How To Get Turkish Citizenship Through Investment?

Do you want to become a Turkish citizen? Turkish citizenship by investment is just for you. As your English speaking immigration lawyers in Istanbul, we are here to assist you in obtaining Turkish citizenship through investment.

Index

Toggle

Turkish citizenship can be obtained by birth or later. Exceptional acquisition of Turkish citizenship is one of the situations which Turkish citizenship is acquired later, and acquisition of Turkish citizenship through the purchase of real estate or acquisition of Turkish citizenship through investment is within this scope.

The Acquisition of Turkish Citizenship By Investment

Article 12 of the Turkish Citizenship Law No. 5901 and Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law set out the legal framework for acquiring citizenship by investing in Turkey. In accordance with this, real persons who open an account in banks in Turkey and keep a deposit of 500.000USD in the account for 3 years are entitled to Turkish citizenship.

The articles of the aforementioned Law and Regulation are as follows.

“Exceptions in the acquisition of Turkish citizenship

ARTICLE 12 – (1) The following foreigners may acquire Turkish citizenship by a decree of the President of the Republic, provided that they do not constitute an obstacle in terms of national security and public order. “

…

b)Foreigners who have a residence permit pursuant to subparagraph (j) of the first paragraph of Article 31 of the Law on Foreigners and International Protection No. 6458 dated 4/4/2013 and numbered 6458, and foreigners holding Turquoise Card and their foreign spouses, their and their spouses’ minor or dependent foreign children.”

“Acquisition of Turkish citizenship exceptionally, documents required for application and procedures to be performed 

ARTICLE 20 

(2) A foreigner who fulfils any of the following conditions may acquire Turkish citizenship by Presidential decree within the scope of subparagraph (b) of the first paragraph of Article 12 of the Law:

…

ç) It is determined by the Banking Regulation and Supervision Agency that he/she has deposited at least USD 500.000 or its equivalent in foreign currency in banks operating in Turkey, provided that he/she has kept the deposit for three years.

…

(10) The foreign currency amounts specified in subparagraphs (b), (ç), (d), (e) and (f) of the second paragraph shall be sold to a bank operating in Turkey and by this bank to the Central Bank before the transaction. As a result of the sale; Turkish Lira amounts obtained pursuant to subparagraph (ç) of the second paragraph shall be kept in Turkish Lira deposits, … for three years. The implementation principles regarding this issue shall be determined by the Central Bank of the Republic of Turkey.”

Accordingly, deposits of 500.000 USD to be deposited in Turkish banks must be blocked and kept in TL for 3 years. Therefore the acquisition of Turkish citizenship by investment is also known as the acquisition of Turkish citizenship through bank deposit.

Eligibility for Turkish Citizenship Through Investment

The foreign investor who deposits 500.000USD worth of money to the bank and the spouse of the investor and children under the age of 18 can gain citizenship with this transaction.

It should be noted here that the Turkish Citizenship Law No. 5901 and the relevant legislation allow dual citizenship or, in other words, multiple citizenship. In other words, those who acquire Turkish citizenship via investment can also retain their own country’s citizenship if their own country’s legislation allows it.

Step-by-Step Legal Guide to Turkish Citizenship Application

In a nutshell, obtaining Turkish citizenship through investment involves three main steps.

1. Obtaining a Certificate of Conformity,
2. Residence permit application,
3. Citizenship application

Obtaining The Certificate of Conformity

The first step to be taken by those who want to gain Turkish citizenship by depositing money in the bank is to open two bank accounts in one of the banks operating in Turkey. One of them will be in the foreign currency in which the investment is to be made (USD, EUR, GBP) and the other will be in TRY (Turkish lira)

The second step is to send 500.000USD of foreign currency from abroad to the bank account in Turkey. It should be stated here that the country to which the money is sent can be the country where the investor who wants to obtain citizenship is a citizen or any other country. Nonetheless, it is a must that the money subject to investment comes from abroad via swift transfer. It is not a requirement that the currency sent is USD. Any currency determined by the Central Bank as convertible will be appropriate. Generally, USD and EUR currencies as well as GBP and CHF are preferred for this transaction.

It should be noted here that it is not an obligation to send the money to Turkey in one go. In fact, it is more likely that this transaction cannot be done in one go due to transfer limits. However, it is an obligation to perform the conversion to Turkish Lira at one time. In other words, foreign currency sent from abroad to Turkey should not be converted into Turkish Lira in parts.

In the third step, this deposit is sold to the Central Bank of the Republic of Turkey through the bank where the account is opened. This deposit, which is converted into Turkish Lira in this way, is blocked for 3 years and upon completion of these steps, an application is made to the Banking Regulation and Supervision Agency for a certificate of conformity.

The certificate of conformity will be submitted both in the residence permit application and in the citizenship application.

Application For Residence Permit

The second step in acquiring Turkish citizenship by investment is to apply for a residence permit. Pursuant to Article 31/1-j of the Law No. 6458, ‘those who do not work in Turkey but will invest in the scope and amount to be determined by the President of the Republic, and their foreign spouse, his/her and his/her spouse’s minor or dependent foreign child’ may apply for a short-term residence permit. The application for a short-term residence permit is made to the Provincial Immigration Administration.

Turkish Citizenship Application

The application for Turkish citizenship is submitted to the Provincial Directorate of Population and Citizenship and evaluated by the General Directorate of Population and Citizenship Affairs.

Required Documents To Apply For Turkish Citizenship By Investment

The required documents for the application of Turkish citizenship by investment are as follows:

• Application Form (VAT-4),
• 2 biometric photographs,
• Passport or similar document,
• Certificate of marital status
• Birth certificate or civil registration copy showing the identity details of the person
• If the application is to be made for the spouse and children, a copy of the birth certificate proving the family ties of the spouse and children
• A receipt showing that the service fee has been deposited

Benefits of Turkish Citizenship for Foreign Investors

The first benefit of Turkish citizenship that comes to mind is the ease of travelling with a Turkish passport. With a Turkish passport, it is possible to travel visa-free to 126 countries, including Japan, Singapore, and South Korea. It is also possible to obtain a dual-purpose B-1/B-2 US tourist and business visa with a validity of 10 years with a Turkish passport. After the visa expires, it is possible to extend the visa remotely. Turkish citizens are also eligible for a C-2 Schengen visa, which is valid for 5 years. With this visa, it is possible to stay in the Schengen Area, i.e. the European Union countries, for up to 90 days within a period of 180 days. The most prominent advantage of being a Turkish citizen is that it provides unlimited entry to Turkey and unlimited stay in Turkey.

It is possible for an investor holding a Turkish passport to obtain an E-2 visa, which allows them to reside in the United States. With this visa, the investor undertakes to invest in an existing business or establish a new business in the United States. The E-2 visa also covers the investor’s spouse and unmarried children under the age of 21. In addition, Turkey is home to multiple free trade zones.

Legal Challenges and How Our Law Firm Can Assist

It is very important to seek the assistance of an immigration and citizenship lawyer for the preparation of your application for Turkish citizenship by investment, obtaining the certificate of eligibility, legal processes, and follow-up, as well as arranging bank transactions in a way that will not cause problems in obtaining the certificate of eligibility. At Viridis Legal Partners, we are here to assist you with our extensive knowledge and experience in a wide range of legislation and legal practices. As your English speaking lawyers in Istanbul, we can guide you through the application process and ensure that your documents are complete, accurate, and compliant with the relevant regulations.

Contact us today to obtain your Turkish citizenship.