Looking for more information about citizenship by investment in Turkey? Well, in this article we’ll present you with the 5 things you should know about it.
Citizenship by investment has become a popular way of acquiring a citizenship of a particular country that offers these kinds of arrangements. In this way, even people who don’t meet the usual conditions for acquiring the citizenship of a particular country, such as being born on the country’s territory, or having parents that are citizens, can apply. All citizenship by investment programs have one thing in common – they require a generous donation or an investment to/in the country for a person to be considered. There are however some important differences between these programs. Some countries offer full citizenship, with an immediate effect like Cyprus, Malta, Grenada or Dominica. (We already talked about these countries in our article 7 Cheapest Countries that Sell Citizenship.) Other countries offer Residency Programs. These residency programs also require an investment, but they only offer residency for the applicant. To qualify for full citizenship, the applicant has to go through Citizenship Qualifying period that is set from 5 to 12 years, depending on the country. After that period of time, the person is eligible for full citizenship. The countries that offer these kinds of programs include Australia, Spain, Switzerland and the UK.
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These citizenship by investment programs benefit both countries and applicants. The country receives an investment that will help its economy and industry while the applicant uses the perks of having a citizenship of that particular country. The latest country that looks to jump on the bandwagon is Turkey.
The Turkish citizenship law requires a person to be born from a Turkish father and a Turkish mother. This person is considered a Turkish citizen, even if the person is not born on Turkish territory. This is the only way that the person can receive automatic citizenship. Other ways require government confirmation and include citizenship by marriage, citizenship with exceptional circumstances and citizenship by residence. These other ways also require numerous other conditions to be fulfilled.
It is obvious that becoming a Turkish citizen isn’t an easy task, so citizenship by investment should make it a lot easier. Without further ado, let’s check the citizenship by investment in Turkey: 5 things to know.
5. The Program Has Not Started Yet
First things first, the citizenship by investment program in Turkey has not started yet. Currently, the government is working on the bill that will pawn the way for this kind of arrangements. One of the first steps will be the introduction of easier ways to have a residency in Turkey and to get a work visa.
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4. Turkey’s Citizenship by Investment Will Be A Residency Program
Turkey will follow most of the countries in the EU that have citizenship by investment programs and offer residency arrangements. This means that the applicant will only receive a permanent residency in Turkey and after a few years will be granted a full Turkish citizenship.
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3. Free Access to EU Schengen Zone and EU Membership Will Make The Program Attractive
This is one of the key things you need to know about citizenship by investment in Turkey. If EU Commission grants Turkey free access to the EU Schengen Zone or if Turkey acquires EU Membership, Turkish citizenship by investment program will become very tempting. Turkey was promised the free access to the EU Schengen Zone in exchange for dealing with the immigration crisis. If this happens, holders of Turkish passport will be able to travel to 26 countries in EU Schengen Zone. This is important; because, currently, Turkish passport is ranked 79th when it comes to passport power and holders can only travel to 103 countries without a visa. The EU membership would bring even more benefits since the Turkish citizens would be able to travel and work in Europe without visas. Unfortunately, at the moment, both free access to the EU Schengen Zone and EU membership aren’t so close to happening due to several reasons like government’s oppression towards media, lack of freedom of speech, controversial anti-terror laws, and possibility of reinstating the death penalty.
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2. The Citizenship Will Cost from $500,000 to $1 million
Although there are no confirmations about the cost, it is speculated that the price will be in the range from $500,000 to $1 million. If this turns out to be true, then it will cost the same as citizenship of Spain, Bulgaria, and Ireland. In order to make its citizenship more appealing, Turkey would have to set the lower Citizenship Qualifying period or offer a more affordable price. And now, let’s see the number one in our list of citizenship by investment in Turkey.
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1. Turkish Government Has Officially Confirmed Their Plans for Citizenship by Investment Program
We conclude our list of citizenship by investment in Turkey: 5 things to know with the most recent news. According to Hurriyet Daily News, citizenship by investment program in Turkey is a done deal. Deputy Prime Minister Numan Kurtulmuş has announced this on the 14th of November. Citizenship will be granted to investors who create job opportunities, buy real estate properties or make another kind of investment in the country. Any type of investment would have to be maintained for three years if a person is looking to qualify for citizenship. The date isn’t set yet, but the government is serious when it comes to this and Kurtulmuş said it will happen soon. This will open the doors for rich Arabian investors who are looking for a way to get closer to Europe. The rising Turkish economy would get a massive boost, while the investors will profit from an attractive market that will make business opportunities more approachable and easier to conduct.
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