All About Taking a Turkish Citizenship and Living in Istanbul
Istanbul is the second largest metropolitan area in Europe. Ranking among the biggest cities in terms of population, it has an openhearted and stunning crowd. Being the area institutionally secular and highly commercial, it is the centre of Turkey.
It is highly imperative to feel to be an integral part of the community where you live. Today, a huge number of foreigners migrate to invest in Istanbul real estate, stay in the city and carry out businesses. For people look forward to setting up their families, culture, and finance in the territory, one has to opt for Turkish citizenship. Moreover, to assist the same, the government of Turkey has implemented certain laws governing the citizenship in Turkey. In the original laws, there exists an article 20 which governs the regulations of Turkish citizenship. This law was implemented in 12.1.2017. Under this law, the foreigners who wish to migrate to Istanbul have to fulfil certain criteria. The government has implemented following criteria for people who want to feel at home in Istanbul.
One has to get certain documents verified. They central bank of the Republic of Turkey takes the date of verification into a matter of concern. The valuations conducted as follows:
• One has to invest at least $2 million in the fixed capital at Turkey. This is subject to verification by the Ministry of Economics.
• Further, one who purchases the property should not value less than $1 million. Furthermore, one has to give assurance that they will not sell this property for at least 3 years. This warranty should be covered in the annotation in the land registry.
• The criteria also expect the person to keep at least $3 million in any Turkish bank. On has an alternative option to buy Turkish Government bond and keep them to 3 years’ minimum. Any of these options necessarily opted is to be authenticated by the pertinent Turkish authority.
• One who employs more than 100 people for their business is required to get verification from Labour and Social Security Ministry.
• Though there are some subtle differences, the laws are more of similar to the rules found in United States of America and the European Union.
While you invest your money or deposit it in the bank, the sources should be clearly shown. One requires necessary legal proofs.
Compared to the rest of the Turnkey, the cost of living in Istanbul is expensive. However, the lifestyle, on the other hand, is fabulous. One has to consider their cost of living before investing in the real estate Istanbul. Petrol prices are high. Imported goods again cost high due to high import duties. Education is another expense one should consider. People prefer sending their children to international schools rather than public schools which increases the education rates. However, the domestic help, medical care, and daily groceries are cheaper compared to the western countries. However, there are a huge number of apartments in Istanbul for sale at lower rates compared to the rates possible in future. So, grab one, and you’ll love to make a living there.