The Turkey Citizenship by Investment Program

(MENAFN- The Arabian Post) Turkey is a land poised between West Asia and Europe. It is part Asia and part Europe, and visitors to the country love it for its unique, strategic location. It charms the rest of the world with its rich culture and architecture that reflect its many cultural influences.

It is indeed one of the world’s most exciting destinations. And if Turkey’s romance and mystique captivate you, Turkish citizenship can be yours through the Turkey Citizenship by Investment program.

What's more, you do not have to give up your current citizenship to acquire Turkey citizenship, either, because Turkey allows dual citizenship .

But first, why would you want dual citizenship? The most obvious benefit is having unprecedented access to the two countries of your citizenship .

As a citizen of both countries, you can get two passports , one from each country. Thus, you can move freely between the two countries . If there is a crisis in one country, you can readily move to the other without any need for drawn-out processes and complicated paperwork.

Dual citizenship also typically means you can own property in both countries . You can establish a business, work, or study in both territories (or either) .

Among your many options for dual citizenship, why choose Turkey? Well, aside from the fact that Turkey is a lovely and culturally rich, transcontinental country, it offers the following minimum benefits to citizens:

Turkey’s public primary and secondary schools are free of charge to citizens. Tertiary education is also more affordable in Turkey than in other parts of Europe.

You may or may not choose to take advantage of your free education in Turkey, of course.

Citizens of Turkey enjoy free health care from the state . You may still supplement your free health care with private insurance coverage.

Having a Turkish passport means you can gain visa-free access to more than 110 countries .

If you gain exceptional citizenship through investment in Turkey, you also enjoy certain benefits:

Some people are wary of applying for dual citizenship because of the risk of double taxation. However, if you gain dual citizenship in Turkey via a qualified investment, double taxation should not be an issue .

Turkey will tax you on income earned abroad (i.e., worldwide income) when you transfer it to Turkey. Otherwise, there should be no tax on your worldwide income . And if Turkey has a tax agreement in place with your current country of citizenship, you should not have any double taxation problems.

Note: It will be in your best interest to consult an international taxation expert for advice on double taxation avoidance .

Your application for citizenship can include your spouse and children (including adopted children) below 18 years old.

Turkey abides by the rule of jus sanguinis . In other words, a child’s citizenship is determined at birth by the nationality of one or both parents. Therefore, children born to you after you become a citizen of Turkey shall automatically acquire Turkish citizenship by descent regardless of where they were born.

You don’t need to be staying and living in Turkey to apply for Turkey citizenship by investment.

No Turkish? No problem. You do not need to speak the Turkish language to become a citizen under the citizenship by investment programme.

The citizenship application process under the Turkey citizenship by investment program is a straightforward one. You only need to satisfy specific investment criteria to qualify, and you can become a citizen in a matter of three to six months.

Note, however, that you would find the process more manageable if you obtain the services of an expert in Turkey citizenship by investment . From the start, for instance, you must declare citizenship acquisition as the purpose of your investment.

If you do any one of the following , you will be eligible to apply for Turkish citizenship by investment, subject to approval by Turkey’s president:

• Buy property worth at least USD 250,000, with a three-year resale restriction
• Make a fixed-capital investment of at least USD 500,000
• Be instrumental in creating jobs for at least 50 people
• Deposit at least USD 500,000 to a bank in Turkey, with a three-year withdrawal restriction
• Buy at least USD 500,000 worth of government bonds, with a three-year resale restriction
• Buy at least USD 500,000 worth of shares in a real estate or venture capital investment fund, with a three-year resale restriction

First of all, comply with every one of the specific requirements and conditions surrounding a property purchase or investment for the purpose of citizenship eligibility . Otherwise, you may not be able to proceed with your application.

After complying with eligibility requirements, you may proceed with the application for citizenship by following these steps:

The ministry in charge of issuing this certificate of eligibility varies depending on the eligibility condition met. For instance, if you are using the USD 250,000 property purchase route, you will obtain your certificate of eligibility from the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.

Next, apply for a residence permit at the Provincial Directorate of Immigration Administration .

For the last step, apply for citizenship at the Provincial Directorate of Census and Citizenship .

Turkey is an exciting place to visit. Its distinct location and many influences (reflected in its unique and highly eclectic mix of architecture) and its gorgeous scenery make it one of the most sought-after travel destinations worldwide.

But if you never want to leave Turkey or if you want the liberty to come and go as you please, you may apply for dual citizenship under Turkey’s citizenship by investments program.

MENAFN27082021000152002308ID1102690215

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.