On 18 September 2018, Turkey drastically reduced its financial and investment criteria to encourage foreign direct investment, making the Turkish citizenship by investment program one of the most competitive.
The program requires you to invest in any one of the following options:
• Real Estate Investment only $250,000, reduced down from $1 Million for a minimum period of 3 years
• Bank deposits of $500,000 (or equal value in Turkish lira), into Turkish banks, reduced down from $3 Million
• Capital investments of $500,000 (or equal value in Turkish lira), reduced down from $2 Million, as authorised by the Ministry of Industry and Technology
• Government bonds of $500,000 for a minimum period of 3 years, as approved by the Ministry of Treasury & Finance
• Investment of $500,000 in the Turkish Real Estate Investment Trust or purchase of shares in the Venture Capital Investment Fund
• Under the employees option an applicant must employ 50 employees for Turkish citizenship, reduced from 100
Turkish citizens can apply for a Business visa in the UK and live in the UK, applying for UK Settlement status and Naturalisation in 6 years
| TURKISH BUSINESS PERSONS VISA UNDER ECCA | UK TIER 1 ENTREPREUNER VISA |
| Invest $250,000 for Turkish real estate and acquire a passport | Invest £200,000 for individual entrepreneur visa |
| Zero fees for this visa | Home office fees and in country dependants fees |
| No language requirements | Applicants must prove language ability to B1 level |
| Can start a new business in the UK or run established UK business | Can start a new business in the UK or run established UK business |
| Family is eligible including spouse and children under age 21 | Family is eligible including spouse and children under age 18 |
| Indefinite Leave to Remain or settlement in five years and Naturalisation in six years | Indefinite Leave to Remain or settlement in five years and Naturalisation in six years. |
Other benefits include:
• Good value for money – acquire a property and passport
• No minimum residence requirements
• Visa free travel to 114 countries worldwide including eligibility to E2 visa to USA
• Turkish citizenship granted after 6 months
• Free education and University reimbursement plans
• Free healthcare
• Take advantage of lira being at historical low
• Bank deposits are advantageous for investors who require liquidity after 3 year period
• Enjoy real estate investment and potential for growth
TURKISH CITIZENSHIP BY INVESTMENT CASE STUDY:
Our clients Mohammed and Zahra, Pakistani nationals were looking at dual citizenship options, with view to relocating for better work opportunities and education for their three children. They were interested in the UK, however the stringent requirements for residence and language obstacles, meant that they were not confident of their chances for approval. When the revised Turkey Citizenship by Investment criteria was announced, they snapped up the opportunity of applying for the program.
With an investment of only $250,000 they invested in a property purchase in Turkey, a massive reduction from the previous requirement of $1 Million. With no residency requirements and a Turkish passport estimated in only 180 days, they look forward to being able to use their Turkish Citizenship as an entry into the UK, where they want to realise their family and business goals.
Turkey has the added advantage with the Ankara agreement otherwise known as the European Community Association Agreement (ECAA). Turkish nationals are able to establish a business and remain in the UK under a Business Visa, with no additional fees to pay.
Approval of the visa takes approximately only 12 weeks, without having to apply for visas under the stringent UK Points Based System. Through the Turkish Citizenship by Investment program, once Mohammed’s business is set up and running in the UK, he also intends to enjoy holidays in his holiday home in Turkey with his wife Zahra and their family.
Astons has successfully assisted many Turkish nationals since 2001 in entering the UK and applying for ILR and Naturalisation through this route. Astons are now happy to extend this service to other non EU nationals who can take advantage of the newly revised Turkish citizenship by investment program, now quickly becoming the most cost effective and attractive CIP.
Astons is a leading global immigration advisory firm with offices worldwide. We offer residency & citizenship investment solutions. For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected].
