
- Application for Turkish Citizenship: Once the applicant’s residence permit is approved, the applicant may file for Turkish citizenship before the General Directorate of Population and Citizenship Affairs. The Directorate will conduct a background check of the applicant by particularly focusing on national security and public order considerations. Upon the completion of the background check, the applicant’s file will be sent to the President. In the event that the application is approved by the President, the application will be returned to the General Directorate of Population and Citizenship Affairs for the completion of the process.
3. Necessary Documents:
3.1 – Documents Required for the Citizenship Application File [2]:
● Aplication Form / Petition ● A valid passport or a similar document indicating the citizenship of the applicant. If the applicant is stateless, any documents confirming the status of the applicant ● A document indicating the marital status of the applicant. If the applicant is married the marriage certificate, if the applicant is divorced the bill of divorcement, if the applicant is widowed, the death certificate ● A birth certificate that confirms the identity information of the applicant or any other document containing the identity information of the applicant. If married, identity registry copy or a similar document demonstrating the family bond of the spouse and children ● If the applicant has first or second degree Turkish citizen relatives, Turkish ID copy and address of the relatives of the applicant in Turkey ● Biometric photo ● A receipt confirming that the application fee has been paid to the relevant authority.
3.2 – Documents Required for Short-Term Residence Permit for Foreigners [3]:
● Application Form ● A notarized and legalized copy of the passport or a similar travelling document ● 4 biometric photos ● Proof of sufficient and sustainable financial resources for the duration of the stay ● Applicant’s residence ownership deed (this is required for foreigners owning a real estate property in Turkey) (or rental contract or similar document for the address in Turkey) ● Valid medical insurance (one of the following shall be sufficient):
* Proof of access to health services in Turkey within the scope of bilateral social security agreements * Provision document issued by the Social Security Institution * Document regarding the application made to the Social Security Institution to be covered by the general health insurance * Private health insurance
This Article aims to provide a brief and general overview of the requirements to obtaining Turkish Citizenship via investment in Turkey, but does not intended to serve as a legal advice. Before taking any action or relying on the information given, addressees of this Article should seek specific advice on the matters which concern them.
[1] Regulation Regarding Application of Turkish Citizenship Code numbered 2010/139 and dated 11/02/2010, amended with the Amendment of Regulation Regarding Application of Turkish Citizenship Code numbered 106 and dated 19/09/2018.
[2] The public documents issued abroad must be duly legalized.
[3] The public documents issued abroad must be duly legalized.