Getting Turkey Citizenship by Investment in 2022

Getting Turkey Citizenship by Investment in 2022 – that will be the topic of today’s article.

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Introducción

Moving to a permanent place of residence or choosing a country for doing business – all these are not easy tasks that require familiarity with the local way of life and the legal framework. Today, Turkey is very popular, both among emigrants and among entrepreneurs. The society of this country is actively moving from agrarian to industrial, progressing in all spheres of life. Let us consider in detail how modern Turkey will meet a foreign citizen in 2022.

In 2019, the Republic of Turkey faced a sharp collapse in the local currency (lira), which caused an excess of imports over exports, foreign economic debates, US sanctions, lower interest rates on loans and other factors that negatively affected the country’s economy. Despite the financial problems that have arisen, this year the jurisdiction ranks 17th in the world in terms of GDP, which grew by 4.5% over the year and at the end of 2019 is $28,625 per capita.

The state economy is among the leaders in the production and export of goods from the textile industry, agriculture, instrument-making and automotive industries. Due to the active growth of the manufacturing and industrial sectors, there are open vacancies for specialists in all areas, which minimizes unemployment and provides a wide choice for citizens of other countries who have chosen Turkey for permanent residence.

Foreigners pondering the pros and cons of living in Turkey often wonder if this is the right move for them. However, take comfort in knowing that the country is already welcoming thousands of expats. Any representative of a large number of expats will confirm that living here is completely different from entering on a tourist visa. However, for them to leave their home country, obtain a residence permit and move to Turkey was the best choice to live abroad.

Indeed, expat life here has won admiring fans around the world who now call this new country their home away from home. We’re also happy to report that everyone is going through more ups than downs in their new home. So let’s take a look at these where expats live in Turkey and our guide to settling into a new life in the country.

Pros and cons of living in Turkey

Pros:

• Cost of Living: At the current exchange rate, foreigners receiving a pension or foreign income in USD or another currency are receiving more Turkish Lira than ever before thanks to the high exchange rate. In addition, when moving to the Republic of Turkey, gas, water, internet, telephone and council tax bills are surprisingly cheap. Although smoking, renting, drinking alcohol and driving a car are expensive, in general the cost of living in Turkey is much lower than in other countries.

• Citizenship by investment: to live in Turkey means to obtain a residence permit; however, some foreigners and their spouses want to become full Turkish citizens. This is where a real estate investment program can help them. If you invest $250,000 or more in real estate and commit to holding it for at least three years, you can apply for living and working rights just like local residents.

• Health Insurance: Seniors over 65 are not required to have health insurance, but any foreigner under this age should. There are two options: private international health insurance or the public SGK system. No matter which one you choose; Turkey’s impeccable healthcare system guarantees excellent service should you ever need insurance.

• Expat community: Moving to any of the established expat cities means connecting to an already existing circle of foreigners who have been there and done it. After taking the walk, they can give advice, hints and hints on how best to adapt to your overseas move to Turkey.

• International Schools: Some expatriate families are looking for places to move to the suburbs. In Turkey, this includes foreign workers engaged in international business who seek to temporarily stay in the country. They want schools that teach in multiple languages, including their own, and adhere to an international curriculum with internationally recognized qualifications. This is where international schools, especially in Istanbul, rise to the level of professionalism and educational standards. Emigrant workers are confident that their children will return home as usual.

• Housing Price Index: Your financial situation largely determines living and working abroad. Many people who want to retire abroad choose the Republic of Turkey because the cost of housing is worth the money, especially when compared to other foreign countries. Some expats choose apartments, while others prefer spacious villas with private gardens and pools. If you want to find a property before you move to Turkey, check out our portfolio of homes for sale in Turkey. Each listing contains everything you need to know, including contact details to find out more by phone, email or arrange a viewing.

• Bank Interest Rates: Internet banking has never been so exciting due to high interest savings accounts in Turkey. Indeed, anyone looking to retire abroad should check out interest rates at an average of 10%. Many expats invest large sums of money and withdraw monthly after-tax interest; therefore, they never have to touch their own capital, and the interest often increases their pension.

Contras:

• Culture Shock: Unfortunately, for some expatriates, culture shock throws them off course. This mostly happens when they retire, expecting their daily life to be like a holiday. Of course, this way of life is unsustainable, and, as in any other country, the locals do things differently; you will miss eating from home and some traditions like Ramadan can be overwhelming. The key to dealing with culture shock is always an open mind and a willingness to learn.

• Friends and family have returned home: When moving abroad, we are comforted by the fact that we can get on a plane any time we want. However, for some people, moving to Turkey means they miss their friends and family more than they thought. The good news is that this is just a temporary phase and these days with apps like What’s App, Messenger Video Call and Skype you can stay connected every day.

• Language barrier: Part of the problem of living in a cross-cultural place is language barriers. Although we say that learning Turkish is a rewarding experience, some people find it difficult to speak two languages. Not being able to speak Turkish is the number one complaint we hear from expat communities. However, living abroad is becoming easy because most expats live in tourist resorts with English-speaking locals. (Easy ways to learn Turkish.)

• Work Permit: Some people dream of working abroad in Turkey; however, many of the expatriates are retirees. The reason is simple. Working on a tourist visa is illegal because you don’t pay income tax and will result in a fine or deportation if found. Secondly, the strict rules and regulations for foreign nationals working abroad in Turkey make it difficult to obtain a work permit. Most end up teaching English or working during their holidays.

Expat life in Turkey

For some newcomers it is easy to live and move here, for others it is difficult. The pros and cons of living in Turkey can be easily dealt with, and luckily you can settle in comfortably here by researching the lives of expats before you move. In this article about retiring in Turkey, we discuss common issues and solutions such as taxation, making new friends with Turks, getting a work permit, opening a bank account, visa requirements, getting a residence permit, and homesickness. By doing your research, you will be convinced that your dream of moving to the country is working in your favor.

How to become a citizen of the Republic of Turkey?

How to get a Turkish passport? The simplest, fastest, most affordable, profitable way is the Turkish citizenship program through investment (in the purchase of real estate, business, deposit). In this article we will list all the requirements for applicants, conditions, necessary documents, procedures, processes. Additionally, it talks about the advantages of the status of a Turkish citizen and its obtaining, minimizing the loss of time, money, and nerves.

Note that it is impossible to obtain a Turkish passport by buying a property from an owner who has previously obtained a second citizenship in Turkey for investment with its help!

Turkey is a unitary presidential constitutional republic with a population of over 80 million and an area of ​​783.5 thousand square kilometers. The capital of the country is Ankara, and the official language is Turkish.

How to get a Turkish passport? For a number of reasons, the answer is of interest many Europeans, especially Russians, Belarusians and other immigrants from the post-Soviet space, who also want to know what gives the status of a citizen of the country in question.

Some want to be in a sunny country all year round, buy inexpensive and environmentally friendly food, live by the sea. Others need new tools for tax planning, opening bank accounts, investing, doing business abroad.

Regardless of the goals, investments in Turkish citizenship in 2022 are being made extremely quickly, which contributes to the achievement of the set goals. The required documents, official conditions/requirements, and procedures are listed below.

Turkish Dual Citizenship by Investment: Legal Framework

Let’s start by answering the most important question. Does Turkish law allow dual citizenship? Local law effectively allows multiple citizenship/passport collections. There are no provisions in local laws that directly oblige citizens who have passports of several countries to choose one identification document, refusing the second / third.

While recognizing dual citizenship and allowing Turks to hold foreign passports, the local government obliges Turkish citizens applying for a foreign passport to inform the relevant authority (nearest Turkish embassy/consulate abroad). The original certificate of naturalization, confirmation of military service (for men), marriage certificate (if applicable), four photographs must be sent to such an authority.

Holders of multiple citizenship are not required to use a Turkish passport when entering / leaving the territory of the (new) homeland. It is allowed to travel with a valid foreign passport (some citizens are free to use a national identity card). Be aware that since some states prohibit dual citizenship, Turks (including those who invested in Turkish citizenship in 2022) sometimes have to give up their Turkish citizenship status in an effort to obtain/keep a foreign passport.

Financial and other conditions for obtaining Turkish citizenship by investment

Turkey announced its citizenship by investment program in 2016. It grants residence permit, citizenship and Turkish passport to applicants investing in either real estate or bank deposits. The real estate route is particularly attractive to investors. This requires a real estate purchase of at least $250,000 + fees, making Turkey one of the cheapest citizenship by investment programs on the market.

A Turkish passport allows you to travel visa-free (or visa-on-arrival) to 125 countries around the world. Turkey also does not exclude possible visa-free access to the EU. Negotiations are currently ongoing, although Turkey still has some way to go to comply with EU conditions.

Turkey has good global connections. They have an E-2 visa agreement with the US, which means that Turkish citizens are eligible to apply for US residency through the E-2 visa program.

The granting of a passport to foreigners is carried out in accordance with the Turkish Citizenship Law No. 5091, as amended. The most recent amendments were made on September 18, 2018, suggesting a reduction in the entry threshold from $1 million to $250,000.

In accordance with the current legislation, foreign investors receive Turkish passports by decision of the competent authorities. Each investor must be a law-abiding adult individual.

The legislation provides for the possibility to apply for citizenship in Turkey by investment to foreigners who have fulfilled the following financial conditions:

• Capital investment in the amount of $500,000 (an equivalent amount in another foreign currency is allowed). Approval of the investment by the Turkish Ministry of Industry and Economy is required.

• Purchase of Turkish real estate worth $250,000 (an equivalent amount in other foreign currencies is allowed). Such property must be held for a subsequent three-year period. Turkish citizenship upon purchase of real estate in 2022 is issued subject to the approval of the relevant transaction / transactions by the Ministry of Environment and Urban Development.

• Organization of employment of 50+ employees and approval of such employment by the Ministry of Family, Labor, Social Services.

• Purchase of government borrowing instruments with a price of $500,000 or more (deposit of the equivalent amount in another foreign currency is allowed) and storage of such instruments for the next three years. Approval of such a purchase by the Ministry of Finance will be required.

• Deposit $500,000 (equivalent in another foreign currency) into a local bank deposit account and maintain the deposit for the next three years. Approval by the Agency for Banking Regulation and Supervision will be required.

• Purchasing an equity interest in a real estate investment fund/venture investment fund with a value of $500,000 or more (an equivalent amount in other foreign currencies is allowed) and holding such financial instruments for a three-year period from the date of purchase. Approval of the transaction by the Capital Market Board will be required.

Where to apply for Turkish citizenship by investment?

In accordance with Article 3 of the Procedures and Principles of the aforementioned law, the following authorities are entitled to consider submitted applications for Turkish citizenship by investment:

• Provincial Civil Registry Office.

• General Directorate of Civil Registry.

• Foreign representations of the Republic of Turkey (embassies, general consulates, consulates).

A foreign investor is free to apply to one of the aforementioned bodies when applying for Turkish citizenship by investment. It may seem that by submitting an application to a foreign diplomatic mission of the country in question, you will not have to visit Turkish territory. However, you will need to make at least one visit to the territory of the potential new homeland for the submission of biometric data / issuance of a resident card.

General Documents Required for Turkish Citizenship by Investment Applicants

The Turkish Citizenship Law Amendment Regulation of September 2018 lists 6 (six) different investment options/criteria. These financial conditions for obtaining Turkish citizenship for Russians, Ukrainians and other foreigners are mandatory, but the applicant just needs to choose one of the available options.

When answering the question of what documents are needed to obtain Turkish citizenship, one should separate general documentation and documentation specific to each specific financial option. Common documents to be submitted regardless of the chosen financial option are listed below:

• Copy of foreign investor’s passport
• A copy of the resident card (information about the place of residence / Turkish registration / registration in another country of current residence / citizenship) / Turkish turquoise card
• Letter of consent
• Receipt of payment of the fee for the relevant public service

Additional paperwork will be required – depending on the type of application (chosen financial option). Therefore, it is important to initially determine the financial conditions, preparing to obtain Turkish citizenship through investment. Please note: It is important to complete the pre-application form and collect the documents properly. Otherwise, the application for Turkish citizenship by investment is rejected by the authorities.

Turkish Citizenship Opportunities

Turkey is one of the leading emerging economies. A large young population and a favorable location from a geographical and political point of view (the country is a crossroads between Asia and Europe) make the jurisdiction in question an excellent platform for business development.

Foreign home buyers and investors have recently had the right to freely buy any Turkish property. Over the past decades, Turkish infrastructure has further developed significantly, making the country in question an attractive place to live.

Investors become Turkish citizens in order to live with their families in a comfortable climate, travel without visas and obtain an investor visa in the United States.

Turkish citizenship: who is eligible and how to get it?

Travel without visas. The citizens of the Republic of Turkey travel without visas to 110 countries, including Japan and Singapore. But the Schengen countries are not included in the visa-free list for Turkish citizens.

Convenient conditions for obtaining citizenship. Investors do not need to give up their first citizenship, take an exam on knowledge of the country’s history and language. The process of obtaining citizenship takes three to six months.

Possibility to join family members. Together with the investor, citizenship is acquired by the spouse and children under 18 years of age. Moreover, the parents of spouses and adult children can also obtain citizenship if they are financially dependent on the investor.

The opportunity to obtain an E-2 investor visa in the United States, which is not issued to Russians, and move to the States with the whole family. The E-2 visa is non-immigrant: the investor can live in the US, but will not be able to obtain a green card and apply for citizenship. The visa is issued for five years with the possibility of extension for another two years.

Turkey clarifies the rules for participation in the citizenship by investment program from 2022

In early January 2022, the Turkish government changed the conditions under which investors receive citizenship by investment. The changes are intended to mitigate the impact of the depreciation of the Turkish lira against the US dollar.

The lira has almost halved against the US dollar in 2021. The fall affected the cadastral value of real estate, which was calculated in lira at the exchange rate on the day of assessment. For an object that cost $250,000 at the beginning of the year, an investor would have to pay almost $500,000 in December.

From January 2022, all settlements under the program will be made only in US dollars or the equivalent in a foreign currency, and not in Turkish liras. So in fact, fluctuations in the exchange rate of lira will not affect the value of objects for investors.

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