Yes, you can set up a pharmaceutical company as well but there are many licenses that you must get from the Ministry of Health.
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What are the requirements of the types of business I invest in under the CBI program of Turkey?
I would like to make a capital investment in a pharmaceutical company in Turkey to apply for Turkish citizenship. Is pharmaceutics an approvable industry for the purpose of the Turkish CBI program?
Answers
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There are several types to get Turkish citizenship under CBI program and one of them is investing $500,000 to establish or to be a member of a company. Foreign people gain the right to get Turkish citizenship under CBI, can not transfer their company or their share to another natural person or legal entity within 3 years. It means, they must maintain the investment for a period of 3 years. A pharmaceutical company is an approval industry for the CBI program.
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Under the regulation, the foreigners determined by the Ministry of Industry and Technology that have invested into a fixed capital at least in the amount of $500,000 may exceptionally acquire Turkish citizenship. Fixed capital investment means investment on the non-current assets and is an investment made to produce durable goods that can be used for a long time in the production such as building, machinery. In this context, fixed capital investment might be divided into two groups. In that, while the first group is constituted by construction investments such as construction, facility and restoration, machine and equipment investments establish the second group. The land arrangement, maintenance repairing, approval works are given as examples of construction investments. The buildings of factory, long-lived production devices, vehicles used on production, ships and airplanes are given as examples of equipment capital investment.
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Yes, the field of industry that you plan to invest in is not an object as for CBI program. However, it would be better to remind that the amount of the purchase of the shares of incorporation or of a field intended to be invested must be meet the minimum requirements of the program: $500,000 or its equivalent in Turkish currency. Another key point in this application is that you cannot sell your shares in a company to another party, within three years after conferred with the CBI program.
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There is not a restriction for a pharmaceutical company. You can invest and apply for citizenship. But If you invest in a pharmaceutical company, a CPA will investigate the company and will write financial reports. With this report, you need to apply to the ministry of industry and technology. They will investigate your file and then will give a certificate of approval for your application. Then, with this certificate, you will apply to the immigration office and get a resident permit. And finally, you will apply to the ministry of interior to finalize the procedure.
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There are no types of business determined by the Turkish CBI. Investment in any type of business is permitted for this purpose. Capital investment in a pharmaceutical company would be acceptable.
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Foreigners determined by the Ministry of Industry and Technology, who've made a capital investment of at least $500,000 or equivalent foreign currency or equivalent Turkish Lira, can gain Turkish citizenship. There is no legal restriction on the types of companies to invest. In this case, if the ministry gives approval, it's possible to gain citizenship by investing in the pharmaceutical company. If you refrain from the approved sectors and periodic audits controls, I recommend one of the other investing path that at least $500,000 or cause the deposit money to banks operating in Turkey on condition that the retention of three years under the CBI program.
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Pharmaceutics is also an approvable industry for CBI program in Turkey which the amount of $500,000 would be applicable. All types of investments require different conditions.
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