DUBAI, UAE, Nov. 5, 2021 /PRNewswire/ — The Turkish citizenship by investment program has proven extremely popular with foreign high net worth individuals looking to obtain a second citizenship through investment.
The program has naturalized more than 9000 people to date and continues to garner remarkable demand from all around the globe. The simplicity of the program, along with the quick processing times and affordable investment amount, has made it an attractive venture for many of the world’s elite, especially those in close proximity within the Middle East – where the majority of applicants come from.
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The program has various investment options, but the cheapest – and by far the most popular – is a 250,000 USD investment in immovable property within Turkish borders. The premise is simple; buy one or more properties amounting to 250,000 USD, submit an application, and obtain citizenship within six months.
But, within that simplicity lies a series of red flags you need to look out for; simple mistakes that could end up losing you time and money, even going so far as getting your citizenship application rejected. In this piece, we will highlight the three main concerns you need to keep an eye out for before investing in the Turkish citizenship by investment program.
Transferring the Investment Amount
One major issue to take note of is how you buy the property that qualifies you to apply for citizenship. We will talk about choosing the property later in this article, but for now, we want to highlight a trivial mistake that could have dire consequences – transferring the investment amount.
When buying a property to qualify for Turkish citizenship it is imperative that the investment amount be transferred directly to the developer selling you the property. The government will require proof that the money was sent from your account directly to the seller’s bank account.
If you use a third party, say a broker, and send them the investment amount, and then they pay the developer on your behalf, your entire application will be in jeopardy. Having proof of investment between you and the seller is one of the few requirements of the program, and failing to do so can result in a rejection of your citizenship by investment application.
Look Out for Small Margins
In a recent development in 2021, the Turkish government will allocate you a property evaluation expert randomly from a select pool. This is a very important development that …….