Turkey’s Breakthrough Citizenship by Investment program

Turkey’s Citizenship by Investment program
June 2, 2021 | | Turkish Citizenship |

There is no secret that the Turkish Citizenship by Investment program has been the talk of the town and grown in recent years. Since the nation reduced its minimum amount of real estate investment required to $250,000, from $500,000 in the year 2018, the program has experienced significant growth in applicants. Experts have estimated that the country’s government approved more than 35,000 applicants from 2018 through 2020.

However, In 2020’s Q2, despite the pandemic, such figures and numbers soared again. This was accounted for an average of around 1,200+ applicants being approved every month. This change allowed more people to apply for citizenship, but it opened gates to this program from all corners of the world.

The program of Citizenship by investment is basically a five-step process, which consists of the following:

01. Valuation Report

Main applicants should have their property that is intended to fulfill the citizenship application requirements. Moreover, the property needs to be assessed first for fair market value. It is essential to know that the Capital Markets Board commits to this process.

02. Certificate of Compliance

Once the report is done and you have met all financial regulatory thresholds, you must then apply for the Certificate of Compliance (CoC) through the Foreign Cadastre or Foreign Services Department of Cadastre Directorate or Land Registry.

03. The applicant for Residence Permit

Presuming you do not own a residence permit, you, along with dependents, can now apply. After you are issued the CoC from the Foreign Registry, all your dependents can apply for a unique Residence Permit that has a validity of 365 days.

04. Address Registration

When your residence card gets processed, you may have to register your address at FICO’s Populations Registry desk. It is one of the procedures where applicants have to register their residence place in Turkey officially.

05. Application for Turkish Citizenship

Once you and your dependents’ residence permits have been attested for approval and your address registration is complete, you can move ahead to the final step – filing citizenship applications. Other than citizenship application documents, applicants applying through citizenship by investment must additionally provide the title deed and CoC of the property.

Even though Citizens of Turkey do not get benefits from visa-free Schengen travel, such a program has still enhanced and approved many applicants than their Caribbean competitors. The primary assumption that experts have made for Turkey’s significant applicant uptake is its proximity to the Middle East and its religious and cultural similarities. Moreover, this country has also been famous amongst Iraqi, Iranian, and Afghan investors.

Points To Remember

While Turkey’s passport may not arrive with a significant amount of visa-free agreements, it does allow holders to gain access to 125 territories and countries, equating to around 55.1% of the globe’s destinations and wealth around 24.4% of the world. It is one of the significant steps for many, primarily if you happen to hold a different passport.

One of the other advantages of the Turkish Citizenship by Investment program is that the country holds the E-2 visa treaty with the United States. This simply implies that once you become a citizen of Turkey, you may then apply for the United States residency through their visa program. This is much more cost-effective and quicker than the primary US immigration routes, like the EB5 program.