How can investors buy an existing business to qualify for CBI in Turkey?

Answers

• 

  Mustafa Aksaraylı

  Miran Legal

  April 12, 2022

  In order for a foreign investor to acquire Turkish citizenship, it is necessary to create employment for at least 50 people. Employment can be created by opening a new business, or by taking over an existing business. This requirement can also be met by becoming a partner in an existing business. The ministry will evaluate whether the capital share and the share proportion in the company of which the foreign natural person is a partner are at a sufficient level. Foreign investors who fulfill the conditions will be entitled to a residence permit and citizenship.

• 

  Orhan Yavuz Mavioğlu

  ADMD Mavioglu & Alkan Law Office

  April 11, 2022

  Investment in existing businesses for the purpose of CBI requires obtaining a conformity certificate from the Ministry of Industry and Technology after making a fixed capital investment amounting to a minimum of $500,000, or an equivalent foreign currency, or an equivalent amount of Turkish lira in a Turkish corporate entity. For the purpose, a fixed capital investment (in machinery, equipment, real estate etc. not a simple shareholding investment) shall be made, and particular purpose report from a sworn financial consultant with information of the investment being transferred to the company’s stockholders’ equity and the receipt of the foreign exchange deposit account should be obtained. Investment to a local company does not offer a long-term residence eligibility for an investor, apart from the above mentioned CBI program.