Do I Have to be Able to Speak Turkish to be Eligible for Turkish Citizenship by Investment?
Do I Have to be Able to Speak Turkish to be Eligible for Turkish Citizenship by Investment? Turkey is a beautiful country and often investors 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. This article will explore some of the information that you need to know about the eligibility for Turkish citizenship based on the investment.
Rules for Turkish Citizenship by Investment
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 citizenship:
- The minimum amount of property that an investor should invest in is USD 250,000. He will not be able to sell that property in the next three years. Earlier the investment amount was USD 1 million.
- A foreign investor must deposit USD 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 USD 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 USD 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 process, you need to hire a law firm 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 Turkey
- Issuance of the Power of Attorney
- Identification of the Investment property with an authentic Real Estate agency.
- Deposition of the investment amount
- Registration of the investment property
- 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 Turkish Residency Permit
- They will apply for the processing of Turkish citizenship.
- They will also submit the biometrics of the main investor and his family members.
- They will also collect the Turkish Ids and passports for you and your family.
How Long Do You Need to Wait to Obtain Turkish Citizenship?
Once you have invested in a Turkish Property and all the paperwork is completed, it will take around three to four months to obtain the Turkish citizenship Status. Once your citizenship status is obtained, you would be issued new Turkish Passports and Ids for yourself and your family members within one week only.
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 the gateway to two continents, Europe and Asia and thus it is easy to travel to either continent without any hassle.
FAQs 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 Pandemic, there is an international travel restriction. It is now advisable to open the Turkish Bank Account 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 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 USD 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 Turkish properties provided that the total invested amount is equal to or more than USD 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 Turkish bank account. 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 is 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.