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Turkey Citizenship By Investment

If you are interested in acquiring Turkish citizenship, then there is a straightforward path to do so, which is to purchase real estate with a value of $400,000 or more.

It is important to note that in order for this purchase to qualify for granting you citizenship, it must be undertaken with this specific purpose in mind. In order to demonstrate that the purchase was undertaken for the purpose of obtaining citizenship, the deed to your property must explicitly state that this was the reason for your purchase.

The great thing about this path to citizenship is that it is remarkably simple. Just purchase the property, submit your claim to the proper authorities, wait six months or so and you are a Turkish citizen, with the rights and privileges that entails. There are some requirements for your real estate purchase.

Requirements to register your real state purchase:

  • A certified interpreter is required should you not be fluent in Turkish
  • Earthquake insurance is mandatory
  • A copy of your photo ID or passport is required. For individuals not using the Latin alphabet, these documents must be notarized and translated by a certified translator
  • You must include two photographs of the buyer, and one photo of the seller
  • And information as to the exact location of your property

Aside from purchasing real estate, foreigners can also qualify by means of a $500,000 deposit in a Turkish bank. Those who choose this path must leave the funds there for a minimum of three years. Alternatively, you can invest $500,000 in a private pension fund, or start a business that employs 50 people.

 

BENEFITS OF TURKEY CITIZENSHIP BY INVESTMENT

There are many different benefits that you can obtain by pursuing citizenship in Turkey by investment. The first is the speed at which you can acquire citizenship and a second passport. Turkey has no issues with dual citizenship, so if you are a citizen of another country that allows dual citizenship, then you have that option. Turkey is also centrally located right in the middle of Europe and Asia, so it is a great conduit for international business and a quick flight to many important destinations. You can also take advantage of visa-on-arrival programs with over a hundred different countries with your newly acquired Turkish passport. And with the Turkey Citizenship by Investment program, you can also bring your family along with you, so you don’t have to spend time apart from your loved ones. And because this program grants you Turkish citizenship, it is good forever, so you don’t have to worry about renewing your papers. Once you are a citizen you are good to go.

 

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TAX IMPLICATIONS OF TURKISH CITIZENSHIP

Turkish residents are taxed on worldwide income, which is an important consideration when choosing to live there. They have a progressive income tax, similar to that found in the United States or Canada. There is also a sales tax, with rates from 1% to 18% depending on the product being sold. Property taxes in Turkey are relatively low, at 0.1% to 0.6%, but they do exist. You are generally considered a Turkish tax resident if you reside in Turkey for a continuous stretch of more than 183 days during the calendar year.

 

ELIGIBILITY REQUIREMENTS

There are a number of requirements in order to participate in this program. Specifically, they are

  • The primary applicant must be the age of majority
  • You must make the requisite investment of $400,000 as outlined before
  • You, along with everyone joining you, must pass a clean criminal record check
  • You must keep your investment in place for three years

 

ABOUT TURKEY

Turkey is an incredible country to either visit or settle down in. Spanning two different continents, Turkey is an interesting mix of both new and old-world cultures. There is incredible cuisine, amazing architecture and historical relics to enjoy, and beautiful beaches to relax on. If you’re feeling adventurous, you can unwind and be pampered in a Turkish bath or travel the country and enjoy the varied geography and different cultures. The cost of living in Turkey is very reasonable, and statistically, it is a very safe country with low rates of crime. The Turkish people are famously friendly and welcoming of foreigners so it easy to enjoy a rich social life.

This program to grant citizenship and residency to foreign investors was first established in 2016 and has been quite popular among Russians, Ukrainians, and Gulf nations. Initially, the barrier to entry was quite high, with the required real estate investment set at a million dollars. When this failed to attract the desired investments, the minimum investment was lowered to $250,000 and just recently the price was raised to $400,000. As I’ve mentioned many times in the past, if you want to obtain a CBI, don’t wait, make the move now. The odd time a country will lower their initial investment price; however, more often than not the prices increase, especially if the program is doing exceptionally well, as is Turkey.

The Turkish Lira has been steadily depreciating vs the USD over the last five years, going from a rate of 4:1 at the start of 2018 to over 16:1 as of June 2022. Inflation for May in Turkey was at a rate of 73.5% year on year. While inflation in Turkey has seen double-digit numbers for the last five years, it has been accelerating rapidly as of 2022, the chickens of Erdogan’s loose monetary policy coming home to roost. This devaluation of the Turkish Lira is good news for foreign real estate investors looking to cash in on Turkey’s red hot real estate market. In spite of record inflation, Turkey still enjoys strong economic growth as it has over the last two years.

 

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For Everything you need to know about Residencies, Second Passports and Wealth Protection, read this amazing article: The Basics of How To Get a Second Passport Or a Second Residency

 

HOW DOES TURKEY CITIZENSHIP BY INVESTMENT COMPARE TO OTHER GOLDEN VISAS

Overall this program compares quite favourably to other golden visa schemes.  First of all, you are getting citizenship within six months, whereas in most other countries you are getting only residency or a path to citizenship. Also, the investment requirements are quite soft, in terms of how long you need to stay invested. All you have to do is keep your investment in place for three years and then you have Turkish citizenship for life. That is a great deal.

WORK WITH ME

I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of Canada or the USA (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap, however, I can assure you that when you work with a professional, your risks can be reduced considerably.

Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and Director at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money.

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