Turkey’s Citizenship by Investment Program is one of the world’s oldest second passport programs, having been in place since 1951. It offers foreigners an opportunity to become a Turkish citizen through investing in Turkey and its economy. The program provides foreign investors with a citizenship, allowing them to enjoy the benefits of visa-free travel across Europe as well as numerous other privileges that come with being a Turkish citizen. Since its inception, it has become increasingly popular among both individuals and companies looking for ways to diversify their investments and secure their futures.
How Much Money Should I Spend
The cost of the Turkey Citizenship by Investment Program is based on the amount invested. Generally, individuals must make a minimum investment of $250,000 in government bonds or other approved investments in order to be eligible for the program. In addition to the minimum investment requirement, applicants are also required to pay a non-refundable application fee, as well as fees for governmental services.
The application process itself is straightforward and involves submitting a complete form to the Turkish government along with supporting documents such as proof of identity, marital status, education, and other relevant information. Once submitted, applications are reviewed by the government and approved candidates are issued their citizenship within 6 to 8 months.
The CBI holder will retain the same rights and privileges as a Turkish citizen, including visa-free travel in Europe, access to free healthcare and education, citizenship for their children and spouses, and more.
According to internationalwealth.info, for investors interested in second residency or second citizenship, Turkey’s Citizenship by Investment Program is definitely worth considering. With its competitive investment requirements, fast processing times and attractive benefits, it’s no wonder why so many foreign investors are taking advantage of this CBI program. This investment can be made in any of the following categories:
1. Real Estate
An applicant can invest in real estate worth at least $250,000 in order to obtain second citizenship. The real estate must have been purchased from a licensed Turkish company and must meet all legal requirements for foreign ownership. The investor can also opt for a long-term rental agreement instead of purchasing property outright.
2. Government Bonds
Another option is to make an investment of at least $250,000 into government bonds available through the Turkey Development Bank (TDB). These bonds are usually sold with five-year maturity terms and offer fixed interest rates that are generally higher than international rates.
3. Stocks & Securities
A third option is to invest in stocks or securities on the Istanbul Stock Exchange (ISE). Investors can purchase both domestic and international stocks/securities while enjoying tax breaks on their profits if they are held over 12 months.
4. Businesses & Industries
Lastly, applicants can also invest in Turkish businesses or industries as part of their second citizenship plans. To do this, they must form a corporation registered in Turkey which is then required to employ at least 50 Turkish citizens within three years of its formation.
Regardless of the route chosen by prospective second passport holders, all investments must be approved by the Ministry of Industry and Technology before being finalized for Turkish citizenship purposes. Additionally, applicants are subject to background checks as well as due diligence process that will examine their financial history and personal circumstances before granting them second residency or second citizenship status in Turkey.
What Will you get in Return
The advantages of applying for second citizenship through Turkey’s Citizenship by Investment Program are numerous. Firstly, the investment requirement is relatively low compared to other programs in Europe, with a minimum investment of $250,000 being enough to qualify. This makes obtaining second residency or citizenship much more accessible and cost-effective than most other Citizenship by Investment programs in Europe.
The application process is relatively simple and straightforward and requires little paperwork. Applicants need only submit a completed form along with supporting documents and the application fee. The processing time for applications is also fast and citizenships can be obtained within 6 to 8 months from when the application was submitted.
Its holders will have access to all the same rights and privileges as Turkish citizens including visa-free travel in Europe, free healthcare and education for their children and spouses, as well as eligibility for a variety of social security benefits such as pension plans, unemployment insurance, family allowances, disability benefits, etc. Additionally they will also enjoy tax breaks on their income if they choose to stay in Turkey or invest in stocks or securities on the Istanbul Stock Exchange (ISE).
Second passport holders can also take advantage of other economic opportunities such as establishing a business or investing in any of Turkey’s industries which are highly competitive globally thanks to its advantageous geographical position between East and West.
Lastly this program will gain access to one of the world’s most vibrant cultures where they can experience an array of cultural activities such as festivals celebrating traditional music and dance, art galleries showcasing modern artwork from around the world, ancient ruins from past civilizations, beautiful mosques filled with intricate designs reflecting centuries of history and religious beliefs. Furthermore, second passport holders can even benefit from learning Turkish which is a very useful language for international business dealings given its increasing popularity across Europe and beyond.
Offshore agencies specializing in second passport services can help foreign investors navigate the process of obtaining second residency or second citizenship status in Turkey quickly and hassle-free. Such companies offer personalized services that are tailored to meet the individual needs of their clients, such as assisting them with the completion of paperwork and guiding them through the due diligence process.
Obtain consultation services on selecting a suitable second passport option based on your individual circumstances. Connect with our global network of associates who will provide you with all the necessary insights into investing in Turkey’s markets and industries.
Conclusion
All these factors combined make Turkey’s Citizenship by Investment Program an attractive option for investors looking for second citizenship or residency status abroad. With its low investment requirements, fast processing times and numerous associated benefits both financially and culturally it’s no wonder why so many foreigners are taking advantage of this program.
