Why the Turkish Citizenship Program is Great for Venezuelans

Latin America is full of uncertainties and, in cases like Venezuela, having a second nationality can save your life. If you are looking for a plan B and you are wondering which is the best citizenship option to ensure your future, then you should definitely consider Turkey. In Mundo Offshore we do not hesitate for a second to recommend this country to Latin Americans and especially Venezuelans. 

Turkey has the best of both worlds: an ancient culture and a modern country open to the world. The modernizing impulse of the last years is a contrast with conservative Europe or slow Latin America. 

Being a Turkish citizen will put you in the center of the world. With one foot in Europe and one in Central Asia, you will have access to 110 countries without the need to process a VISA. You will be living in one of the most dynamic and active markets on the planet. With the safeguard of a tolerant society, no matter what your creed or origin is, you are here to do business. 

As if that weren't enough, this beautiful country that unites two continents has one of the most versatile systems of acquiring citizenship that exists.  It doesn't matter if it is with capital movements, investment funds, government bonds, creating businesses or buying real estate, everything leads to Turkish citizenship and all the advantages that come with it. 

Obtaining a second nationality can be a life-saving decision. In a region like Latin America where coups d'état, robberies, kidnappings, economic crises or street protests are commonplace, the possibility of securing your future and the future of your family is priceless. 

How to apply for Turkish citizenship

Citizenship in this country opens the doors of the world to you in a big way. Its access to the European Union market, its extensive system of private banks, its citizenship by investment program, and its attractive tax incentives make it one of the most sought-after nationalities for investors looking to do good business. 

Obtaining citizenship consists of two simple steps: i) Residence permit process and ii) Citizenship process. Would you like to know more? Here you will find more information: 

Residence permit

It is the document that allows foreigners to reside temporarily in Turkey. You can process it for up to two years. During this time your stay in the country will be completely legal. 

The residence permit gives you access to work, buying assets and property. With the residence permit, you can now move your company from Sao Paulo or Caracas to Istanbul with hardly any paperwork. 

The general requirements for applying for a residence permit are as follows:

• Four biometric photographs. 

• Original and copy of the passport or travel document (if not in the Latin alphabet, a translation must be included) 

• Residence application form.

• Proof of sufficient and sustainable financial resources for the stay.

• Valid health insurance, it can be any of the following:

• Proof of access to health services in Turkey through a bilateral agreement.

• Provisional document issued by the social security institution.

• Application document to the social security institution to be covered

• Private health insurance.

• Property deed of the applicant's residence (only if he/she owns real estate in Turkey).

• Letter of invitation by the company or person to contact (only for those who intend to establish business connections in Turkey).

  
  

With all this, and within a maximum period of two months from the day you have submitted your requirements, you will receive a response to your permit application. Once your permit has been approved, you can travel and live legally in Turkey for two years. 

Obtaining the residence permit gives you all the advantages of living in Turkey temporarily. You will be able to travel, work, and visit the country's tourist attractions. You could consider yourself a Turkish "temporary citizen". In turn, by obtaining any of the types of residence permits, you are in the process of formally obtaining citizenship. 

Turkish citizenship

It is the document that officially accredits you as a citizen of the Republic of Turkey. It makes you an owner of a Turkish passport, as well as allows you to enjoy all rights as a citizen, both in Turkey and abroad. 

Compared to a residence permit, obtaining Turkish citizenship means enjoying the legal protection, citizen benefits and access to all kinds of programs that the Turkish government offers to its citizens. It is the highest honor that the country, with its vision of community, can bestow on you: to consider you one of its own. Something quite important if we want to do business with those who can do it, be it in Europe, Asia or... America. 

There are a variety of ways you can become a Turkish citizen. Broadly speaking, we find the following: 

• For permanent residence: After obtaining the permanent residence permit, you can apply for Turkish citizenship within two years. 

• For the turquoise card: If you have been living in Turkey for five years in a row and have a turquoise card, you can apply for citizenship. 

• By a judgment of legal authority: The Turkish Ministry of Foreign Affairs can issue a decision accrediting you as a Turkish citizen. There are two prerequisites for this measure: you must have resided in Turkey for five years in a row, and you must be fluent in the Turkish language. 

• General Acquisition: General application for citizenship, having completed five years of residency and completed the form at the Ministry of Foreign Affairs. 

• Atypical acquisition: For those who have unusual personal merits in sports, arts or science. The country considers that these individuals present an added value to the nation and therefore finds them suitable to be granted citizenship in exceptional cases. 

• By marriage: If you marry a Turkish citizen, this allows you to obtain Turkish citizenship after three years of marriage. 

• By adoption: Foreign children adopted by Turkish parents are granted citizenship. Only one exception applies: when the child is considered a national threat. 

• For Cities in Northern Cyprus: If you are a citizen of the Turkish Republic of Northern Cyprus, you are eligible to apply for Turkish citizenship. 

• By investment: You can obtain Turkish citizenship by making an investment through any of the 6 official channels that the Turkish government has stipulated in its laws, we know that this is what may interest you the most, so we will extend in the next section.

  
  

The Republic of Turkey wishes to add citizens among its compatriots who are willing to generate added value in the country. Are you ready to invest, to create and to innovate? Do you have something to contribute to this millenary nation? If the answers to both questions are yes, you are what the Turkish state has been looking for. Apply now and become a Turkish citizen.

Citizenship by Investment Program

Since 2017 the Turkish government has been amending the Regulation on the Implementation of the Citizenship Law. This included a modern and attractive citizenship by investment program. A variety of options are available to you to obtain citizenship, including generating good income along the way. 

What types of investments should I make to apply? In what amounts? Here are the details: 

• Investing in real estate: Buying one or several properties whose value totals at least US$ 250.00 and meeting some requirements:

• Maintain the property for at least 3 years. 

• Indicate in the purchase application that the purchase was made with the intention of acquiring citizenship.

• Investment of fixed capital: Making an investment for a minimum amount of US$ 500,000 or its equivalent in Turkish Lira or other foreign currency. Which must be attested by the Ministry of Industry and Technology.

• Generating employment: Creating employment for at least 50 people, as witnessed by the Ministry of Family, Labour and Social Services.

• Bank Deposit: By making a deposit of at least US$ 500,000 or its equivalent in foreign currency or Turkish Lira in banks operating in Turkey, on the condition that it is not withdrawn for at least three years, as attested by the Banking Regulation and the Supervisory Agency.

• Buying Government Bonds: By purchasing Turkish government bonds for a minimum amount of US$ 500,000 or equivalent, under the condition that they cannot be sold for at least three years, as demonstrated by the Ministry of Finance.

• Investment funds: With the purchase of US$ 500,000 or equivalent in shares of real estate investment funds or venture capital investment funds, keeping them for at least three years, as indicated by the Turkish Capital Market Board.

  
  

With either of these options, you are on your way to obtaining your Turkish citizenship. The question now is what to do next? Knowing the country in depth is vital. That's why we at Mundo want to guide you in understanding everything about this nation.

What are the best investments? How safe is it? How much freedom will I have? Check out our Country Page for all these answers, our experts will guide you in all matters concerning Turkey, our purpose is to ensure your well-being and safety. 

E-2 Visa

Despite all the advantages we have already seen in Turkey, we have not talked about one of the most important ones. Citizens of Turkey have access to a treaty with the U.S. where they can qualify for an E-2 investor visa. Thus, in Turkey, you will have a gateway to the United States: the most important market in the world for doing business. 

The E-2 Investor Visa allows persons from a treaty country - a country with which the U.S. maintains a treaty of commerce and navigation - to be admitted to the United States at the time of investing a substantial amount of capital in a U.S. company. The U.S. business must be majority-owned by persons from the treaty country.

Although Brazil and Venezuela are not treaty countries, many of the investors from these countries may qualify for the E-2 visa if they have dual citizenship from such countries as Turkey, for example. 

The investment must be substantial concerning the type and size of the business, with $150,000 generally being the minimum. Being one of the critical points the profitability that demonstrates the investment, you must be especially careful in what you invest your money. The investment has to be profitable and it should not be made only to meet the requirement and get the certificate on paper.

No sanctions for Venezuela

Since 2017, Venezuela has been subject to sanctions by the United States Department of the Treasury. Most of these are of a personalized nature, especially to officials of the current Venezuelan government who have engaged in activities such as money laundering, terrorism and drug trafficking.

Sanctions in Venezuela are usually one of the main doubts of all those investors when applying for citizenship in other countries, especially Turkey -which has been an ally of Nicolas Maduro's government, especially when it comes to the purchase and sale of gold.

In this regard, let us be clear: no sanction prevents Venezuelans from applying for E-2 Visa or apply for Turkish citizenship. Nor are there any sanctions on the banking sector. Thus, you can be sure that your application will not be impeded by the United States Treasury Department.

Tax system in Turkey

The tax system of a country is one of the most critical points when evaluating where we are going to invest. In Turkey, the tax system considers four aspects: income, wealth, indirect and other taxes.

• Income tax: All individuals residing in Turkey are taxable. It is taxed between 15 and 33%. 

• Corporate tax: Corporate tax taxes the profits of resident and non-resident companies in the country. Its rate is 20%. Various rates also apply to bonds, dividends, bank deposits, among others. 

• Indirect taxes. Here, Value Added Tax (VAT) is levied at the following rates: 1% for basic products (such as newspapers), 8% for food products and 18% for most products. 

• Other taxes. This is where city taxes are located. By adding the tax on the building and the land, a maximum rate of 0.4% of the declared value of the property is paid. 

  
  

Although VAT is still at high rates, the tax system in Turkey has been praised by the World Bank in its Doing Business Index (2020) as one of the few countries in the world that made significant reforms to create incentives for business and investment in the country.

The Turkish government has learned the lesson from countries like Venezuela: the state should not get involved in the businesses, freedom to invest and a convenient tax situation is what can really attract foreign investment. Investing in Turkey today, because of its tax system, is more profitable than doing it in most E.U. countries.

Banking system in Turkey

When choosing a country to live and invest in, we must look at how its banking system works. In the case of Turkey, we find one of the strongest in the world. Turkey's private banking system has the guarantees, level of security and modernization comparable to any in the European Union. It is the credit of this robust banking system that has made it possible to finance the impressive and excellent economic growth in Turkey in recent decades, which economists have called "The Turkish Miracle".

What do I need to log in? One of the advantages of Turkey is its ease. With your tax number, which will be given to you after processing your residence and your passport, you can access any of the banking institutions in the country. This versatility of entry into the financial system is one of the biggest temptations for those who do not want to lose time with excessive bureaucracy.

What about your security? Compared to the Latin American banking system, as in the case of Venezuela, which is widely dominated by a network of public banks with a questionable reputation, the prestige and possibilities offered by Turkish institutions are the perfect support to carry out all your operations with ease. By banking in Turkey, you will be safe before the international financial system. You will have countless tools that will allow you to take your business from Caracas to Ankara and to start a new life full of prosperity and financial success. 

Still in doubt?

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About us

At Mundo, we have a team of professionals trained to help you embark on the road to the business of your life. With the support of our parent company, leaders in the financial and legal advisory sector since 1994, we seek to protect your assets and increase your wealth. 

We have been established in the Caribbean, giving our clients the best experience, advice, and guidance when it comes to asset protection and wealth management.

With our expert in Turkey, Imad Elbitar, you will have the best advice in order to successfully apply for a Citizenship by Investment. More than 20 years of experience support him, hundreds of investors from all around the world are the living proof of this.

Our focus and commitment are to give you peace and security, with our team of experts you won’t need to worry about anything. Mundo Offshore helps you achieve your financial goals.

Don’t hesitate to contact us.