10 Most Frequently Asked Questions on Turkish Citizenship by Investment (CBI) Part 2/2
10 Most Frequently Asked Questions on Turkish Citizenship by Investment (CBI) (Part 2/2)
6) Does the Property have to be Residential to Qualify for Turkish Citizenship?
No, it can be any property, whether residential, commercial, or agricultural. You may also invest in multiple properties as long as the total amount of investment meets the minimum required amount. On the other hand, you may co-invest in a single property with another investor and you may both apply for CBI as long as each investor’s individual share of the investment meets the minimum required amount.
7) What is the Process of Turkish CBI?
After the investment is completed, the process is as follows:
- The investor’s attorney applies for “Eligibility Certificate” in which the state recognizes that the said investment qualifies for the CBI program.
- The investor’s attorney applies for and obtains an “investor’s residence permit” on the investor’s behalf.
- During this period, the investor, with the help of their immigration attorney, procures the required documents mentioned in Question 5.
- The attorney applies for citizenship on behalf of the investor and their family members, if any.
- When the processing period is over, the state notifies the investor of the successful completion of their citizenship application.
- Upon being delivered the notification of being granted citizenship, the investor applies for Turkish ID card and Turkish passport in this order.
8) How Long Does the Citizenship Application Take?
While the citizenship application may take up to 6 months, depending on the season, once all the documents are procured by the investor, it usually takes around 3-4 months to process the application.
9) Can I Use a Bank Loan to Buy the Property?
When you are applying for Turkish citizenship, you may not use a bank loan from Turkish banks to cover any part of the minimum required investment of 400,000 USD. However, you may use a bank loan for an amount that exceeds 400,000 USD.
10) How Can I Confirm that a Property is Eligible for a Turkish CBI Application?
In order for a property to be eligible for Turkish citizenship by investment, all 3 of the following figures must be equal to or greater than 400,000 USD:
- a) Amount of sale price paid by the buyer to the seller by bank
- b) The property’s value assessed by the certified surveyor
- c) The sale amount that is declared by the seller to the title deed office
Furthermore, the seller of the property must be a Turkish citizen without any close family relations or company partnership/directorship with the buyer/applicant.
However, this checklist is not exhaustive and therefore it is highly recommended that you consult with a real estate attorney before you commit to a real estate investment for the purpose of Turkish citizenship. Applying for Turkish citizenship can be a complicated process and it should be dealt with by lawyers who are specialized in this specific area.
Antalya Lawyer Baris Erkan Celebi and his Antalya Law Firm specialize in foreign investments and citizenship applications and provide a wide range of services that include doing background checks on the property to make sure that the property is eligible for citizenship application and that there is no debt/mortgage/reservation on the property, drafting and reviewing any agreements signed between the investors and the seller/realtor, securing the payment, securely registering the property on the investor’s name, registering a pledge not to sell the property for 3 years, applying for Turkish citizenship and finally obtaining Turkish passport.