The Astons experts are answering the frequently asked questions about investment immigration to Turkey and explain why the passport of this country unlocks great prospects to its holder.
I’ve been thinking of procuring a second passport. I’ve recently learnt of the Turkish investment programme… What are its benefits?
Affluent individuals procure a Turkish passport due to various reasons. Some are attracted by the opportunity of free entry into 115 countries including Japan, Singapore and South Korea, others are interested in purchasing property in Istanbul or the coastal towns, yet others value the investment and business perspectives in the country and Turkey’s favourable taxation system. The cost of citizenship of this country is also a crucial factor: from September 2018 the sum of minimum investment has decreased by four times.
Sounds great! Please tell me more about the passport cost.
Last year, the Turkish authorities have decreased the required investment sum from $1 million to $250,000, and it should only be held for three years. According to expert forecasts, this amendment in the Citizenship by Investment (CIP) programme will turn Turkey into one of the most popular destinations for foreign investors in 2019.
Sounds good. Where and how much do I have to invest to procure the Turkish citizenship?
There are three investment options, each having its advantages.
1. You can purchase property starting at $250,000. In this case, you can sell the property in three years (which will not in any way affect your citizenship). According to experts, this investment option in Turkey draws most investor attention.
2. You can invest into capital assets of a Turkish company (the investment should be authorised by the Ministry of Industry and Technology), open a deposit in a Turkish bank at a minimum sum of $500,000 (for the term of three years) or purchase corporate bonds with dividend payouts (the minimum investment term is three years).
3. You can establish your own company registered in Turkey and create a minimum of 50 jobs (for the term of three years). On choosing this option, you will need authorisation from the Ministry of Labour and Social Security.
I’m interested in property investment. What are my ballpark options in Turkey given this budget?
By investing $250,000, you’ll be able to purchase an apartment in Istanbul as well as a beautiful seaview villa in Alanya, Antalya, Bodrum or other coastal town. Many investors purchase apartments and houses here with a purpose of reaping rental incomes.
High net worth individuals from across the globe are frequent buyers of apartments in Turkey: for the past 15 years foreigners have purchased Turkish property at the sum of over $42 billion (mostly European and US investors). At that, the current rate of the Turkish Lira allows you to buy property at bargain prices (property costs decreased at the end of 2018).
Great! How long will it take to procure a passport?
You will be granted the Turkish citizenship very fast: just 60 days after the investment process is over. Note! Before you apply for the passport, you need to open an account at a Turkish bank and invest the funds.
Can I arrange the citizenship for my family as well?
Sure! You can include into the application your spouse and under-age children (children with disabilities can be included regardless of their age).
Suppose I decided to apply for the Turkish passport. What should I start with?
Here are the steps towards Turkish citizenship:
1. You need to address an investment immigration specialist. Hand-in-hand with the specialist you will choose the best-fitting investment option based on your needs, capacities and interests.
2. You collect all the necessary documents (experienced immigration lawyers will help you prepare and check them).
3. You invest according to the programme conditions.
4. You receive a residence permit and submit a passport application.
Just to clarify: do I need to have a residence permit before I apply for the Turkish passport?
Yes but don’t worry – you will receive the residence permit right after you make the investment. At that, you don’t have to reside in Turkey – there is no such application requirement. Once you are granted the residence permit, you can apply for the citizenship right away.
I see. What documents are required to submit an application? Is there a specific list?
Yes. You will need the following documents:
1. Valid passport. The document should be notarised and translated into Turkish
2. Birth certificate
3. Four passport photos (for every family member)
4. Marriage certificate (if you immigrate with your spouse)
5. Your children’s birth certificates (if you immigrate with children)
6. Copy of Turkish ID and address of your relatives in Turkey (if you have any)
7. Payment of fee receipt
8. Documents proving your investment
9. Turkish residence permit or a valid tourist visa
Will I have to pass any exams or interviews?
No. The Turkish Citizenship by Investment Programme requires no exams or interviews. Moreover, you can apply for passport remotely – you don’t need to be physically present.
Once I get the passport of Turkey, will I have to live there?
No, Turkey has no residential requirements. Neither before nor after procuring the citizenship.
What if my family and I decide to move to Turkey. Does this idea make any sense?
Sure. Turkey boasts a favourable climate, good ecology and high living standards. Turkish citizens enjoy free education and healthcare. The country reimburses higher education expenses and runs a good pension programme.
Moreover, you will always be able to extend your social circle and find new connections with the locals and beyond. Turkey hosts over 700,000 expats from all over the world.
I heard a Turkish passport can help you relocate to the UK. Is this true?
Yes. Turkish citizens can relocate to the UK with a business visa. Immigration experts note that many affluent citizens take this very path to attain their goal of relocating to London.
One more benefit of a Turkish passport is the right of Turkish citizens to obtain the US E-2 business visa followed by the EB-5 immigration visa. After procuring the latter, they can apply for the green card.
Perfect. Is it advisable to submit the paperwork through immigration experts?
Yes. An immigration consultant will not only help you file a proper visa application but also save you time, effort and money. Astons guides its customers all the way through and provides all-round support and comprehensive services to individuals seeking a second citizenship.
Astons stands out from the competition delivering a 100% success rate in visa and passport applications in the countries running Citizenship by Immigration programmes. This is due to the two-factor verification of all paperwork carried out by Astons. The Astons experts submit documents to the authorities only when they are completely sure that the visa or passport will be granted.
Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the UK, 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.