Citizenship by Investment in Turkey: Real Estate
By Ferhan Yildizli, Financial Axis Independent Audit & Consulting Inc
The granting of citizenship to foreigners by investment is a policy that has been implemented in various countries in recent years and, in Turkey, has attracted the interest of many foreign investors.
Climatic conditions, natural resources, lifelong free healthcare, and economic opportunities have been important factors in these decisions. Strategically positioned between Europe and Asia provides the opportunity to access many countries with ease, especially visa-free countries.
Accounting for increasing demand in recent years, an average of 4,000 foreigners per year apply for Turkish citizenship by investment. The citizenship process takes an average of 2–3 months with an investment of at least USD 250,000, on the condition that the invested property is not sold within the next three years. This amount was only recently reduced from USD 1 million to USD 250,000 (or the equivalent value in Turkish Lira). Additionally, investors may choose from five different alternative investment models to start the citizenship application process.
Most importantly, an investor’s spouse and any children under 18 years of age, will also acquire all the rights to become Turkish citizens at the same time as the investor, without any further investment requirement. At the same time, lifelong free medical assistance will be facilitated for the whole family.
International agreements to which Turkey is a part also bring some advantages. For example, the Ankara Agreement makes it easier to obtain a residence permit for the UK and to get an EB-5 visa from the US, as well as to travel visa-free to 111 contries.
If applicants give power of attorney to a lawyer, the process can be completed, and citizenship acquired, without even being in Turkey. During the process, the required documents can be provided and the application made by the attorney.
Ferhan YildizliGGI member firm
Financial Axis Independent Audit & Consulting Inc
Corporate Finance, Fiduciary and Estate Planning, Law Firm Services, Tax
T: +90 312 428 1 444
Financial Axis has provided services in audit, tax, legal, and consultancy since 2000. The firm has vast expertise in data protection and capital markets. Their auditors are qualified CFA, CISA, CISM, CGEIT, CRISC and their lawyers are registered in the Turkish and New York bar associations.
Ferhan Yildizli is a PhD candidate in law, and he holds bachelor’s and master’s degrees in both international relations and law. He has also produced various publications on entrepreneurship and international trade. He provides consultancy services on real estate and e-commerce.
Published: Real Estate Newsletter, No. 11, Spring 2020 l Photo: Leonid Andronov - stock.adobe.com