Investment Options of Turkey Citizenship by Investment

People who are interested in Turkey citizenship by investment should look for a way to obtain one in Turkey. This country gives a number of options with requirements. There is even a way to obtain a citizenship by investment with a cryptocurrency, so everyone is able to find the option that would feel great enough for a particular person. It is important to know requirements and possible options of this program.

General Program Requirements and Investment Options

According to general program requirements of investments in Turkey citizenship, every person will need from 3 to 6 months to complete this process. Investors should be acknowledged about a couple of requirements:

  • Search for a real estate to buy;
  • Start a business in Turkey to make further investments in this country;
  • Open a deposit!

All people who would like to obtain a citizenship will need to open a bank account to pay taxes. There are a couple of popular investment options at the moment – buying real estate, investing in fixed capital, Turkish bank account deposis, investments in government bonds, real estate investment fund share, setting up a company on a territory of this country or real estate investment fund share, venture capital investment fund share. It is worth dedicating a moment and learning more about all of these options to know exactly which one is the most efficient one.

Acquisition Process of Real Estate

It is possible to obtain Turkey citizenship by investment in real estate. A person should buy a commercial or residential property on the territory of this country that is worth at least 250000 USD and not sell this building for at least 3 years. Only after obtaining a passport, is it possible to get rid of buildings on a real estate market. At the moment, it is the most popular investment plan. It is important to know about additional payments, such as the 4% fee for a transfer of property rights.

It is up to the investor to decide which city to choose for a real estate acquisition process. Most people who are interested in obtaining a local passport are looking forward to buying a residential complex in the capital of this country. Once the commercial or residential facility is purchased, the investor needs to apply to the government to get citizenship.  It is worth mentioning – it is possible to buy a number of properties to qualify for Turkish citizenship. Some buildings may have lower prices than required investment amounts. In that case, a person can buy a couple of small apartments with a combined cost of more than 250000 USD.

Investment in Fixed Capital

Those who do not want to buy property in Turkey, can apply for citizenship by making an investment in fixed capital of at least 500000 USD equivalent to Turkish Lira. It can be done by purchasing a company with a corresponding share price. The investor is also able to deposit the right amount in the local company, which will also act like a fixed capital investment. To acquire citizenship of Turkey, investors should visit this country to submit their fingerprints and sign official documents. Any other procedure can be done remotely via the internet in accordance with local laws. At this moment, there are no nationalities restrictions, which means citizens of any country in the world are able to invest in the fixed capital of Turkey.

Deposit in Turkish Bank Account

Some people would like to invest in Turkey by making a 3-year fixed deposit of 500000 USD in one of the local banks. First thing to do in this case – open bank account in Turkey that would allow to make such a transaction possible. It will be one of the easiest ways of obtaining citizenship. But there is one tricky thing – it is not possible to terminate an agreement that was previously signed with a bank before the expiration date of this document, because the opportunity to get Turkish citizenship will be lost.

Investment in Government Bonds

It is possible to get Turkish citizenship by investment in government bonds. A fairly easy method, as a person just needs to buy state bonds and hold them for a period of 3 years in order to apply for citizenship. The amount of money to invest in this case is the same, like in the case of all other options – at least 500000 USD.

Real Estate Investment Fund Share or venture capital investment fund share

Investors can put their money into a venture fund or real estate investment fund in order to qualify for citizenship of this country. It is not that hard, as it may look at first, as conditions are pretty much the same, like in all other scenarios – a person cannot terminate investments during a period of 3 years to get a Turkish passport without any problems with the law.

Set up a company and create 50 full time jobs

Big money investors are able to set up a company to gather at least 50 employees and get a legal way of obtaining citizenship. It is important to have a gross minimum wage and hire a minimum number of employees for at least half a year to have legal rights to apply for a passport. After getting it, the company can be closed and technically, there are no regulations in terms of the unemployment process after receiving a citizenship. So, it is possible to release all employers from work, once the passport is received.

The question that bothers a lot of investors is the ability to buy an existing company with at least 50 employees. It is possible, but in fact, it is still needed to wait for at least 6 months after becoming an employer. Which is why it is hard to recommend such a way of obtaining a company, as in most cases it will be much easier and cheaper than buying an existing one.

LONDON BASED SOLUTIONS ADVISERS – Turkey Citizenship by Investment 

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

  • Property virtual tours, 3-D tours, and in-person tours are available.
  • Due diligence checks and additional property checks are completed by our experts.
  • Residency & Citizenship document preparation and submission.
  • Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow.

 

Guide “How to Open a Bank Account in Turkey”

Our Guide on “How to Open a Bank Account in Turkey” will make applicant’s life easier, but legal rules maybe a little complicated – a couple of unique features of the banking system of this country. It is necessary to have information on Turkey law and rules of a specific financial institution. This information is important for any person, who would like to get a citizenship by investment without problems with a local law. First thing that should be highlighted – the operation of the banking system.

Banking System in Turkey

All financial transactions are possible for overseas citizens, who are acknowledged about different types of Bank Accounts. They include:

  •     A current account;
  •     Credit card account;
  •     Gold savings account;
  •     Participatory account!

Depending on what kind of account was opened, the ability to deposit and withdraw money can be limited due to the banking system policy in Turkey. To open an account in this country, applicant need a residence permit. All financial institutions of this region work under this condition. It is necessary to get all documents that would help to obtain a residence permit and then work around the banking system in Turkey.

Most relatable local and international banks in Turkey

Before making any kind of investments in this country with either fiat money or cryptocurrency, it is important to know about the most popular and respected banks in Turkey. They include such financial institutions, like:

  •     Ziraat Bank;
  •     Akbank;
  •     Garanti;
  •     Vakifbank;
  •     Halkbank;
  •     Yapi Kredi;
  •     Isbank!

These 7 banks have been on the market for decades and even centuries in some cases. There are good enough reasons to trust these banks – good history of business lending, long history of existence, a large number of contributors, good stocks of foreign currencies.

How to open a bank account in Turkey

For any foreigner, who is interested in investments, it is important to understand the basics about opening a bank account in Turkey. First of all, such a person needs to gather all the necessary documents, including:

  •     The passport;
  •     Individual tax number code;
  •     A recent utility bill from the home country or Turkey!

Depending on a specific institution, there can be some additional requirements for foreigners. It is recommended to check them via the official website of a bank by choosing a specific city or region of the country.

List of banking services are provided in Turkey

Before getting Turkey citizenship, it is important to get more information on everything related to local banking services. They all depend on what type of account a person has opened. For a current account, it is possible to transfer money, checkbook transactions, make direct debit payments, pay taxes or bills, exchange currencies, buy gold or silver, make trade orders. It is, unfortunately, cannot be used for online shopping.

In the case of a credit card account, a person can use it for online payments without any limitations. A minimum of 1000 TL is required to open a credit account in any Turkish bank.

For Turkey citizenship by investment, a person should open a participatory account. It helps to work with making money through interest operations and real estate payments. With the help of a participatory account, it should not be a problem to buy property in Turkey. For gold savings, there is a separate account dedicated to such services. It is possible to use it in order to save money from deflation of a local currency. The gold can be bought at any moment with a minimum limit of 0.01 grams per transaction.

How to transfer funds & Fees

The question that bothers many people, who would like to invest in Turkey is how to transfer funds and what fees should be paid in the process. First of all, there are no limits in terms of the amount of money that can be brought into this country. But it is important to say there is a limit of money that can be taken out of the country – 5000 USD.

To transfer money from a hometown bank account to the one presented by Turkey bank, it is recommended to contact customer service of a specific financial institution to get more details on any possible fees during online money transferring. Some investors withdraw their money in their home country via ATMs, before they open bank account in Turkey to exchange them for lira personally without any third-party solutions. It is important to note that such a way can be a little expensive, as not all ATMs are offering free of charge withdrawal.

Recent updates on Immigration by Investment program for Fixed Capital Investment Option

To support Lira, a government decided to update Turkish citizenship by investment program. All foreign investors will need to hold their money in the local currency, instead of dollars or euros. Also, all money received as a part of property sales to foreigners will also be converted to Lira via local banks. In 2022, investors should own real estate with a minimum price of at least 250,000 USD in order to get citizenship.

LONDON BASED SOLUTIONS ADVISERS – Turkey Citizenship by Investment 

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

  • Property virtual tours, 3-D tours, and in-person tours are available.
  • Due diligence checks and additional property checks are completed by our experts.
  • Residency & Citizenship document preparation and submission.
  • Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow.

Citizenship by Investment can be acquired with Cryptocurrency

Money should be used by a person not only to buy goods, but also as a tool to improve living conditions. It is important to know everything about investments and how they can help in acquiring citizenship. This is a fairly popular topic in the modern world, especially for crypto enthusiasts, who can get the most out of such an offer.

What is citizenship by investment

Over the past decades, such a thing as citizenship by investment has changed a lot. Initially it was only available to very rich people, but nowadays, even regular internet users, who have cryptocurrency, are able to find a couple of valuable solutions to invest their digital coins. It is possible, thanks to a number of online services and a couple of interesting offers from a number of countries around the world.

Do all countries accept cryptocurrency

Users should be ready that not all countries around the world are positive about cryptocurrencies. In most cases, the government makes people go through a number of tests to prove that money earned through crypto are legal and were not used for money laundering or other scam schemes. It is important to know the law and be prepared for different requirements from a specific government.

Does Applicant have to give up current citizenship 

It all depends on a specific country the investor decides to move to. As an example, Vanuatu citizenship gives people a chance to have two citizenships simultaneously. Same goes for a couple of other countries as well, so it is recommended to look for this information on official government websites of a specific country. 

How to provide Legal Proof of Income with Cryptocurrency?

People who are using cryptocurrency to save the value of their money, should have no problems with providing a legal proof of income. A statement can be generated with a statement from the crypto account on an exchange website or in the crypto wallet. It should include an account holder name and number of digital coins in comparison to fiat money. It can be a PDF file or a screenshot with information on the account.

A person who will review a legal proof of income with cryptocurrency, can ask for a link to a website that shows the value of the cryptocurrency in USD. Cryptographic proof of ownership is also required in some cases. This process may be different, depending on a specific country’s laws and regulations.

Can Applicant Use Crypto to Pay Donations

Not all countries accept crypto for donations. In countries like El Salvador, there are no problems with cryptocurrency donations, as they are fully supported as a payment method on a government level. In other cases, digital assets holders will need to make donations using exchange services and signing contracts with officials. Most often, applicants will have to use third-party assistants to make such donations possible. 

Investors should understand that virtual assets transactions are not typical. They can take up to a couple of weeks for the operation to be complete. High-velocity transactions should involve fiat, at least for now. 

Which Countries Offer Citizenship by Crypto Investment

There are a number of countries that offer citizenship by crypto investment. They include:

  • El Salvador;
  • Dominica;
  • Grenada;
  • Saint Kitts and Nevis;
  • Antigua and Barbuda;
  • Vanuata;
  • Saint Lucia

These countries invite digital coins investors to acquire citizenship by investment in popular cryptocurrencies. Such operations are completely legal, which is confirmed by the Bill on Virtual Assets. Many Caribbean countries offer citizenship by investment programs.

Will Applicant pay tax on their cryptocurrency

Every investor should understand that most countries that allow the usage of digital assets as a legal tender, have a tax-free policy for all foreign people who would like to get a citizenship. But it is important to admit that by donating money for Vanuatu citizenship, the applicant will have to pay a fee. On the other hand, Antigua and Barbuda have a tax-free structure for all crypto owners, so it is possible to become a citizen of this country without paying additional fees. It is recommended to learn more information on each country separately, using their official government websites.

LONDON BASED SOLUTION ADVISERS – Citizenship by Investment 

Full Support with our Solution Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.

Montenegro Extends ‘Golden Passport’ Program

Government of Montenegro on 30th December 2021 extended its citizenship by investment program until December 2022. It was announced that the program now has stricter conditions for gaining economic citizenship. New applicants will pay €100,000 to the state budget of Montenegro and another €100,000 for regional development.

According to Gov Data, 108 foreign citizens have obtained Montenegrin citizenship by buying apartments in hotels or by donating money to underdeveloped areas in the country.

Detailed Investment Options offered the citizenship to investors who invested at least 250,000 euros in undeveloped regions in the north of the country or 450,000 euros in more developed regions in the centre and south with additional contribution of  €100,000 to be paid to the government of Montenegro.

LONDON BASED SOLUTION ADVISERS – Montenegro Citizenship

Full Support with our Solution Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.