.The Turkey citizenship by investment scheme (TCBI) emerges as the new haven for investors looking to acquire citizenship in a short time.
The TCBI scheme since launched in 2017, has become the biggest and largest citizenship programs in Eurasia. The Citizenship by Investment (CBI) regulations were published in official gazette on Sep 18, 2018 to grant exceptional citizenship to foreigners for investments.
The Turkish citizenship scheme has raised $2.7 billion dollars so far mostly in property investments since its launch of the scheme in 2017. A total of 5,1111 foreign investors become Turkish citizens through investment and many are waiting.
The Turkish Government cut the investment by 50% in 2018 requiring only $250,000 in property to qualify for citizenship, this created immense popularity for the scheme. In 2019, Invest Turkey further simplified the scheme allowing applicants to file applications for residence card and citizenship together. A special special citizenship unit was also setup.
Interior Minister Süleyman Soylu told Anadolu Agency (AA) on Friday that the citizenship applications from foreign investors continue to increase as some 5,111 investors were so far granted citizenship while up to 9,000 applications are still processing.
Soylu added that there are also some 1,382 investors that completed the process but haven’t received citizenship documents yet.
Foreign investors can buy properties anywhere in Turkey except military areas. A natural person of foreign origin may acquire real estate and limited rights anywhere in Turkey of up to 30 hectares.
Turkey, with its $2.3 trillion economy, remains the 19th-largest economy in the world, makes the country attractive for any investment. Besides real estate there are other options available for citizenship. But real estate remains the cheapest investment option for acquiring citizenship.
- Real Estate: Buy real estate atleast $250,000 not sold for 3 years
- Bank Deposit: Deposit atleast $500,000 in Turkish banks
- Government bonds or securities: Buy $500,000 Turkish government bonds locked for 3 years
- Venture capital funds: Buy $500,000 worth of VC fund share
- Job creation: Employ atleast 50 people
Turkey despite having a weak passport, a large number of Arab investors have invested in Turkey for citizenship. Turkey passport holders can travel to Japan, South Korea, South Africa, Singapore, Hong Kong visa free. A visa is required to enter Schengen area, United Kingdom, Russia.
One other benefit Turkish citizens have is, they can apply for E-1 (trader)/E-2 (investor) visa to United States.
| Turkey – United States | E-1 | February 15, 1933 |
|---|---|---|
| Turkey- United States | E-2 | May 18, 1990 |
The Turkstat institute reports a large number of foreigners from Iraq, Russia, Afghanistan, Iran are buying homes mostly in Istanbul, Ankara, Bursa and Yalova.
Source: Daily Sabah
