Do I Have To Speak Turkish For Turkish Citizenship By Investment?
Turkish Citizenship By Investment
Do I have to be able to speak Turkish to be eligible for Turkish citizenship by investment? We’ll try to answer this question for you in this article.
Turkey is a beautiful country, and often foreign investors around the globe want to invest in this country. But many investors often have a question playing in their mind that, whether one needs to know how to speak Turkish to apply for Turkish citizenship by investment. This article will explore some of the information that you need to know about eligibility for Turkish citizenship based on the investment program.
Requirements For Turkish Citizenship Through Investment Program
The regulation for the application for the Turkish citizenship code was amended only a few years ago, on 18th September 2018. As per the new regulation of the Turkish Immigration Law, foreigners must satisfy one of the below-mentioned requirements to obtain Turkish citizenship:
- The minimum amount of property that an investor should invest in Turkey is $250,000. He or she will not be able to sell that property in the next three years. Before, the investment amount was $1 million.
- A foreign investor must deposit $500,000 in cash in one of the Turkish banks. The money must be kept at the bank for at least three years.
- A foreign investor must have a fixed capital investment of $500,000. The investment should be authorized by the Turkish Ministry of Industry and Technology.
- A foreign investor can obtain Turkish citizenship by purchasing the Turkish government bonds and bills worth $500,000 and must hold the bonds for at least three years. This investment must also be authorized by the Ministry of Treasury and Finance of Turkey.
- A foreign investor can also invest in the “Turkish Real Estate Investment Trust” or purchase the shares of any “Turkish Venture Capital Investment Fund.” The amount to be invested is $500,000.
The above clauses hold for the main investor and his family members including children who are less than 18 years old.
The Process of Turkish Citizenship By Investment
When you apply for Turkish citizenship by investment program, you need to hire a law firm in Turkey to take care of the legal issues and other paperwork. Some of the procedures that the law firm will take care of include:
- Opening of a new bank account in Turkey,
- Obtaining the new Tax ID numbers from the Turkish government,
- Issuance of the Power of Attorney,
- Identification of the property investment with an authentic real estate agency in Turkey,
- Deposition of the investment amount,
- Registration of the property investment,
- The law firm will also prepare the documents that are needed to finalize the property sale,
- The firm will help you in obtaining the short term residence permit in Turkey,
- They will apply for the processing of Turkish citizenship,
- They will also submit the biometrics of the main investor and his/her family members,
- They will also collect the Turkish IDs and passports for the investor and his/her family.
How Long Do You Need To Wait to Obtain Your Turkish Citizenship?
Once you have invested in a property in Turkey, and all the paperwork is completed, it will take around three to four months to obtain Turkish citizenship. Once your citizenship is obtained, you would be issued a new Turkish passport(s) and IDs for yourself and your family members within only one week.
Why Choose Turkey For Your Second Citizenship?
Turkey is a wonderful country with a democratic yet contemporary lifestyle. The climate of the country is soothing and pleasant throughout the year. The country is a safe abode for staying with family. Turkey is also a great place to retire and enjoy the rest of your life. Turkey is the gateway to two continents, Europe and Asia, and thus, it’s easy to travel to either continent without any hassle.
Frequently Asked Questions About Turkish Citizenship By Investment
If you are planning to obtain Turkish citizenship by investment, there must be several questions that are coming to your mind. Here is a quick look at some of the FAQs with their answers:
I want to obtain Turkish citizenship by investment. Do I have to travel to Turkey for that?
At present, due to the worldwide Covid-19 pandemic, there is an international travel restriction. It’s now advisable to open a bank account in Turkey remotely from your home country. Once you hire a law firm to take care of your paperwork and other details, they can proceed with obtaining your Turkish citizenship. You can hand them an apostilled Power of Attorney, and they will take care of the rest. You need not travel to Turkey in this regard.
Are there any approved properties for Turkish citizenship by investment?
There is a special real estate department available with all the law firms in Turkey. To expedite the process of Turkish citizenship by investment, they will take care of the real estate research to offer you numerous new and luxurious properties that are available for sale in line with the Turkish citizenship by investment program rules. They will do the initial and the final checking of the property before the deal is complete.
If I want to invest in multiple properties worth $250,000, am I still eligible for the application of Turkish citizenship by investment?
Yes, as per the new regulation for Turkish citizenship by investment, you can invest in multiple properties in Turkey provided that the total invested amount is equal to or more than $250,000.
If I deposit in the bank account, am I eligible for earning interest on my savings?
Yes, you are eligible to earn an interest in the amount that you deposit in your bank account in Turkey. Depending on your choice, you can earn a yearly, quarterly, or monthly interest on your total deposits.
What is the validity of Turkish Citizenship by investment?
Once you obtain Turkish citizenship, it’s valid throughout your lifetime. It will remain valid for your descendants as well.
Do I have to reside in Turkey for a certain period to obtain Turkish citizenship?
No, there is no such residency requirement in Turkey during or after the application process for Turkish citizenship.
Do I have to speak Turkish to obtain Turkish citizenship by investment?
No, you need not have to speak Turkish to invest in Turkey or to obtain citizenship status in Turkey.