Monetary Investment Routes to Obtain Turkish Citizenship

Monetary Investment Routes to Obtain Turkish Citizenship

1. Introduction

Beyond property purchase, Turkey offers several other investment routes for foreign nationals seeking Turkish citizenship. These options include fixed capital investment, creating employment opportunities, bank deposits, government bonds, and investments in real estate or venture capital funds. This article provides a comprehensive overview of these investment-based routes for acquiring Turkish citizenship, detailing the requirements, procedures, and considerations for each.

2. Related Regulations

The foundation for citizenship by investment in Turkey is established under:

• Law No. 5901 on Turkish Citizenship

• Regulation on the Implementation of the Turkish Citizenship Law (Turkish Citizenship Regulation)

• Presidential Decree No. 106 (September 19, 2018)

• Presidential Decree No. 418 (December 7, 2018)

These regulations lay out various investment options and revised minimum investment amounts that foreign nationals can make to acquire Turkish citizenship.

3. Investment Options for Turkish Citizenship

3.1. Fixed Capital Investment

Criteria:

• Invest a minimum of 500,000 USD (or equivalent in another currency or Turkish Lira) in fixed capital.

• Obtain confirmation of the investment from the Ministry of Industry and Technology.

Procedure:

• Provide evidence of the investment, such as financial statements or valuation reports audited by Certified Public Accountants.

• An investment certificate must be obtained from the relevant authority confirming that the fixed capital investment meets the required threshold.

• After receiving the Certificate of Eligibility from the Ministry, apply for a short-term residence permit under Article 31/1 (j) of the Law on Foreigners and International Protection.

• Finally, apply for Turkish citizenship, providing all required documentation.

3.2. Creating Employment Opportunities

Criteria:

• Create employment opportunities for at least 50 Turkish nationals (reduced from 100).

• Obtain confirmation from the Ministry of Family, Labor and Social Services that the requirement is satisfied.

Procedure:

• Submit evidence such as social security and employment records showing that at least 50 Turkish citizens are employed and will continue to be employed for a minimum of three (3) years.

• After obtaining a Certificate of Eligibility from the Ministry, apply for the short-term residence permit and then for Turkish citizenship.

3.3. Bank Deposits

Criteria:

• Deposit a minimum of 500,000 USD (or equivalent in another currency or Turkish Lira) in a bank operating in Turkey.

• The deposited amount must be maintained for at least three (3) years.

• Confirmation must be obtained from the Banking Regulation and Supervision Agency (BRSA).

Procedure:

• Open an account in a Turkish bank and deposit the required amount.

• Obtain a letter from the bank confirming the deposit and the three-year hold condition.

• Apply for a short-term residence permit, followed by the citizenship application with the Certificate of Eligibility obtained from the BRSA.

3.4. Government Bonds or Treasury Bills

Criteria:

• Purchase government bonds or treasury bills worth at least 500,000 USD (or equivalent in another currency or Turkish Lira).

• The government bonds must be held for at least three (3) years.

• Obtain confirmation from the Ministry of Treasury and Finance.

Procedure:

• Invest in government bonds or treasury bills through a Turkish bank or brokerage firm.

• Obtain an investment certificate from the Ministry confirming the investment and holding period.

• With the Certificate of Eligibility and a short-term residence permit, the investor can apply for Turkish citizenship.

3.5. Real Estate Investment Fund (REIF) or Venture Capital Investment Fund (VCIF)

Criteria:

• Invest at least 500,000 USD (or equivalent in another currency or Turkish Lira) in a real estate investment fund or venture capital investment fund.

• The investment must be held for at least three (3) years.

• Obtain confirmation from the Capital Markets Board of Turkey (SPK).

Procedure:

• Make the required investment in a REIF or VCIF with the help of a licensed brokerage firm.

• Obtain a letter from the relevant institution confirming the investment and the holding period.

• After obtaining a Certificate of Eligibility from the SPK, apply for a short-term residence permit and then proceed with the citizenship application.

4. General Steps for Citizenship by Investment

The overall process for each investment option is as follows:

1. Making the Investment: Choose an investment route, ensure it meets the specified minimum amount, and complete any necessary legal and administrative steps.

2. Obtaining a Certificate of Eligibility: Once the investment is confirmed, apply to the relevant authority (Ministry or regulatory body) to obtain the Certificate of Eligibility.

3. Applying for a Short-Term Residence Permit: With the Certificate of Eligibility, the investor must then apply for a short-term residence permit under Article 31/1(j) of the Law on Foreigners and International Protection No. 6458.

4. Applying for Turkish Citizenship: After obtaining the short-term residence permit, the investor can apply for Turkish citizenship to the General Directorate of Civil Registration and Citizenship Affairs.

5. Required Documents for Citizenship Application

While documents may vary depending on the investment type, the general documents required include:

• Certificate of Eligibility from the relevant ministry or authority

• Valid passport and notarized Turkish translation

• Four (4) biometric passport photos

• Proof of residence permit application or existing permit

• Investment-related documents (such as bank receipts, share certificates, property title deeds, or employment documentation)

• Marital status document and birth certificates (if applicable)

• Power of Attorney (if the application is submitted by a lawyer on behalf of the investor)

6. Processing Time

The timeline for each step may vary:

• Short-Term Residence Permit: Typically processed within 1-2 weeks.

• Certificate of Eligibility: Usually issued within 1-2 months, depending on the complexity of the investment.

• Citizenship Application: Generally processed within 3-6 months.

7. Benefits of Obtaining Turkish Citizenship by Investment

• Visa-Free Travel: Turkish citizens enjoy visa-free or visa-on-arrival access to over 110 countries globally.

• Dual Citizenship: Turkey recognizes dual citizenship, so investors can retain their original citizenship.

• Educational and Healthcare Benefits: Citizens have access to free healthcare and education in Turkey.

• Simplified Process for Family Members: Spouses and children under 18 also qualify for citizenship once the primary investor's application is approved.

• Strategic Geographic Location and Vibrant Economy: Turkey's strategic location and growing economy offer abundant opportunities for trade, investment, and business growth.

8. Conclusion

Foreign nationals have multiple options to obtain Turkish citizenship by investment, each requiring a distinct set of legal criteria and investment levels. Whether through fixed capital investment, creating employment, depositing funds in Turkish banks, purchasing government bonds, or investing in funds, these routes provide avenues for investors to gain Turkish citizenship within a relatively short timeframe.

To ensure a smooth and legally compliant process, it is crucial to work with experienced legal professionals who can provide comprehensive guidance. For more detailed advice or assistance on each step of this process, contact our team of qualified legal professionals at Yılmaz Attorneys.