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Table of Contents
What Is Turkey's Citizenship By Investment Program?
The Turkish Citizenship by Investment Program was introduced in 2017 to attract foreign investment and boost the real estate market. To be eligible, applicants must invest in real estate worth at least $400,000, make a minimum of $500,000 in fixed capital contributions, or deposit at least $500,000 into a Turkish bank account.
Who Is Eligible for Turkish Citizenship By Investment?
To become a Turkish citizen and get a Turkish passport, the main applicant must meet one of the investment requirements and fulfil these conditions:
- Be 18 years or older
- Have no criminal record
- Have health insurance
- Never overstay illegally in Turkey
- Not be from a blocklisted nationality
Armenia, Cuba, Nigeria, North Korea, and Syria are blocklisted nationalities.
Benefits Of Turkish Citizenship by Investment
Applying for Turkey’s citizenship program offers several benefits. The application process takes about three to four months, and you don’t need to attend any formal interview or visit Turkey at any stage. Additionally, you gain access to a vibrant property market.
Visa-Free Travel:
Turkish citizens can travel visa-free to over 120 countries. Turkey’s strategic location connects Europe and Asia, and with an E-2 Visa treaty with the United States, you can apply for the E2 Visa USA.
Family Eligibility:
The main applicant can include their spouse, dependent children under 18, and differently abled children of any age. This ensures that your family enjoys the same benefits.
Eventual Eu Access:
Turkey is in talks to join the European Union, which could lead to visa-free travel across the EU for Turkish citizens.
Turkish Passport:
The citizenship by investment program is straightforward. It allows you to obtain a Turkish passport within four months without any residency requirements. This passport offers extensive travel opportunities.
Turkey Golden Visa Investment Options
The Turkish citizenship by investment program, also known as the Turkish Golden Visa, was introduced in 2016. It allows investors to obtain a Turkish passport within three to four months. The program offers different investment options, including real estate investments, investments to create jobs, fixed capital contributions, or bank deposits in Turkish banks.
An investment worth at least $400,000 in Turkish real estate qualifies for the visa. Other options include investing in government bonds or establishing an enterprise to create local job opportunities for Turkish citizens. Both of these options require a minimum qualifying investment of $500,000.
Turkish Citizenship by Real Estate Acquisition:
Purchase real estate worth at least $400,000 or invest the same in land acquisition. You can invest in multiple properties and qualify for Turkish citizenship in an investment scheme.
Other Investment Options:
- Deposit at least $500,000 into an account with one of the Turkish banks and maintain it for at least three years. The deposit can be in dollars, an equivalent foreign currency, or Turkish Lira.
- Contribute at least $500,000 to government bonds. This can be in dollars, an equivalent foreign currency, or Turkish Lira.
- Make a minimum capital investment of $500,000 into a real estate or venture capital investment fund share. The investment can be in dollars, an equivalent foreign currency, or Turkish Lira.
- Create full-time jobs for at least fifty people, as the Ministry of Family, Labor, and Social Services stipulated.
Most foreign investors choose the real estate property route to obtain Turkish citizenship by investment because they can acquire a second home or holiday home and get a Turkish passport within a few months. The best part is investors can purchase a single property or multiple properties with almost no regulations. They are also not required to live on their purchased property. They have to maintain it for three years before selling it.
Step-By-Step Guide on How To Apply For Turkish Citizenship By Investment
Acquiring Turkish citizenship through investment is a structured process that offers several benefits, including visa-free travel and access to a vibrant property market. Here are the steps to guide you through the process:
- Decide on Your Investment Route: The first step to acquiring Turkish citizenship is choosing your investment route. Will it be through real estate investments, capital investment, or financial contribution? If you purchase property, you must first obtain a Certificate of Eligibility.
- Gather All Documentation: Collect all necessary paperwork. It might be helpful to work with an immigration lawyer experienced in Turkish citizenship applications, as the process requires extensive documentation.
- Complete Your Investment and Obtain Your Residence Permit: You must be a legal resident of Turkey before applying for citizenship. This step is straightforward. You are automatically granted a residence permit after meeting the minimum investment requirement and providing proof to the supervision agency. You do not need to stay or live in Turkey before or after receiving the permit.
- Submit Your Application: Once you have your residency card, you can submit your application to the Provincial Directorate of Census and Citizenship. You do not need to attend an interview or be in Turkey while processing your application.
- Receive Your Passport: Expect to receive Turkish citizenship and your passport, valid for ten years, within three to four months of submitting your application.
Month 1:
- Decide on Your Investment: Choose between real estate, capital investment, or financial contribution. If you opt for real estate, ensure you obtain a Certificate of Eligibility.
- Gather Necessary Documents: Collect all required paperwork. It’s advisable to seek assistance from an immigration lawyer experienced in Turkish citizenship applications to ensure all documentation is in order.
6 Weeks:
- Apply for the Residence Permit: After deciding on your investment and gathering documents, apply for a residence permit. This step is crucial as you must be a legal resident of Turkey before applying for citizenship. You are automatically granted a residence permit once you meet the investment requirements and provide proof.
Month 2:
- Submit Your Citizenship Application: With your residency card, submit your citizenship application to the Provincial Directorate of Census and Citizenship. You do not need to attend an interview or be present in Turkey while processing your application.
Month 4:
- Receive Your Turkish Passport: Expect to receive your Turkish citizenship and passport, valid for ten years, within three to four months from the date you lodge your application. If you opt for the fast-track process, you can receive your passport within three months for an additional fee.
Document Checklist for Turkey Citizenship By Investment
The documentation requirements for Turkish citizenship through an investment program are extensive and can change at the government’s discretion.
General Documentation Needed:
- Birth certificates of all applicants.
- Passports of each applicant.
- Proof of residence via a recent utility statement.
- Biometric, coloured passport photos of each applicant.
- Marriage certificate (optional).
- Death or divorce certificate of the spouse (optional).
- Proof that all applicants have a clean criminal record.
- Proof of healthcare coverage valid in Turkey.
- Proof of investment of at least $400,000 into a bank account in Turkey or a lawyer’s client account.
- Turkish Tax ID Number (necessary).
Additional Documentation for Property Investments:
- Valuation report accepted by the Capital Market Board.
- Land Registry Certificate showing complete ownership of the property or properties.
- A valid private purchase contract from the developer.
Turkey Golden Visa Fees
Acquiring Turkish citizenship through investment involves several costs and considerations. Here is a detailed breakdown of the fees and taxes associated with the process:
Application Entry Costs:
- Notary & Translation Fees: USD 1,000 for single applicants, plus an additional $250 per extra applicant.
- Application Fee: USD 400.
- Healthcare Coverage: USD 700.
- Due Diligence Fee: None.
- Turkish Passport Fee: USD 500.
For those opting to purchase real estate to obtain Turkish citizenship, the following property transaction costs apply:
- Investment in Real Estate: At least USD 400,000 in residential or commercial property.
- Land Registry Fee and Stamp Duty: 4-6%.
- Legal Fees: 1% of the property purchase price plus 18% VAT.
- Title Deed Transfer: 4% of the purchase price, split between buyer and seller.
- VAT: 1 to 18%. Foreign investors can apply for VAT exemption.
Taxes To Consider:
Turkey offers attractive tax incentives for international investors. The country does not impose taxes on income derived from abroad. If you stay in Turkey for no more than six months per year, you are exempt from paying taxes as you are not considered a tax resident. This absolves you from provisions requiring citizens to pay tax in Turkey.
However, income derived within Turkey is taxed at up to 35%. If you choose property acquisition, you must pay real estate ownership tax annually. It is advisable to consult a Turkish tax specialist to clarify any tax concerns you may have.
Turkey’s Performance In The GPI
Legend Consults’ Global Passport Index measures a passport’s true power and value. It considers mobility, investment opportunities, and quality of life factors. The overall score consists of three standalone index scores: the Enhanced Mobility Index (50%), the Investment Index Score (25%), and the Quality of Life Index (25%). These indexes provide a good indicator of a passport’s true power.
The data comes from the World Bank, the World Economic Forum, and the Sustainable Development Report, creating a holistic and accurate account of the world’s most powerful passports. Turkey ranks 95th globally and 13th in Asia.
Enhanced Mobility Index:
This index is based on the number of countries or territories the passport holder can access and the quality of life standards in those places. The Turkish passport ranks 94th, offering visa-free access or visa on arrival to 126 countries, including Hong Kong, Japan, and Singapore. US citizens need a visa to enter Turkey. Europeans, UK citizens, and other nationals also require a visa. Business visas are available for those conducting business or employment in Turkey.
Investment Index:
Turkey ranks 82nd in the Investment Index. The country attracts various investor profiles and has a strong investment climate. It offers a stable economic system with good growth rates and many investment opportunities, especially in real estate, IT, and technology.
Quality Of Life Index:
Turkey ranks 138th in the Quality of Life Index. Despite a low cost of living and high sustainable development, Turkey scores lower regarding freedom and migrant acceptance, which affects its performance in this index.
Practical Information About Living In Turkey
Having some insights into the country is helpful before deciding on your investment route and obtaining Turkish citizenship. Turkey is generally a safe place to visit and live. It features stunning landscapes and intriguing cities, including the capital city of Ankara and coastal cities like those on the Aegean Coast and Turkish Riviera. Here’s some practical information about Turkey, including healthcare and education.
Healthcare In Turkey:
The Turkish healthcare system combines national and private health insurance. Social security foundations provide compulsory health coverage. The private sector, though small, is growing quickly and complements the state system. Medical care in Turkey is very good, whether through state services or private healthcare facilities. It is highly accessible to expats with private health insurance and generally more affordable than healthcare in the USA and Europe.
Education In Turkey:
Primary and secondary education between the ages of six and 19 is free in public schools and funded by the state. Many international schools in Turkey offer excellent education, with at least 31 international schools in Istanbul. Turkey is a great destination for students looking to experience a new culture while staying connected to the East and West.
The Climate In Turkey:
Parts of Turkey experience over 300 days of sunshine annually, and the climate is generally favourable. As a large country, Turkey has different weather variations. When looking to buy property or move to a specific location, it’s best to check the annual temperature patterns for that area.
Permanent Residence In Turkey:
Permanent residence can be issued to foreigners who meet certain requirements. This includes owning property in the country with adequate financial funds or having resided in Turkey for eight years. After submitting a request for permanent residency, the Turkish government will respond within two months. Turkey’s low cost of living, beautiful climate, and access to top-tier education make it an attractive choice for living abroad and obtaining permanent residence.
Are you interested in acquiring Turkish citizenship through investment? Turkey, a country with a profound history, vibrant culture, and delectable cuisine, has become a top tourist destination. It also attracts international investors due to its transcontinental location, providing access to European and Asian markets.
Through Turkey’s citizenship by investment program, individuals can tap into its strong economy and secure dual nationality by obtaining a Turkish passport. With 300 days of sunshine annually, a mild Mediterranean climate, and an affordable cost of living, this program offers exciting prospects for foreign investors.
This article will provide essential information about the Turkey Citizenship by Investment Program, a step-by-step guide to obtaining Turkish citizenship, and valuable insights into life in Turkey. For those considering other European options, you might want to compare with Portugal’s citizenship by investment program, which offers different benefits and requirements.
Frequently Asked Questions
You can invest in real estate, make a capital investment, or deposit funds in a Turkish bank. Each option has specific requirements and benefits.
The process typically takes around four months. With the fast-track option, you can receive your passport for an additional fee within three months.
Yes, Turkey offers good medical care through both state and private facilities. Healthcare is generally more affordable than in the USA and Europe.
Final Words
In conclusion, getting Turkish citizenship by investment offers numerous benefits, including visa-free travel to over 120 countries, family eligibility, and the potential for eventual EU access. The Turkish Golden Visa program, introduced in 2016, provides various investment options, with real estate acquisition being the most popular. With a straightforward process and the ability to obtain a Turkish passport within a few months, acquiring Turkish citizenship through investment is an attractive option for many international investors.
