Rules For Obtaining Residence Permit And Citizenship
Foreign citizens can obtain a residence permit by purchasing real estate for any amount. However, it is worth paying attention to the new rules introduced by the Turkish government. If the appraised value of the property is less than $75.000, then the owner will receive a “tourist residence permit”, in the presence of which one cannot apply for citizenship. If the state expert evaluates real estate more than $75.000, then after five years the owner can apply for Turkish citizenship. In addition to the owner of the property, family members can apply for a residence permit. A prerequisite is that each such family member must be inscribed in TAPU.
A person can also get Turkish citizenship by investing. The main ways of investing are: the purchase of real estate and cash investment in the economy. It also provides for the possibility of obtaining citizenship through the opening of a business.
Buying A Property
To obtain citizenship, you must purchase any real estate in the country worth at least 400 thousand dollars. It is important to remember that, as in the case of a residence permit, this amount is not a market value, the property must be assessed by the state commission for this amount.
Most often, the price is below market value. When buying real estate in the amount of 400 thousand dollars or more, documents for obtaining Turkish citizenship can be submitted immediately after the completion of the purchase and sale transaction. Members of the family of the property owner (husband / wife, minor children) can also apply for citizenship. Recall that before this year, the amount required to obtain citizenship was 250 thousand dollars. Despite the increase in the threshold price, obtaining Turkish citizenship by investment is still one of the most affordable in the world. Real estate acquired for such purposes cannot be sold within 3 years.
A person can obtain Turkish citizenship under a simplified scheme by depositing at least 500 thousand dollars into an account in any Turkish bank. From 2022, such a deposit must be opened in the national currency, unlike in previous years, when it was possible to open a deposit in any currency and even precious metals. Money cannot be withdrawn for 3 years. Investment in the Turkish economy and the purchase of government bonds remained unchanged. For both methods, the threshold amount is $500,000.
Starting A Business
The main condition for creating a business is at least 50 employees, citizens of Turkey.