Your Guide to Turkey Citizenship by Investment
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Living in Turkey means treating yourself to splendid scenery, surrounding yourself with the beautiful sea, munching on delicious food, and being welcomed by warm neighbors. Turkish people live a vibrant and rich lifestyle as compared to the residents of many other countries.
Moreover, Turkey is a country of significant geostrategic importance since it lies on the cross borders of Europe and Asia.
With all these positives, who wouldn’t wish to settle down in a Eurasian country? Not to mention, with the latest citizenship programs, entering Turkey is no more an uphill struggle. And most importantly, the business opportunities an expat has here are just terrific, and investing in Turkey is profitable.
Turkey citizenship by investment program rose to fame after the residency programs by Spain, Portugal and Greece gained immense success. Also, the most significant reason foreigners want to get a Turkey investment visa is that Turkey is that it gives them access to European and Asian markets.
So, this was just a little brief of the program. Do you know what the perks of getting Turkish citizenship are? Moreover, are you even eligible for the Turkey investment visa program? If not, what can you do to fulfill the requisites of the criteria?
Explore Turkey Golden Visa
Minimum Investment Amount: €400,000
Processing Time: Three to four months
The Key Benefit: Free movement benefit in Turkey and
many countries in the region
What You Will Find in This Article
- Brief summary: Citizenship by Investment in Turkey
- Benefits of the Golden Visa Turkey for you and your family
- Eligibility for Turkey Citizenship by Investment
- Requirements of Turkey Citizenship by Investment
- Turkey Citizenship Scheme Application Timeline
- Low Due Diligence
- Tax Consequences of Citizenship in Turkey
- Dual Citizenship Turkey
- Visa-free destinations with a Turkish Passport
- Alternatives to Turkey Citizenship by Investment
Brief Summary: Citizenship by Investment in Turkey
Turkey’s citizenship by investment was announced in 2016. Late in January 2017, the Turkish government launched the program to trigger foreign direct investment and improve its real estate sector. Under this program, the investors are free to decide on the various means they want to contribute to the Turkish economy.
When Turkey’s citizenship by investment program was launched, the government quoted the entry cost to be at least $1 million. Consequently, this did not attract many investors. On realizing that the amount set is a little unreasonable, the Turkish government dropped the investment needed to $250,000 in mid-2019.
Now, the country makes an average of $250 million every month from its foreign investors only. However, as the number of applicants willing to acquire Turkish citizenship is increasing, the minimum cost has been raised from $250,000 to $400,000.
Benefits of the Turkish Citizenship by Investment
You might be unaware, but there are many benefits of Turkish citizenship by investment program. Some of the fascinating benefits are enlisted below.
- Living, working, and studying in Turkey freely
- A quick and easy path to citizenship
- Family reunification
- Easy Schengen visa
- Easy access to E2 Visa
- Dual citizenship
- Profitable investment
- Visa Free Travel
Live, Work, and Study in Turkey
The Turkish passport gives you and your family the right to live, work, and study in Turkey. For instance, you can generate income from your real estate property, or perhaps by renting it out. Moreover, if you are planning to move with your family, you can relieve the stress about your children’s education. Since the visa is granted to the whole family, you and the children can access the education system and the Turkish high-standard lifestyle.
Quick Path to Citizenship
Turkey citizenship by investment is the quickest route to obtaining Turkish citizenship. After you invest $400,000 in real estate, you are entitled to get your Turkish passport in less than four months from submitting the application.
The applicants for Turkey investment citizenship are free to bring their spouse, children (dependent, below 18), and dependable parents along with them. Besides, all the members can access free healthcare facilities like the local Turkish people.
Easy Schengen Visa
Turkey citizenship holders can easily apply for a Schengen visa without much hassle, as long as they can provide sufficient documents. Furthermore, there are many other countries having bilateral agreements with the country to allow visa-free travel. These include Hong Kong, Singapore, Japan, Mexico, South Korea, and almost full Latin America.
E2 in the US
Getting citizenship in Turkey is a great opportunity for those who can’t apply for E2 Visa through their original citizenship, such as India and China (mainland). E2 Visa applications are open to citizens of countries that have trade treaties with the US. Turkey citizens are eligible and you can easily apply for an E-2 investor visa through your Turkish citizenship.
No Residency or Language Requirements
There is no fixed time span for a person to stay in Turkey before or after the citizenship by investment in Turkey route has been completed. Moreover, you are good to go even if you are not acquainted with the local Turkish language.
Dual Citizenship Rights
Turkey allows dual citizenship which means that you don’t have to give up on your nationality to acquire a Turkish passport. This is a huge benefit for many investors who have commitments in their home country.
Unlike some other citizenship-by-investment programs, Turkey doesn’t require a donation in exchange for a passport. Instead, it offers different investment routes that are very promising.
Visa Free Travel
When you obtain your Turkish passport, you can travel to around 110 countries without the need for a visa, visa on arrival, or an Electronic Travel Authorization.
Unlike some other citizenship-by-investment programs, Turkey doesn’t require a donation in exchange for a passport. Instead, it offers different investment routes that are very promising.
Turkish Citizenship for Indians
For Indian investors looking for new business prospects, the citizenship by investment program is growing in popularity. Due to the convenient environment, immigration to Turkey from India is becoming increasingly popular among Indian business people.
Turkish citizenship is also a desirable option for Indian investors because Turkey is a member of NATO, the UN, the World Bank, and the IMF.
Immigration to Turkey From Pakistan
For many foreigners, living in Turkey is the life of their dreams because of its pleasant climate, cultural diversity, delicious cuisine, gorgeous natural surroundings, and rich history. Due to these benefits and the close relations between the two nations, Pakistani immigration to Turkey has also been popular.
Investment-based immigration from Pakistan to Turkey is the most popular choice. Due to Turkey’s many benefits for Pakistani families, including its top-notch free educational institutions and reliable healthcare system, Turkish citizenship for Pakistanis through investment is in high demand.
Eligibility for Turkey Citizenship by Investment
In order to qualify for Turkey citizenship by investment program, the main applicant:
- Has to be at least 18 years old
- Must have never stayed illegally in Turkey
- Must pay the taxes and costs for the process
Required Documents for Turkish Golden Visa
- Birth certificates of all the applicants
- Passports of each applicant
- Residence Proof (Recent utility statement)
- Biometric, colored passport photos of each applicant
- Marriage certificate (optional)
- Death or divorce certificate of spouse (optional)
- Proof that all the applicants have a clean criminal record
- Proof of Health Insurance (valid in Turkey)
- Proof of investment of $400,000 into a Turkish bank account or lawyer’s client account
- Turkish Tax ID Number (necessary)
Note: You can add your spouse, dependent children below the age of 18, and children of any age with disabilities.
Turkey Citizenship by Investment Routes
To apply for citizenship by investment in Turkey, there are certain investment routes, such as:
- Real estate acquisition
- Creation of jobs
- Capital Transfer
Below are the various ways to acquire Turkish citizenship through investment:
- Acquire real estate valued at a minimum of $400,000.
- Purchase government bonds worth at least $500,000 and maintain the investment for three years.
- Establish a company that will employ at least 50 individuals.
- Invest a minimum of $500,000 as capital investment.
- Deposit at least $500,000 in a Turkish bank and maintain the deposit for at least three years.
- Invest at least $500,000 in a share of a real estate investment fund or venture capital investment fund for a minimum of three years.
1. Real Estate
There are plentiful options to invest in real estate. An individual has to invest $400,000 in real estate in Turkey in whichever type of property you want to purchase. You can buy a villa, apartment, or land.
Besides, there is no need to take a pre-approval to buy properties since the estate is not typically overvalued.
Note: You can also buy multiple properties whose total amounts to the minimum $400,000 figure. However, they must be located in the same neighborhood.
Also, do not forget to get your properties registered the same day you purchase them. The acquirer has to retain the property for at least three years.
Note: Property prices at the most expensive locations are around $5,500 per square meter.
2. Creation of Jobs
Another route to getting Turkish nationality by investment is by creating jobs for at least 50 Turkish people. So, start your own company and outsource some of the labor in exchange for citizenship. Since establishing and running a country comes with a price, it would be wise to take some legal assistance.
Therefore, if you wish to explore Turkey’s business world, employ locals and run a legitimate international business.
3. Capital Transfer
Foreign investors who are neither willing to invest in real estate nor navigate the business world can make a capital investment. The minimum capital investment amount for Turkey citizenship investment has been currently set at $500,000.
So, what is to be done with this amount?
- Deposit it in a Turkish bank
- Contribute to government bonds
- Invest in fund shares.
Make sure to retain the investment for three years.
One significant benefit of Turkey citizenship investment by capital transfer is that you don’t necessarily need to deposit the amount in Turkish currency, Lira. In fact, it is also advised that you must invest using a stable currency like the Euro.
Note: As an international investor, what makes the most sense is the investment in real estate. Not only because it requires lower investment, but also because its value is expected to rise in later years. Also, you can sell it or rent it.
To remain eligible for the Turkey citizenship by investment, the applicants are required to keep the said investment for a minimum of three years.
Turkish Golden Visa: Residency Requirements
The good news is that there are no residency requirements for Turkey citizenship by investment program.
You can apply remotely and later go to Turkey to check out the properties or whatever investment mode you have chosen.
Turkish Golden Visa: Investment Requirements
Here is how to buy Turkish citizenship by investment:
- Invest a minimum of US $500,000 (or the equivalent in foreign currency or Turkish lira) in a fixed capital investment that is verified by the Ministry of Industry and Technology.
- Buy a property worth at least US $250,000 (or the equivalent in foreign currency or Turkish lira) with a title deed restriction on its resale for a minimum of three years. This purchase must be verified by the Ministry of Environment and Urbanization.
- Create job opportunities for at least 50 people that are verified by the Ministry of Family, Labor, and Social Services.
- Deposit at least US $500,000 (or the equivalent in foreign currency or Turkish lira) in a Turkish bank and agree not to withdraw the funds for at least three years. This deposit must be verified by the Banking Regulation and Supervision Agency.
- Purchase government bonds worth at least US $500,000 (or the equivalent in foreign currency or Turkish lira) that cannot be sold for a minimum of three years. This investment must be verified by the Ministry of Treasury and Finance.
- Invest at least US $500,000 (or the equivalent in foreign currency or Turkish lira) in shares of a real estate investment fund or venture capital investment fund that cannot be sold for at least three years. This investment must be verified by the Capital Markets Board of Turkey.
Eligibility Criteria for Turkey Citizenship by Investment
To be eligible for a Turkey Investment Visa, the following criteria must be met:
- The applicant must be an adult.
- The applicant must have a clean criminal record
- The applicant must not have stayed in Turkey illegally.
- Due diligence must have been completed on the investment.
- The funds used to apply must have been obtained legally.
Certificate of Eligibility for Turkey Golden Visa
Depending on the type of investment you make, you must apply to one of the following organizations to receive a Certificate of Eligibility for investment in Turkey:
- Turkish Land Registry and Cadaster of the Ministry of Environment and Urbanization – Real estate route
- Incentive Application and Foreign Capital of the Turkish Ministry of Industry and Technology – Capital Investment Route
- Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency – Deposit in a Turkish bank account
- Turkish Ministry of Treasury and Finance – investment in government bonds
- Department of the Brokerage Activities of the Capital Markets Board of Turkey – real estate investment fund share or venture capital investment fund share
- General Directorate of International Labor of the Ministry of Family, Labor and Social Services – Company setup
Speak to a Citizenship by Investment Professional in Turkey
Get Golden Visa is a full-service investment immigration agency. We have local offices in Istanbul, Turkey. We have legal professionals, as well as licensed real estate professionals within our team.
Contact us today and talk to one of our experienced advisors to help you with your questions.
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Turkey Citizenship Scheme Application Timeline
Hopefully, the readers are now convinced to get a Turkish passport. Now it’s time to understand the procedure to follow to apply.
Once you’ve chosen the way you want to invest in Turkey, you will be required to fill out a residency permit application. The whole process usually takes up to three to four months. But the best thing is that you don’t need to be physically present in the country for an interview or document purposes.
Now comes the part that is a little painstaking. You will be required to do a lot of paperwork! Notary certificates, official translation (if required), etc.; the process will surely consume a lot of your time.
So, it’s great if you hire a certified professional to escalate the process.
Besides, the process is hugely similar whether you opt for real estate, job creation, or capital investment route. Here are the steps involved.
Step-by-Step Guide for Real Estate Route
Step 1: Speak to Get Golden Visa Team and obtain new Turkish Tax ID numbers
Without a tax ID, the legal system can’t allow you to proceed further and make a property purchase. Once you have the tax number, open a bank account in the country. Our experienced team will guide you through the process.
Step 2: Do research and identify the property you want to buy
This is the step where you will commence all the paperwork.
Step 3: Collect documents
For investment in real estate, you need to receive a certificate of eligibility, and that will be issued only after you qualify for Turkey citizenship by investment program. For this, you must apply to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
Step 4: Get your residence permits
A person has to be a legal resident while starting the application procedure. Therefore get your residence permit as soon as you’ve made your investment for a Turkish passport. It will be issued the same day you submit the application. No wonder this is the fastest residence process throughout the world.
Step 5: Submit your paperwork
Lastly, after all the paperwork has been done as checked by the hired professional, you reach the final step- submitting your paperwork (all documents and application forms) to the Provincial Directorate of Census and Citizenship.
All these steps can be easily done in a span of 24 hours! Firstly, you don’t need to be present in the country to do this. Secondly, even if you are available in Turkey, you can finish it off during the day, drop off the paperwork, and get back home with the title deed.
Time to celebrate: You will receive your passports within the next three-four months of applying!
Our team of experts can guide you through your Turkey citizenship by investment process.
Benefits of Turkish Citizenship
- Enjoy the Rights of a Turkish Citizen: As a Turkish citizen, you will have the same rights as any other citizen, including the right to vote and stand for public office.
- Family and Children Benefit from Citizenship: Your family members and children will also benefit from your citizenship status, giving them the right to live, work, and study in Turkey.
- Access to Health Services: As a Turkish citizen, you will have access to public health services provided by the state, including medical treatments, emergency care, and preventive care.
- Stronger Business Relations: Being a Turkish citizen can improve your business relations with Turkish companies, as you will be seen as a more trustworthy and reliable partner.
- Dual Citizenship: Turkey allows dual citizenship, which means that you can keep your current citizenship while also holding Turkish citizenship.
- Unlimited Stay in Turkey: As a Turkish citizen, you can stay in Turkey for as long as you wish without needing to renew your residence permit or leave the country periodically.
- Inheritance Law: As a Turkish citizen, you will be able to benefit from the country’s inheritance laws, which allow you to transfer your assets to your family members without restrictions.
- Retirement Rights: Turkish citizenship provides access to the country’s retirement benefits, including pension plans and other social security benefits.
Low Due Diligence
The Turkish real estate due diligence is a complete report containing information about the property’s legal status. It lets you know if it is involved in any debts or lawsuits and is safe to be purchased.
Therefore, if you are buying a property in Turkey, the real estate specialist will go to the Land Registry to verify and check the registration number. Furthermore, the information related to leasing and other obligations of the property will be verified.
Moreover, the real estate will conduct due diligence to confirm whether the plan about the property is permissible according to the local municipality. The specialist will also verify construction licenses issued by the local authorities.
Tax Consequences of Citizenship in Turkey
Turkey doesn’t impose any taxes on the income you are receiving from abroad. Besides, you are not liable to pay taxes in Turkey if you do not stay there for more than six months. However, you need to pay a tax on your income generated within the nation.
For instance, if you have rented out your property, you are required to pay taxes. Property tax is paid in two installments every year.
- The annual tax rate is 0.2% for apartments and houses bordering a metropolitan municipality like Istanbul.
- If you own a property worth 1,500,000TL, the owner has to pay 3,000TL per year in total. Pay the first installment in May and the second one in November.
Furthermore, if you’re selling a property, you’re supposed to pay the accumulated tax of all the previous years before transferring the deed transfer.
- Tax on personal income is rated at up to 35% on income exceeding TL110,000.
If you’re interested in getting citizenship of Turkey, it is advisable to contact a Turkish tax specialist to learn more about the tax structure.
Buying Property in Turkey
Turkey is not only one of the most popular destinations for second citizenship, but it also has a very appealing real estate market with a high rate of return. The wide range of options for luxury and affordable, new construction, off-plan, renovated apartments and villas, and resale homes in Turkey is one of the main factors driving foreigners’ interest in purchasing real estate there.
Property Prices in Turkey
Turkish real estate can be a lucrative investment. In Istanbul, the nominal value of real estate doubles every five to ten years. House prices in the country often grow by five to 20 percent per year.
According to September 2022 Data:
- The average price for residential properties in Istanbul is $130,000
- The average price for residential properties in Ankara is $78,000
- The average price for residential properties in Antalya is $113,000
Our independent real estate advisors at Get Golden Visa can help you find the best property depending on your needs and hold your hand through the process of finding the best property and citizenship acquisition.
Dual Citizenship Turkey
Turkey allows dual as well as multiple citizenships, and no nationality has been restricted officially.
Investors applying for Turkey citizenship by investment are not required to renounce their old citizenship of their country of origin and get Turkish citizenship. This gives a significant advantage to people who wish to stay and work in their native country.
However, foreign citizens will be exempt from some Turkish services like mandatory military service.
Note: Before you apply for Turkish citizenship make sure that your country of citizenship doesn’t restrict you from acquiring Turkish citizenship.
Turkish Passport Visa Free Countries
Turkey nationality gives you a lot of benefits, one of which is that you can travel to many countries visa-free or visa-on-arrival. Individuals with a Turkish passport can access almost 110 countries all over the world. Some of these countries are Qatar, Singapore, Tunisia, Jordan, Iraq, Japan, South Korea, Malaysia, Hong Kong, Indonesia, Belarus, Bosnia Chile, Colombia, Ecuador, El Salvador, Georgia, Paraguay, Serbia, South Africa, Thailand, Northern Cyprus, Ukraine, Uruguay, Morocco, Brazil, Argentina, Kuwait, Bahrain, Lebanon and most of the African countries.
With a Turkish passport, you are able to enter 72 countries without a visa, 35 countries with a visa that you can get when you get there, and three countries with an electronic travel authorization (eTA) that you may get online.
There are three ways to enter countries where Turkish passports do not require a visa. These choices are listed below.
- Visa-free entry: There is absolutely no need for a visa.
- Visa on arrival: You obtain a visa when you arrive in the country rather than applying for one beforehand. Only travelers are eligible for this sort of visa.
- eTA: Three to five days prior to departure, you can pay a fee to receive an electronic visa online.
Other Route To Obtain Turkish Citizenship
Apart from getting Turkey citizenship through investment, there are other routes to becoming a citizen, such as:
- By marriage: If you’re married to a Turkey citizen, you can be eligible for citizenship after three years
- By birth: If one of your parents is Turkish, you can qualify for Turkish citizenship, as well
- By employment: If you’ve been working in the country for at least five years under a contract, you can be eligible for citizenship
- By naturalization: After living in the country for five years, you can qualify for Turkey nationality
- For special merit: If you have outstanding achievements in science, sports, or culture, you can be granted Turkish citizenship
Alternatives to Turkey Citizenship by Investment
Apart from Turkey citizenship by investment program, many other European countries have launched their respective citizenship programs. Indeed, these are attracting a large number of investors. The economies of these countries have benefitted like never before, and foreign citizens are privileged to live the international lifestyle.
Some of the most renowned citizenship by Investment programs are:
Portugal Golden Visa
The Portuguese Golden Visa program is an excellent opportunity for investors looking forward to making a good investment. The program was launched in 2012 and entails the following requirements and benefits.
- Capital transfer of €1.5 million in Portugal
- Establish a company and employ 10 Portuguese people
- Purchase a real estate property worth €500,000
- Invest €500,000 in Portugal Golden Visa funds
- Security of a second residence and passport
- Access to the European education system
- You can apply for Portuguese citizenship after staying there for five years.
- Your family can join you, and each member will be eligible for all the public services.
Spain Golden Visa
Spain is no doubt a wonderful country. So, if you have ever planned to move to this great European nation, you have a good deal. The Spain Golden visa was launched in 2013, and the requirements and benefits are as below.
- Invest a minimum amount of €500,000 in real estate
- The whole family is eligible for the visa and other services offered by the country.
- An individual has the right to access the healthcare and education system of Spain.
- Apply for permanent residency after staying there for five years
- Apply for citizenship if you complete ten years of stay in Spain.
Greece Golden Visa
The Greece Golden Visa program is one of the most popular as well as affordable. All EU and non-EU residents can apply for the permanent residency program in Greece and benefit from the European services it offers.
- Purchase real estate property worth a minimum of €250,000
- Capital contribution of a minimum of €400,000 in a Greek-registered company
- Purchase of shares or corporate bonds whose minimum acquisition value is €800,000
- Deposit EUR 400,000 in a Greek bank.
- Visa-free travel to the Schengen zone.
- No stay requirement in Greece
- Apply for citizenship after staying for seven years
- The individual and the whole family have access to the Greek education and healthcare system.
Malta Citizenship by Investment
The Maltese citizenship by investment program has been renewed recently and made some crucial amendments. In short, it has become easier to gain a European passport through investment. Besides, the process might be a little lengthy but ultimately beneficial.
- Proof that a person has stayed for a period of 36 months in Malta.
- Purchase a residential property having a minimum value of €600,000 or €700,000.
- Sign a rental contract of at least €16,000 per annum for five years.
- Donate €10,000 to a registered cultural, scientific, philanthropic, or artistic non-governmental organization.
- Passport for the whole family and residency right for an indefinite period
- As a part of the Schengen zone, one can travel visa-free throughout this zone.
- Right to travel, live, work or study all across the European Union
- Tax efficiency
Now that you are totally aware of the importance of citizenship through investment programs, you can apply for the one you think is suitable.
Good luck in advance with acquiring your second citizenship.
Alternatives to Turkey Investor Citizenship Scheme
Frequently Asked Questions About Turkish Passport by Investment
How much do I need to invest to get Turkish citizenship?
The minimum investment amount to get a Turkish passport by investment is $400,000. This is the investment amount through real estate purchases. Until 2022, this amount was $250,000.
For other investment routes, the amounts start from $500,000. Once you make the qualifying investment, you can expect to get your citizenship in three to four months.
Can I get Turkish citizenship by buying a house?
Yes, you can become a Turkish citizen by buying a house. In fact, it’s one of the most popular routes under the Turkey citizenship by investment scheme. The requirement is that the property’s worth is a minimum of $400,00. Also, you’ll need to get a certificate of eligibility from the relevant authorities.
Does Turkey sell citizenship?
Turkey grants citizenship in return for an investment, as most Golden Visa countries do. So this can be considered citizenship by investment. Eligible investors can choose their preferred investment route and start the process. Turkey investor citizenship process can be completed in less than six months.
Is getting Turkish citizenship easy?
If done correctly, getting Turkey investment citizenship is very easy. The process is simple and straightforward. As long as you have the right documents and make the qualifying investment, you can expect to become a citizen in three to four months. Getting professional help will make the process easier.
Can a foreigner become a Turkish citizen?
Yes, foreign citizens can become Turkish citizens. Turkey allows dual citizenship but you’ll also need to check with your home country and see if it allows dual citizenship. Citizenship can be obtained through Turkey investor citizenship scheme or naturalization.
Is a Turkish passport strong?
Turkish passport is considered strong as it allows visa-free access to around 110 countries. With a Turkish passport, you can visit many Asian countries without getting a visa. These countries include Thailand, South Korea, Japan, and the Philippines. Also, many south American countries, such as Argentina and Venezuela accept Turkish passport holders without a visa.
Is there a Turkey residency by investment scheme?
Turkey doesn’t have a separate residency by investment program. You can directly apply to the citizenship program and get your citizenship in the country, which automatically translates as residency.
Do I have to speak Turkish if I get citizenship through investment?
No, you don’t. Unlike many other programs, no prior knowledge of Turkish is required to get citizenship through investment.
What are the stay requirements?
There is no stay requirement which means that you can travel out of the country and come back without any restrictions.
Can I include my family in my application?
Yes, you can. Your spouse and children under 18 can be added as your dependents.
Can I sell the house after a while?
You’ll need to keep the house for a minimum of three years. After this period is over, you can sell your house in Turkey.