January 12, 2022 | By admin | Blog | The Citizenship by Investment program or the CBI program launched by Turkish government to attract new investors had attracted new investors from all over the world. It had been fairly successful and had already naturalized over 9000 individuals till date. The program is proving to be in immensely high demand especially amongst High Net worth Individuals (HNWIs) who are looking to have dual citizenship. It is even more so with people who live in close proximity to the historical country. So it is no wonder that the maximum applicants for this CBI program are from the Middle East. Why is the CBI program so popular? The program is even more alluring as: it is very simple, the time taken to process the citizenship request is comparatively low .You can receive Turkish Passport in as little as 3 months only, and the amount expected to be invested is quite affordable. Though there are several investment options, the cheapest and the most popular one is to gain citizenship by acquiring any immovable property within Turkish boundaries with the valuation of 250000 USD. This can be achieved by acquiring one or more properties. After an individual buys a property/ properties whose net worth is equal to the required sum, one can apply for citizenship .First short term residency is granted, then the applicant can apply for citizenship any time after receiving residency and after review one can get their citizenship within six months. Things to consider: Though the process is simple and time and cost-effective, there are certain important things that need to be taken into consideration before going ahead with the investment to avoid making mistakes that would cost more time, effort and money. They are as follows: 01. Transfer of investment amount: One of the major requirements of acquiring citizenship under the CBI program is that the money be transferred directly to the developer/ owner of the property. To approve a citizenship application, proof of this direct transfer would be required. If one buys via broker or a middle-man to whom the property price is initially transferred and they then transfer the value to the owner/ primary seller, then that may become a ground for rejection of application for citizenship. 02. Property Evaluation: It is a recent requirement of Turkish Government that a Government-assigned Property Evaluation Expert would be chosen randomly from a selected pool and this evaluation would be required to process the citizenship application. If a property is bought at 250000 USD and later the evaluator sets is value at 246000 USD, one would have to go through the hassle of looking for another property at a cheaper price to meet the requirement to get citizenship. To save time, effort and money, it is advisable to get the expert evaluation before transferring the amount for the property. If not before, the expert evaluation should be done at least within 7 days of property purchase. This is because the Turkish law allows return of property and refund of the value within 14 days of property purchase. If CBI requirements are not met as per expert evaluation, one can return the property and get back their invested amount. 03. Keep in mind the mortgage adjustments: Sometimes even if one buys a million dollars property, citizenship can be denied. This happens if one or more of the properties owned by the individual is mortgaged. The investment considered for citizenship application under CBI program is the total investment after all mortgages are deducted from it. The process of getting citizenship in Turkey under Citizenship by Investment can become smooth and easy with the help of experts. Flyingcolour Business setup services has been helping clients since the past 17 years. For any queries and assistance concerning dual citizenship under the Turkish CBI program, please feel free to mail your queries at info@flyingcolour.com or contact us at +971 4 4542366.