Turkey Clarifies Rules for Participation in Citizenship by Investment Program in 2022
In early January 2022, the Turkish government changed the conditions under which investors obtain citizenship by investment. The changes are designed to smooth out the consequences of the fall in the exchange rate of the Turkish lira against the US dollar.
Investment programs expert
To obtain Turkish citizenship, the applicant fulfills the conditions of the state investment program under one of six options. Most often, foreigners prefer to invest in real estate: the minimum purchase price under the program is $250,000.
$250,000
The minimum investment in real estate
The lira exchange rate against the US dollar has almost halved in 2021. The fall affected the cadastral value of real estate, which was calculated in lira at the exchange rate on the day of valuation. For the object, which at the beginning of the year cost $250,000, in December the investor would have to pay almost $500,000.
From January 2022, all payments under the program will be made only in US dollars or the equivalent in a foreign currency, but not in Turkish lira. Thus, fluctuations in the exchange rate of the lira will not affect the value of objects for investors.
Examples of properties to buy in Turkey
Turkey, Istanbul
68 m² — 344 m²
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Besides of buying real estate, Turkish citizenship can be obtained by investment in the country’s economy:
Making a deposit in the bank in an amount of $500,000 or more.
Buying securities in the amount of $500,000.
Buying government bonds in the amount of $500,000.
Buying shares of investment funds in the amount of $500,000.
Opening of a business with a capital of $500,000 or creating 50 jobs.
Benefits of Turkish citizenship
Investors become Turkish citizens in order to live with their families in a comfortable climate, travel without visas and obtain an investor visa to the United States.
Visa-free traveling. Turkish citizens travel without visas to 110 countries, including Japan and Singapore. But the Schengen countries are not on the visa-free list for Turkish citizens.
Convenient conditions for obtaining citizenship. Investors do not need to give up their first citizenship, take an exam on knowledge of the history of the country and the Turkish language. The investor also has no obligation to reside in the country. The citizenship process takes three to six months.
Adding family members. Together with the investor, citizenship is obtained by a spouse and children under 18 years old. Also, parents of spouses and adult children can obtain citizenship if they are financially dependent on the investor.
Obtaining an E‑2 investor visa to the USA and moving to the States with the whole family. The E‑2 visa is not an immigration visa: an investor can live in the United States, but will not be able to obtain a Green Card and apply for citizenship. The visa is given for five years with the possibility of extension for another two years.
Comparison of benefits of Caribbean and Turkish passports
There are five citizenship by investment programs in the Caribbean: in Saint Kitts and Nevis, Dominica, Antigua and Barbuda, Grenada and Saint Lucia.
Investor’s costs for buying real estate are lower than in Turkey. To obtain a second passport in the Caribbean, an investor only needs to buy a property worth $200,000, instead of $250,000 in Turkey.
Examples of properties to buy in the Caribbean
Freedom of travel. A Caribbean passport allows its holder to visit more than 150 countries without visas, including the countries of the Schengen Agreement. Investors can spend up to 90 days out of 180 there.
Passports of Grenada and Dominica open visa-free entry to China for investors and allow them to spend up to 30 days in the country.
A long-term tourist visa and a US investor visa. Citizenship of all Caribbean countries allows to get a B‑1/B‑2 visa for 10 years with a stay up to 180 days a year, free travel across the USA and possibility to get medical treatment.
Grenadian citizenship enables investors to obtain an E‑2 visa in order to open or buy a business. The minimum investment in a business isn’t established, but as a rule, $200,000 is enough.
Citizenship for the whole family. Caribbean investment programs allow adding more family members to the application than the Turkish program. Together with the main applicant, citizenship can be obtained by a spouse, parents and grandparents, brothers and sisters, minors and adult children.
Individual cost calculation of the Caribbean passport
Immigrant Invest is a licensed agent for Caribbean citizenship by investment programs. If you want to get a second passport, seek advice from investment programs experts.
