Is the Turkish Citizenship by Investment Granted for Lifetime?
Is the Turkish Citizenship by Investment Granted for Lifetime? Turkey is a beautiful country that boasts a rich cultural heritage, natural and scenic beauty that is famous around the world. It has a stable economy that is full of potential for people within, and outside the nation. With developments and potential as these, who wouldn’t want to have Turkish citizenship?
Is the Turkish Citizenship by Investment Granted for Lifetime?
With the amendments made to the Turkish Nationality Law in 2016, foreigners can now be Turkish citizens! People across the globe apply daily for Citizenship in Turkey and so should you. If you’re a foreigner and you want to be a Turkish citizen, this article shall guide you through the formalities and answer your basic questions, like if Turkish citizenship by investment is for a lifetime.
How does the Turkish Nationality Law work?
The Turkish Government in 2016 opened the Turkish Nationality Law to foreign individuals on the grounds of investment. Applicants who apply for Turkish citizenship through investments in Real Estate or bank deposits can now be offered citizenship, settlement, and a second passport so they can be Turkish Individuals. The Turkish Nationality Law is primarily based on relationships by blood, known as ‘jus sanguines, which automatically offer Turkish citizenship to individuals born to either or both Turkish Nationals. However, a foreign individual can still apply for a Turkish Nationality through Naturalization, or citizenship by investment. Foreign individuals with either or both Turkish parents can also apply for dual citizenship.
Since 2018, the Grand National Assembly of Turkey had amended the Turkish Citizenship Act, under Law No. 5091, enabling foreign individuals to invest in Turkey so they can apply for Turkish citizenship.
Upon investing in the following, any foreign national would be eligible for applying for Turkish citizenship:
Turkish Citizenship by Real Estate Investment
With real estate investments reigning supreme across the globe, their impact can be felt in the Turkish formal criteria. Investments of US $ 250,000 as Turkish Real Estate schemes will fetch you the opportunity to apply for Turkish citizenship. However, any property you hold must be held at least for three years before you choose to discontinue.
Turkish Citizenship by Capital Investment
Capital investments are also great ways of making your entrance into the Turkish Nationality Application. However, it can be as expensive as the US $ 500,000.
Turkish Citizenship by Fund Share
If you prefer other methods over Turkish real estate investments, fund sharing can be a great option for you. Investing in a venture capital fund share scheme or real estate propositions for at least three years has been opted for many candidates. The minimum investment however is the US $ 500,000.
Turkish Citizenship by Bank Deposit
Bank deposit is one of the safest options available if you have risk aversion. A deposit of the minimum US $ 500,000 is required. You can withdraw it after at least 3 years.
Turkish Citizenship by investing in Government Bonds
Government Bonds are one of the safest mediums to invest in. Investing at least US $ 500,000 on bonds, or buying government bonds of an equal amount or more. Government Bonds can be sold after three years.
Turkish Citizenship by Job Creation
As an entrepreneur, creating jobs for 50 people or more will provide you with an opportunity to apply for Turkish citizenship.
In addition to the perks of Turkish citizenship by investment, you’ll be provided sound real estate investment consultation, property rights, an account in a Turkish bank, and a certificate of eligibility from the Turkish Land Registry and Cadaster.
The foreign individuals can apply for Turkish citizenship upon fulfilling the criteria such as:
- Clear criminal background (to be inspected by the Ministry of Interior); clean background documents are not necessary, but can be asked for if the situation arises.
- Foreigners applying for Turkish citizenship must also furnish with the proof of their identity, names of their parents, and passport ID/number. Proof of marriage such as marriage books or marriage registrations is asked for. Other documents regarding marital status (divorced or widowed) need to be furnished to Turkish officials.
- Unlike Caribbean citizenship, Turkish citizenship does not require any pre-approval.
- If you’re applying for Turkish citizenship through investment, the Turkish government can ask for proof of the same. Every investment is regulated and supervised by the government authority of the relevant department. Once you fulfill the criteria, the Turkish Government will approve your application for Turkish citizenship.
How can I benefit from Turkish Citizenship by Investment?
As a foreign individual opting for Turkish citizenship through investment, you will enjoy certain benefits which are enjoyed by those who exclusively are Turkish Nationals. Not only is applying through investments easy and efficient, but it also is affordable and since it doesn’t require pre-approval, it is convenient for those wishing for dual citizenship. The other exclusive benefits are as follows:
- Turkish citizenship will allow you visa-free travel to Southeast Asian countries like Singapore, Japan, and countries in Africa and South America, to name a few.
- All Turkish individuals whether of Turkish origin or not, are entitled to free education and healthcare.
- The Turkish government looks after senior Turkish nationals through free health coverage and pension plans.
- Other than these, you can enjoy the absence of an inheritance tax. Neither are you required to declare international earnings or pay tax on international earnings.
Turkish Citizenship by Investment is Granted for a Lifetime
One of the common questions asked by individuals applying for Turkish citizenship is if their nationality is long-lasting or terminal. To answer the question, Turkish citizenship by investment is indeed granted for a lifetime. Any foreign individual once approved by the nationality can enjoy perks and rights that apply to any Turkish-born individual. Other than the applicant, spouses and children under 18 will also be granted the same rights and nationality as the original applicant, which lasts a lifetime.
Turkey has immense potential because of its relations with the treaty with the US; any Turkish citizen can further apply for citizenship in the US. So, now that you’ve gained considerable knowledge in Turkish citizenship, take a step towards a brighter future by applying for Turkish citizenship through investment.