The Turkish citizenship by investment programme attracts foreign nationals from around the world looking for a second home in Turkey or for ways to relocate permanently and enjoy the warm climate, beautiful landscapes, and low living costs the country has to offer.
As a business destination, Turkish citizenship is also in high demand from investors and entrepreneurs looking to live and work in a strategic location within reach of both Asia and Europe.
The Property Turkey team, specialists in luxury villas in Turkey, explains how citizenship by investment works and the types of properties you may be able to select that will entitle you to apply for a second passport.
Eligibility Criteria for Turkish Citizenship
Investors looking to secure citizenship can choose from a variety of investment routes, depending on their objectives. These include:
- Purchasing a property
- Buying government bonds
- Making a capital investment
Any of these investment options require the applicant to retain their property or other assets for at least three years to remain eligible for full citizenship. However, there is no minimum physical stay, and it is possible to apply for Turkish citizenship and complete the investment without relocating permanently.
Applicants must meet other requirements, such as being over 18 with a clean criminal record and having evidence of the source of their funds. They cannot have previously breached the terms of a Turkish visa and must be able to show that the investment financing has been legally obtained.
Those buying a property to qualify for citizenship by investment will need to apply to the Turkish Land Registry to obtain a certificate of eligibility and/or the Cadastre of the Ministry of Environment and Urbanisation.
Essential Information About the Turkish Citizenship by Investment Scheme
There are various aspects of applying for a second passport that may influence your decision-making. One positive is that, following the three-year minimum retention period, investors have the option to sell the property. They can also invest in a rental asset and rent it out over the three years to generate additional income.
Successful applicants can travel visa-free to over 110 countries worldwide, including Japan and Singapore, and may use their citizenship to expedite an application for a US visa, depending on their country of origin, through relocation routes open to Turkish passport holders.
Processing times vary but usually take around six to eight months, and there is no need to make declarations about other assets or income originating from outside of Turkey. Investors can choose to relocate if they wish and can apply for citizenship for all family members, including a spouse, children under 18 and older children who live with their parents due to a disability.
Citizenship is valid for life, and dual citizenship is permitted. That means you can buy a property in Turkey, qualify for second citizenship, and retain your original passport.
Properties in Turkey Qualifying for Citizenship
The scheme has fairly flexible rules, and almost any property above the minimum investment value qualifies for the citizenship scheme. Investors can buy one property worth above the threshold value or multiple smaller properties, which could include:
- A commercial or residential property.
- An existing home, a new build, or a property being constructed, provided it has been granted a Habitation Licence.
- A rental property to let out rather than live in.
Provided the property or residence hasn't been used in a previous citizenship application and exceeds the investment threshold, it will be considered valid.
Property buyers have a broad array of choices, from contemporary apartments to villas within premium resorts, generous family homes or rental properties. Apartments in popular tourist destinations are also a great option for investors who do not intend to live in Turkey or wish to travel for part of the year.
The most popular places for investors to purchase a home, holiday residence or rental property are Ankara, Antalya and Istanbul, Turkey's largest and busiest cities with excellent infrastructure and plenty of opportunities to work, establish a business or rent out the property due to high demand.
Investors purchasing a home to live in also select properties along the stunning Aegean coast, with locations such as Izmir, Bodrum and Fethiye offering residents a near-perfect climate, beachside living, fantastic local cuisines and world-class marinas and harbours.
Advantages of Obtaining a Turkish Passport Through Property Investment
Those buying a property in Turkey to have a second home in this wonderful part of the world have no obligation to also apply for citizenship. However, they may opt to do so, as there are several benefits, not least the ability to travel freely to and from Turkey on a local passport:
- The flexibility to live, work or study in Turkey – including all immediate family members who qualify for citizenship on the same application.
- Easy access to other high-demand visas, such as a visa for the EU Schengen area or the E2 visa for the US.
- Profitable investment opportunities with the choice of buying a home to live in, purchasing a rental property, and selling the investment after three years.
The tax regime in Turkey is also an incentive, where investors become tax residents if they live there for over six months of the year. The Turkish tax system levies considerably lower taxes than those in the UK, with no wealth or municipal income taxes, alongside living costs that are as much as 58% more affordable.
Life in Turkey is relaxed, with welcoming multicultural communities, where most people in destinations popular with tourists speak English. However, learning some Turkish can be a great way to make friends and integrate. Foreign citizenship investors also find that their budgets stretch a long way if they continue to earn an income in Sterling or another overseas denomination with a favourable exchange rate.
For more information about the Turkish citizenship by investment scheme, buying a property in Turkey or browsing homes currently available to purchase, please contact the Property Turkey team at any time, or review our current listings through our website.
Read more about Property Turkey – The Best Places to Visit in Marmaris and the Turkish Riviera in 2023
About Property Turkey: With 20+ years experience in the Turkish real estate market, team Property Turkey are your experienced, friendly and independent overseas real estate consultants. Our head office is located in London, UK with regional operational offices in: Bodrum, Fethiye & Kalkan, Antalya and Istanbul.
***
Source Company: https://www.propertyturkey.com/
Original Source of the original story >> Understanding Citizenship by Investment Visas in Turkey
