Updated: Aug 26
THE PROCEDURES AND PRINCIPLES ARE DETERMINED BY THE CAPITAL MARKET BOARD OF TURKEY AS FOLLOWS
Minimum investment requirement of 500,000 USD or equivalent foreign currency or equivalent Turkish Lira for the Real Estate Mutual Fund participation preferred shares, US Dollar sales of shares has been declared effective by the Central Bank of the Republic of Turkey on the date of transfer is calculated using the rate and cross-currency account investors.
In order for the investor to be entitled to citizenship within the framework of the Regulation, the minimum participation amount must be uninterrupted for three (3) years from the date on which the investment condition is met, and participation preferred shares should not be reduced by the investor’s will through transactions such as sales and transfer.
The decrease in the value of participation shares below 500,000 USD as a result of the change in the exchange rate does not affect the application for the acquisition of Turkish citizenship.
In case there is a decrease in the value of the real estate investment fund or the number of participation certificates other than the investors’ own will, the minimum investment requirement is not lost.
Ex: In accordance with the provisions of the Fund’s internal regulations and issuance document, transactions such as cash dividends and / or refunds of participation shares or liquidation.
If it is determined that the investor provides the minimum scope and amount sought in the Regulation, the situation is notified within three (3) working days.
Regulation Article 20 second paragraph (e) will be considered in exceptional citizenship application to be made under paragraph three (3) real estate investment fund in years attend the same rights on the shares, attachment, injunction / sequestration or shares of the nature to limit the right of ownership in case there is any encumbrances; sought in the Regulation “3 years of purchase with retention requirement” is considered to be not met the requirement.
DOCUMENTS REQUIRED FOR OBTAINING A CERTIFICATE OF CONFORMITY
A valid passport and passport notarized Turkish translation
Photocopy of the current and valid short-term residence permit of the foreigner
Written application with relevant investment information
“Certificate of Conformity” is issued by the CMB within two (2) business days.
A commission is formed by the relevant ministries, the citizenship application of foreigners is evaluated and submitted for the approval of the President. The final decision is made by the Presidential Decree.
The certificate of conformity is received, the short-term residence permit application for a residence permit card receipt and submission of necessary information and documents for citizenship; investorswith special power of attorney can be concluded remotely without the need to enter the country to foreigners.
Although if it is simplifies the process of acquiring citizenship through investment in Turkey, making the application process to be complete and correct, and complete a follow-up is extremely important. Any mistake to be made in the application process or deficiency in the documents may cause the application to be rejected or the application process to be extended.
Av. Ferhan Yıldızlı
Av. Gizem Uzunoğlu