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FREQUENTLY ASKED QUESTIONS ABOUT TURKISH CITIZENSHIP ACQUISITION BY INVESTMENT – PART 2

We have rebranded our Turkish Citizenship by Investment Services. We are looking forward to meeting you in our new website and YouTube channel.

1. ARE THERE ANY RESTRICTIONS FOR CERTAIN NATIONALITIES IN THE MANNER OF TURKISH CITIZENSHIP ACQUISITION VIA INVESTMENT, OR FOR APPLICANTS WHO HAVE MULTIPLE (MORE THAN 2) CITIZENSHIPS?

Neither holding certain nationalities, nor holding multiple citizenship is linked to a restriction with regard to acquisition of Turkish citizenship. For forther information please click here.

2. IS IT POSSIBLE TO APPLY FOR TURKISH CITIZENSHIP BY INVESTMENT IN REAL ESTATE DEVELOPMENT PROJECTS?

As of 07/12/2018, with the latest amendments it is possible for the applicant to commence application procedure by investing in real estate development projects.

For forther information please click here.

3. IS IT POSSIBLE TO APPLY FOR CITIZENSHIP ACQUISITION WITH AN INVESTMENT UNDER THE NAME OF A COMPANY?

It is strictly regulated by the law that the investor must be the applicant, in person. For forther information please click here.

4. HOW DOES THE ACQUISITION PROCESS FINALIZE? IS THERE AN ANNOUNCEMENT IN THE OFFICIAL GAZETTE OR A NOTIFICATION TO THE ORIGIN COUNTRY OF THE APPLICANT ABOUT THE ACQUISITION?

Acquiring of Turkish citizenship is finalized by the official decision of President of Turkey. Such decision is not announced in the official gazette. For forther information please click here.

5. IS IT POSSIBLE TO SEND THE COST OF THE PROPERTY FROM A DIFFERENT ACCOUNT WHILE THE PROPERTY IS TITLED IN THE APPLICANT’S NAME?

There are no regulated restrictions about the source of funding. But considering the forthcoming comprehensive examination; for the sake of such exceptional application, sender should be the applicant, in person. Also please keep in mind that sending money to Turkey and opening a bank account in Turkey are easy and fast procedures. For forther information please click here.

6. ARE THERE ANY RESTRICTIONS ON FUNDS ENTERING TURKEY?

There aren’t any general restrictions on funds entering Turkey, however all the money transfers shall be examined by the Financial Crime Investigation Board. For forther information please click here.

7. DO FUNDS NEED TO BE DEPOSITED FIRST INTO A TURKISH ACCOUNT IN THE APPLICANT’S NAME AND THEN TRANSFERRED TO THE SELLER OR CAN IT BE DIRECTLY SENT FROM THE ACCOUNT OUTSIDE OF TURKEY?

While transferring funds directly from a foreign bank account to seller’s account is possible, we have to warn our clients about possible technical problems that might cause a delay and affect the purchase.

For forther information please click here.

8. IS IT POSSIBLE TO OPEN A BANK ACCOUNT IN TURKEY BY PROXY?

Establishing a bank account in Turkey via an attorney is possible. The operation requires a special Power of Attorney (“PoA”) or a special wording in the general PoA.

Opening a bank account in any Turkish bank as a foreign individual (whether via an attorney or not) requires a Potential Tax ID Number that will be issued by the provincial tax office.

With your request, KOOBY Law & Consultancy team can easily apply on behalf of you for such number with a special PoA.

Please note that obtaining a Potential Tax ID Number does not require any declaration. It is only required for the taxation of your further actions in Turkey such as obtaining a real estate, banking transactions etc.

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