Due to Covid-19, the Turkey citizenship by investment has become much more easier to apply and collect passports from turkish consulates abroad for investors who buy real estate in Turkey.
Applications can also be registered for citizenship at embassies abroad for investments. It is done through a Power of Attorney (POW) issued from abroad to a lawyer in Turkey who will handle the entire citizenship process. The total time from applying to receiving passport takes 3 months.
Considering all the travel restrictions due to Coronavirus, foreign investors dont need to visit Turkey, fingerprinting and all procedures can be completed at the consulates abroad in their own country.
Investors only require the necessary documents and a PoA to an attorney in Turkey. They can give us a PoA from the Turkish Consulates in their country.. After PoA given, the attorney will finalise the whole process on behalf of the client below for.
1) Getting a tax number
2) Opening a bank account on clients behalf
3) Helping client to find a proper real estate
4) Purchasing of real estate
5) Expertise report of the real estate
6) Putting an Annotion onto deed registry stating that such real estate wont be sold for 3 years
7) Applying the Ministry of Environment and Urbanization to obtain certificate of conformity
8) Applying for Residence Permit
9) Citizenship Application
Once the application is approved for General directorate of Migration (for residence permit), The Citizenship Affairs Directorate at the Ministry of Interior and Office of President, the citizenship certificate and passport can be received at diplomatic representations abroad. Turkey has representations spread over 166 countries worldwide offering services to its citizens
The Power of attorney (POA) must meet the following conditions, as per Govt rules
- Issued by Turkish consulates at their discretion over real estate
- Issued by competent authorities entitled to issue power of attorneys abroad
- Issued in the language of the country where it is issued
- Includes photo (with a clear seal and signature over the photo)
- Includes the apostile, if issued in a country that is a party to the Hague Convention. Should have certification of the signature of the official signing the power of attorney by the relevant authority and the signature and seal of such authority should be certified by the Turkish Consulate if the power of attorney is issued in a country that is not a party to the Hague Convention
Turkey has setup a property portal online. All information about properties can be looked up at this online portal setup by government. The list Countries whose nationals are eligible to acquire real estate in Turkey are determined by the Cabinet of Ministers. The Your Key Turkey portal is another portal prepared by General Directorate of Land Registry and Cadastre of the Ministry of Environment and Urban Planning in 6 different languages that provides latest updates on the citizenship by investment program and its procedures. There is also eAppointment system to schedule appointment though land registry offices online post Covid-19.
Turkey opened a citizenship for investment program in 2018 offering fast track citizenship to investors who make the following investments in Turkey
- Capital Investment: USD 500,000 attested by the Ministry of Industry and Technology
- Real estate Acquired a property worth a minimum of USD 250,000 or equivalent foreign currency or Turkish lira with a title deed restriction on its resale for at least three years, as attested by the Ministry of Environment and Urbanization
- Bank Deposit: USD 500,000 or equivalent foreign currency or Turkish lira in banks operating in Turkey with the condition not to withdraw the same for at least three years, as attested by the Banking Regulation and Supervision Agency
- Government Bonds: USD 500,000 or equivalent foreign currency or Turkish lira worth of government bonds with the condition that they cannot be sold for at least three years, as attested by the Ministry of Treasury and Finance
- Investment funds: USD 500,000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years, as attested by the Capital Markets Board of Turkey
- Job Creation Created jobs for at least 50 people, as attested by the Ministry of Family, Labor and Social Services
The Turkish citizen by investment program is particularly popular among arab investors from Iraq, Afghanistan, Saudi Arabia. According to the latest statistics, Istanbul and Antalya are the most popular places for buying properties in Turkey for citizenship purpose.
Turkey also has the third powerful passport in the middle east