Unlike the Caribbean nation of Dominica, Turkey’s Citizenship by Investment Programme is a relative newcomer in the CBI industry. Launched in 2017
it found significant success among Middle Eastern applicants who are often met with some restrictions when applying for Caribbean citizenship by investment programmes.
Investment Options in Turkey
There are five investment options available in Turkey from which the most affordable and popular is the purchase of property valued at US$400,000
. The other options include a deposit into a Turkish bank, investment in government bonds or in fixed capital, which all must be valued at minimum of US$500,000
||Required Official Approval
||Ministry of Environment and Urbanisation
||Deposit in a Turkish bank
||Banking Regulation and Supervision Agency
||Ministry of Treasury and Finance
||Real estate investment fund share or venture capital investment fund share
||Capital Markets Board of Türkiye
||Ministry of Industry and Technology
||Ministry of Family, Labour, and Social Security
Applicants who seek to obtain citizenship of Turkey will face a less clear and more complex process, than those who choose a more transparent and established CBI programme.
, for instance, has a Citizenship by Investment Unit (CBIU) – a body dedicated to managing and processing citizenship by investment applications. The CBIU maintains up-to-date websites containing all the information an applicant will need during the CBI process, including a list of agents authorised to submit an application on their behalf.
, on the other hand, has no such dedicated body and applications are instead reviewed by the government. Applications are typically approved within 120 days, following which the citizenship documents are issued.
|Citizenship by Investment Unit
|Approved Agents to Guide Applications
Stability and Reputation of Dominica’s Programme
Over the years, Dominica
has implemented highly streamlined processes that meet the needs of investors. This is because the CBI Programme of Dominica is one of the most longstanding in the industry, being implemented in 1993
By contrast, Turkey’s
CBI provisions, in their current form, were implemented in 2017
. Longevity plays an important role in ensuring both reputation and stability, but also in ensuring a programme develops the initiative to keep abreast of industry trends. In Dominica this initiative is reflected in recent changes to the programme.
Detecting increasing investor interest in family reunification following Covid-19, Dominica expanded the scope of family eligibility under its programme and it is now one of the most family-friendly CBI programmes in the world. On the contrary, Turkey makes provision for only the spouse of the main applicant and children under 18 years of age.
• Children under 18 years of age
• Children of the main applicant or of the spouse aged 18 or over with a medical condition that renders them dependent
• Children of the main applicant or of the spouse, if:
– Under the age of 18
– Aged between 18-30 and substantially supported by the main applicant or the main applicant’s spouse
– Aged 18 or over, physically or mentally challenged, and substantially supported by the main applicant or the main applicant’s spouse• Parents or grandparents of the main applicant or the main applicant’s spouse who are substantially supported by the main applicant or the main applicant’s spouse
• Spouses of qualifying parents or grandparents who are themselves substantially supported by the main applicant or the main applicant’s spouse
• Siblings of the main applicant or the main applicant’s spouse, aged 25 or under, single, childless, and, if under 18, in receipt of consent to make an application from all persons with parental responsibility
Professional Due Diligence
Finally, CBI applicants in Turkey
are subject to lax due diligence, with no external checks and a lack of emphasis on an applicant’s source of funds. The due diligence process in Dominica
is far more stringent, with initial checks by agents, internal checks by the CBIU, and external checks by specialist firms and regional and international entities, including Interpol and the JRCC. Dominica’s multi-tiered approach to due diligence is one of the key reasons the island is a highly reputable destination for second citizenship.