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, as well as beautiful beaches on which to relax. 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 Citizenship by Investment program in Turkey has become an increasingly attractive pathway for foreigners seeking to establish a new life in this culturally rich and economically vibrant nation. This initiative allows qualified individuals to obtain Turkish citizenship through investment in real estate, among other options.
While Turkey has faced recent challenges, including inflation rates, it remains an affordable country with a lower cost of living than most Western nations. The monthly expenses for a family of four, excluding rent, can be kept under $1,500 USD. Similarly, the living expenses of a single person will rarely exceed $500 USD. The advantage of earning dollars, pounds, or euros further enhances the value of money in Turkey.
Moreover, Turkey offers world-class cuisine, high levels of safety, and a warm and welcoming population. These factors and its affordability make Turkey an appealing destination for those seeking a fresh start. One pathway to this new life is Turkish citizenship through an investment program.
All the information in this article was updated in June 2023.
Alley in Balat, Istanbul, Turkey
Turkey introduced its citizenship by investment program in 2016, marking it as a relatively new initiative with considerable advantages for both Turkish citizens and program participants. The primary goal was to encourage foreign investment, paving the way for a prosperous future for Turkey and its residents. The program underwent significant improvements and changes to attract potential investors while ensuring mutual benefits for all stakeholders involved. Acquiring a Turkish passport through the Citizenship by Investment Program has become increasingly efficient over time. Currently, it typically takes approximately 3-5 months for approval and acquisition, offering a relatively fast pathway to citizenship for eligible applicants.
This program to grant citizenship and residency to foreign investors was first announced in 2016 by the government 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 government lowered the minimum investment to $250,000 USD, and just recently, the government raised the price again to $400,000 USD.
As I’ve mentioned many times in the past, if you want to obtain a CBI, don’t wait; make a move now. It is a very rare and uncommon occurrence when a country lowers their initial investment price; more often than not, the prices increase, especially if the program is doing exceptionally well, as it is in Turkey.
Investors looking to take advantage of this program will find a streamlined application process. They can collaborate with reputable companies specializing in citizenship-by-investment services, which provide expert advice on the requirements and assist with the necessary paperwork. These companies often have offices in major Turkish cities, making it convenient for applicants to initiate the process.
One of the primary investment routes is purchasing properties in Turkey, such as apartments in bustling city centers or serene coastal areas. This not only aligns with the real estate rules set by Turkish law but also presents foreigners with valuable business opportunities. These properties often come with attractive technology features, catering to the modern lifestyle sought by many investors.
Moreover, gaining Turkish citizenship through this program grants individuals certain rights, including access to the country's strong economy and burgeoning business sector. With the ability to speak the Turkish language, one can integrate seamlessly into Turkish society, contributing to both the local economy and personal success.
Fatih Sultan Mehmet Bridge over the Bosphorus Strait, Istanbul, Turkey
The small change the CBI program has made that will affect some applicants is that you have to do your biometric fingerprint at the very beginning of the process when you have your residency, and a second time when you have your citizenship. Before, you didn't have to do the fingerprint the first time, just the second time; now, you have to do it twice.
It means you have to visit Turkey twice to apply for the Citizenship By Investment Program, or you can do your first biometric fingerprint at a consulate or embassy of Turkey abroad.
The Turkey Citizenship by Investment Program offers a range of investment options to qualify for Turkish citizenship. These options include:
Invest in real estate valued at a minimum of $400,000 USD. You can hold it for just three years and resell it. That is, you only need to keep the property for up to three years, and once you have fulfilled this obligation, you are free to resell it, but you will keep your Turkish citizenship;
Make a fixed capital contribution of at least $500,000 USD;
Deposit a minimum of $500,000 USD or equivalent foreign currency/Turkish lira into a Turkish bank account;
Allocate at least $500,000 USD or equivalent foreign currency/Turkish lira into government bonds;
Invest at least $500,000 USD or equivalent foreign currency/Turkish lira in real estate investment fund shares or venture capital investment fund shares;
Contribute at least $500,000 USD or equivalent foreign currency/Turkish lira to a private pension system for a minimum holding period of three years;
Create employment opportunities for at least 50 individuals, validated by the Ministry of Family, Labour, and Social Services.
No matter the type of investor you are, there are multiple available options according to your needs and preferences. If you are into Real Estate, you can purchase a property and make it a second home or even turn it into a passive income source. If you prefer employing people, you can create jobs for a fraction of the cost of other countries.
In addition, the Turkish citizenship program allows you to include your spouse, dependent children under 18, and children of any age living with disabilities in your application, offering a comprehensive approach to family unity and support.
Related content: The Basics Of How To Get A Second Passport Or A Second Residency
Hagia Sophia, Istanbul, Turkey
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. With your newly acquired Turkish passport, you can also take advantage of visa-on-arrival programs in over a hundred different countries. With the Turkey Citizenship by Investment program, applicants can bring their family members and spouses along, so they don’t have to spend time apart from their loved ones. And because this program grants you Turkish citizenship status, 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.
Library of Celsus, Ephesus, Turkey
When considering a move to Turkey, it is essential to understand the tax implications. Turkish residents are subject to taxation on their worldwide income, similar to those in countries like Australia and Spain. The country follows a progressive income tax system complemented by sales tax rates. Property taxes are relatively low, ranging from 0.1% to 0.6%. It is crucial to be aware of these tax obligations while weighing the benefits of Turkish citizenship.
The eligibility requirements for Turkish citizenship through the investment program have remained relatively stable, focusing primarily on factors such as age, criminal record, health insurance coverage, legal stay in Turkey, and nationality restrictions. Applicants must be at least 18 years old, possess a clean criminal record, have adequate health insurance, maintain legal status in Turkey, and not be citizens of certain black-listed countries.
The documentation required for the citizenship application has also been refined over time. Applicants need to submit various documents, including:
Bergama, Turkey
You are getting citizenship within six months. Also, the investment requirements are quite soft regarding 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.
Often overlooked as an investment destination, Turkey offers many options and benefits through its evolving citizenship-by-investment program. The program's requirements and compliance procedures are straightforward, providing a favourable alternative to countries focusing on net worth inquiries. Moreover, Turkish citizenship opens doors to numerous advantages, including access to other countries, multiple investment routes, and a streamlined path to citizenship that can be achieved in under 120 days.
Turkey's citizenship-by-investment program has evolved over time to attract foreign investors and stimulate economic growth.
It is a testament to the nation's commitment to progress, prosperity, and inclusivity. As with any investment endeavour, it is crucial to stay updated on the latest information and consult with professional advisors and official sources for the most accurate and current requirements.
Izmir, Turkey
Turkey's citizenship program can often be overlooked and traded up for more popular options. However, Turkey has possibly one of the cheapest and most straightforward citizenship by investment programs. The investment amount isn't costly, and the government facilitates the citizenship process by having minimum requirements. You're not even required to get a residence permit, and you can become a citizen in 60 days to six months.
Applicants should be prepared for an interview during the citizenship application process, where their intentions and investments are reviewed. The Turkish government closely scrutinizes candidates to ensure they meet the program's criteria and uphold the rules and regulations. However, the benefits of obtaining Turkish citizenship through investment, such as access to a dynamic economy and the diverse cultural experiences offered by this beautiful nation, make this pathway truly rewarding for those seeking a fresh start in a welcoming and thriving environment.
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Written by Mikkel Thorup
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