Affluent individuals from all over the world have revealed increased interest in the Turkish Citizenship by Investment Programme (CIP). The Astons experts elaborate on the benefits of this programme, explain why most investors purchase property in this country and how to find your way around the Turkish real estate market.
I heard a lot of good about the Turkish CIP. Is it true that I can procure a Turkish passport by purchasing property in the country?
Yes, according to the immigration programme of Turkey, you can procure citizenship by purchasing property starting at $250,000. Most foreign investors opt for this scenario: in three years, you’ll be able to sell the property and this won’t affect your citizenship.
So real estate investment in Turkey is the most popular option, isn’t it?
It is, absolutely. According to the Turkish Institute of Statistics, in 2019 the number of property sale-purchase transactions in Turkey has soared by the astonishing 92 percent – thanks to the CIP programme.
Wow! What’s the reason behind this boom?
In 2018, the Turkish authorities have dramatically changed the conditions of the immigration programme. They lowered the qualifying investment sum by four times – from $1 million to $250,000. This way, Turkey has quickly become one of the most attractive countries for affluent foreign investors.
The Turkish authorities are interested to further boost the popularity of the Turkish CIP. For instance, the government will extend the VAT exemption before the end of 2019 so investors can save up to 8 percent of property cost, as well as lower the stamp duty.
Even before the drop in qualifying investment sums, the Turkish real estate was in high demand among foreign investors. In the previous 15 years, foreigners have purchased Turkish property at the total cost of over $42 billion. Curiously, Europeans and Americans are on top of the buyers list.
Moreover, now is a favourable time to purchase property in the country. At the end of last year, property prices in Turkey significantly dropped, whereas the current rate of the Turkish lira allows investors very auspicious conditions for purchase.
Sounds great! Is property purchase the only way to get a Turkish passport?
No, you can choose between three options:
1. You purchase property at the sum of $250,000. This is the most popular option among foreign investors.
2. You invest into the capital stock of a Turkish enterprise (this requires approval from the Ministry of Industry and Technology), open a deposit in a Turkey-based bank at the minimum of $500,000 (held for three years) or purchase government bonds (also held for three years) with an opportunity to yield dividends.
3. You open an enterprise in Turkey and create a minimum of 50 jobs (for the term of three years or more). In this case, you’ll need approval from the Ministry of Labour and Social Security.
I see. I am more interested in Turkish property purchase. What can I count on?
By investing just $250,000, you will purchase comfy and beautiful studios in Istanbul’s prestigious neighbourhoods or become an owner of a seaside-view villa in Alanya, Antalya, Bodrum or other coastal towns in Turkey. Foreign investors often purchase apartments and cottages planning to yield four to six percent per annum or more on rental incomes.
Which Istanbul apartments are eligible for the Citizenship by Investment Programme?
You can choose an option that best fits your needs, budget, investment and personal goals. Don’t worry – experienced Astons lawyers will help you find the best fitting property, make a lucrative deal and go through the entire immigration process.
We recommend that you pay attention to a few specific projects in Istanbul. They are all verified and eligible for the Turkish Citizenship by Investment Programme.
1. ONUR PARK LIFE
You will become an owner of modern artist-built two or three bedroom apartments in the Başakşehir neighbourhood that draws attention of foreign and local investors alike. You will enjoy a perfect infrastructure including a fitness centre, gym, tennis courts, basketball and volleyball courts, parks and even a squash area.
2. MANZARA ADALAR
Deluxe apartments with an amazing view over the Marmara sea and Princes’ islands, just 1.5 km from the coast. You can purchase two or three bedroom apartments in the burgeoning neighbourhood of Kartal. Near the residential complexes (3 projects) and business edifices (2 projects), you will find swimming pools, a pond, fitness centre, kids’ club, walking tracks and a sports club. According to property experts, this project has a high investment potential.
You will purchase apartments with one, two or three bedrooms in a residential complex in Beylikdüzü (a prestigious neighbourhood in the western part of Istanbul). Nearby you’ll find sumptuous beaches, a marina, shopping centres and restaurants. The area boasts good transport connections, with Ataturk International Airport just an 18-minute drive away.
One more attractive option: apartments with one or two bedrooms in Beyoğlu – Istanbul’s central district. Nearby you will find the famous Taksim square and the historical neighbourhoods of Şişli and Nişantaşı. Inside the artist-built edifice you will find boutiques, an indoor pool, fitness centre and sauna.
5. ELYSIUM BOMONTI
You will become an owner of a studio in Şişli, one of Istanbul’s central districts, just a few minutes drive away from the historic sites, shopping centres, Metro station and a Metrobüs station (metrobus is Istanbul’s unique high-speed bus). From the top floors, you will have a perfect view of the Golden Horn and the Bosphorus.
Sure! You can add to the application your spouse and children under 18 years old (children with disabilities can be added to the application regardless of age).
Does it take a long time to get a Turkish passport?
You will receive the Turkish citizenship in just 60 days after the investment process is complete (this is very fast compared to other migration programmes). Before making the application, you should open an account in a Turkish bank and transfer the required funds.
OK, I now have the details on the quality property and the timeframes. What other benefits does the Turkish passport offer?
Foreign investors procure Turkish citizenship for many reasons based on their personal and business needs. This country’s passport has many advantages. For example, it unlocks visa-free access to 115 countries, including Japan, Singapore and South Korea.
Most HNWI are interested in property in Istanbul or coastal towns for both residential and rental purposes. Others value the investment and business prospects of Turkey – a country with an attractive taxation system.
One more important benefit of the Turkish citizenship is that it enables relocation to the UK.
Really? This must be much cheaper than other ways to relocate to London.
Yes, indeed. Many investors procure a passport of Turkey for the very purpose of relocating to London. As it turns out, Turkish citizens may relocate to the UK with a business visa.
Another benefit of the Turkish passport is that Turkish citizens may get a US E-2 business visa, followed by the EB-5 immigration visa and the green card application.
Sounds amazing! Do I have to live in Turkey to arrange the citizenship?
No. Turkey has no requirements for physical residency – neither before, nor after procuring the citizenship. Moreover, you can submit the application remotely, your physical presence will not be required.
You need to submit the documents through the specialists in investment immigration. The Astons lawyers and consultants will help you not only submit the application correctly but also save efforts, time and money. Our experts guide the client through the entire immigration process delivering the whole range of services for arranging a second passport.
Astons stands out from the crowd as its customers successfully procure visas and passports in the countries that offer investment migration programmes. Such outstanding result is due to meticulous double-checking of all documents. The documents are only submitted in case Astons is 100% sure the applicant will get the required visas or passports.
Great! What if I purchase a property in Turkey and my family and I decide to live in the country for some period of time? Does this venture have any benefits?
Of course. Citizens of Turkey enjoy free education and healthcare. The country has a solid pension programme, it also offers rebates for the costs of higher education.
Turkey boasts a favourable climate, good ecology and high quality of life. Indeed, many foreign investors who were granted a Turkish passport spend some months throughout the year with their families in Turkey.
Astons is a leading global immigration advisory firm with offices in London, Beijing, Moscow, Dubai and Limassol (Republic of Cyprus) and offers residency & citizenship investment solutions worldwide including UK, Turkey, Vanuatu, EU & the Caribbean.
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected] or call +44 207 292 2977