WHY TURKISH CITIZENSHIP?

Turkey has a long history, cultural heritage and vibrant social life which makes it attractive for every type of people. An increasing number of people from various parts of the world are moving to Turkey to start a new life, to work, or even to find peace of mind for their retirements. The country has developed dramatically in the last fourteen years, and the pace of progressin certain fields is nothing short of astonishing. With its unique geographical location combined with a rich and diverse history, right in the cradle of many different civilizations, Turkey is a privileged place to live for foreigners and their families. Istanbul is the only City that lies on two continents (Asia and Europe) and is a hub from where you can reach anywhere. Istanbul is also one of the fastest growing metropole in the world, with still reasonable prices when compared with other big cities around the globe. Also, Turkey is one of the most stable countries in the region, offering a peaceful environment and welcoming people of all origins.

Many of Turkey’s new residents hail from countries like the UK, Germany, Ireland, Denmark, the Netherlands, Norway, Austria, Belgium, France, USA, as well as several of the Gulf countries. Thanks to the amendments in Turkey’s property law that lifted the reciprocity principle, foreign homebuyers and investors are now free to purchase any property in Turkey.

A Turkish passport allows visa free travel (or visa on arrival) to 148 countries worldwide. Turkey also holds out the possibility of eventual visa free accessto the EU. Currently talks are ongoing although Turkey has some way to go in order to meet EU conditions.

From flats in urban centres to villas in suburbs, there are a multitude of options to choose from when looking for housing in Turkey. Major metropolitan areas have the most modern and complete environment for an extravagant life in the city, where luxurious residence complexes offer all the daily amenities such as private security, kindergartens, sports complexes, social facilities, parking lots, and shopping malls for their residents.

ACQUISITION OF TURKISH CITIZENSHIP

Pursuant to the Regulation on the Implementation of Turkish Citizenship Law published in the Official Gazette dated 6 April 2010 and numbered 27544, in the event of exceptional circumstances, foreigners who fulfill certain criteria will be able to obtain Turkish citizenship in accordance with Article 12 of Law on Turkish Citizenship No 5901.

Accordingly, one of the below-mentioned conditions shall be initially met in order to obtain Turkish citizenship as per the Regulation.

• Fixed capital investment in the amount of at least USD 500.000 or foreign currency equivalent or the exchange rate for Turkish Lira, which shall be confirmed by The Ministry of Industry and Technology;
• Purchasing an immovable property in the amount of at least USD 250.000 or foreign currency equivalent or the exchange rate for Turkish Lira by annotating sales ban for three years to the relevant land registry, which shall be confirmed by the Ministry of Environment and Urbanization;
• Providing employment for at least 50 people, which shall be confirmed by the Ministry of Family, Labour and Social Security;
• Investment of at least USD 500.000 or foreign currency equivalent or the exchange rate for Turkish Lira in a bank operating in Turkey with on condition that the investment will not be withdrawn for three years, which shall be confirmed by the Banking Regulation and Supervision Agency or;
• Purchasing public debt instrument for at least USD 500.000 or foreign currency equivalent or the exchange rate for Turkish Lira provided that such instrument will be hold for three years, which shall be confirmed by the Ministry of Treasury and Finance.

As City Scope Real Estate Investment Company; our partner law office will be pleased to assist you in the whole process of Turkish citizenship application.