Turkey, a spectacular country with a rich history, vibrant culture, and incredible cuisine, has long established itself as one of the biggest tourist destinations in the world. As a major transcontinental nation, it’s easy to see why international investors are drawn to Turkey. With access to both European and Asian markets, foreign investors can tap into a wealth of business opportunities.
The Turkey citizenship by investment program is the ideal option, offering a world of opportunity for foreign investors in Turkey.
In this guide you will learn about:
Turkey Citizenship by Investment Program: Brief Overview
Launched in 2017, the Turkish citizenship by investment program was established to encourage and attract foreign direct investment in the Turkish economy and stimulate the real estate market. The investment scheme invites qualifying applicants to invest in the nation, in exchange for lifelong citizenship rights. To qualify for Turkish citizenship by investment, you must acquire at least $400,000 worth of real estate, invest a minimum of $500,000 in fixed capital contributions, or deposit at least $500,000 into a Turkish bank account.
With Turkey being nestled between Europe and Asia — and ultimately of significant geostrategic importance for businesses — the Turkish passport provides incredible benefits, one of which is visa-free access or visa on arrival to 126 destinations worldwide, including Hong Kong, Japan, and Singapore.
What are the benefits of the Turkey investment visa?
One of the key benefits of applying for Turkey’s citizenship program is that it takes about three to four months for your application to be approved, which means you can obtain citizenship in practically no time. You won’t even have to attend any formal interview, nor will you have to visit Turkey before, during, or after your application. To top it off, you will have access to an incredible property market.
Visa-free travel to over 120 countries
Family
Eligibility
Eventual access
to the EU
Turkish
passport
Turkish passport
Turkey’s citizenship by investment scheme is one of the most attractive programs, purely because it’s so straightforward to receive a Turkish passport. Have a passport in your hands within four months, with no minimum residency period required and enjoy visa-free travel opportunities.
Turkish citizens enjoy visa-free travel
Turkey has excellent connections to Europe, Asia, and many destinations, allowing passport holders to unlock visa free travel to over 120 destinations worldwide.
Convenient access to the E2 visa
Turkey is one of the E2 visa countries. This means that those with Turkish citizenship can benefit from the treaty between Turkey and the US. The E2 Visa USA allows treaty country residents to work and live in the US by investing within a US business.
Lifetime Turkish citizenship for all your family members
The main applicant can include their spouse, dependent children below 18, and children of any age who are differently abled in their application. Have peace of mind knowing that your family members have access to the same Turkish citizenship benefits as you.
Dual citizenship
The Turkish government recognizes dual citizenship. This opens up an entirely new world if a persons home country also recognizes dual citizenship. Additionally, it means you won’t have to give up your original nationality.
Eventual access to the EU
Turkey is currently engaged in talks to join the European Union. Turkish citizens can enjoy eventual visa-free travel across the EU.
No residency requirements or language tests
One of the top benefits of Turkish citizenship by investment is that there are no minimum stay requirements before or after the application. You also won’t be required to pass a language test which many other investment programs require.
Who is eligible for Turkish citizenship by investment?
To qualify for Turkish citizenship and get a Turkish passport, the primary applicant must fulfill one of the program’s investment requirements, and meet the following criteria:
- Be at least 18 years old
- Hold a clean criminal record
- Have adequate health insurance
- Have never overstayed illegally in Turkey
- Not be from a black-listed nationality
Black-listed nationalities: Armenia, Cuba, Nigeria, North Korea, and Syria.
Turkey Golden Visa Investment Options
The Turkish citizenship by investment program offers different investment options that individuals can choose from. Let’s take a close look
- Turkish citizenship by real estate investment: Purchase Turkish real estate worth at least $400,000 or invest the same in land acquisition. You can invest in multiple properties if you wish and still qualify for the Turkey citizenship by investment scheme.
- Bank deposit: Make a bank deposit of at least $500,000 into an account with one of the Turkish banks and maintain it for a minimum of three years. The deposit can be in dollars, an equivalent foreign currency, or Turkish Lira.
- Government bonds: Contribute at least $500,000 to government bonds. This can be in dollars, an equivalent foreign currency, or Turkish Lira.
- Investment Fund Share: Make a minimum capital investment of $500,000 into a real estate investment fund share or venture capital investment fund share. The investment can be in dollars, an equivalent foreign currency, or Turkish Lira.
- Capital investment: Make a $500,000 fixed capital investment into a Turkish business.
- Job creation: Create full-time jobs for at least fifty people, as stipulated by the Ministry of Family, Labor, and Social Services.
The main reason why the majority of foreign investors choose the real estate property route for obtaining Turkish citizenship by investment is that they can acquire a second home or holiday home, and get a Turkish passport within a couple of months. This makes the program a fantastic option for those that want to retire in Turkey.
The best part is, investors can purchase a single property or multiple properties with almost no regulations. They are also not required to live in their purchased property, they just have to maintain it for three years before they are able to sell it.
Turkey Citizenship by Investment Required Documents
The documentation requirements for the Turkish citizenship by investment program are extensive and can be subject to change at the behest of the government. If in doubt about the documentation requirements, it is strongly recommended to seek professional advice. A specialist can always offer more detailed information on the Turkey investor visa requirements.
General documentation needed:
- Birth certificates of all the applicants
- Passports of each applicant
- Residence proof via a recent utility statement
- Biometric, colored passport photos of each applicant
- Marriage certificate (optional)
- Death or divorce certificate of the spouse (optional)
- Proof that all the applicants hold 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)
Property investments have additional document requirements, specifically:
- Valuation report which needs to be accepted by the Capital Market Board
- Land Registry Certificate showing the complete ownership of the property or properties
- A valid private purchase contract from the developer
Step-by-Step Guide to Becoming a Turkish Citizen
1. Decide on your investment route
2. Gather all documentation
3. Invest and obtain residency
4. Submit your application
5. Receive your Turkish passport
1. Decide on your investment route
The first step toward acquiring Turkey citizenship is deciding on your investment. Will it be through real estate investments, capital investment, or financial contribution? Keep in mind that if you choose to purchase property to receive citizenship, you’ll first need to obtain your Certificate of Eligibility.
2. Gather all documentation
Collect all the necessary paperwork, perhaps with the assistance of an immigration lawyer, with the necessary experience in proceedings related to citizenship applications in Turkey, since a lot of documentation is needed.
3. Complete your investment and obtain your residence permit
You must first be a legal resident of Turkey before you can lodge your application for citizenship. Luckily this part is easy. Usually, after you’ve met the minimum investment requirement and provided proof of it to the supervision agency, you’re automatically granted a residence permit. The best part is, there is no need to stay or even live in Turkey beforehand to become a resident, nor do you need to continue staying in Turkey after you’ve received it.
4. Submit your application
When you have your residency card in hand, you can submit your application to the Provincial Directorate of Census and Citizenship. You aren’t required to attend an interview or be in Turkey when your application is getting processed.
5. Receive your passport
Expect to receive Turkish citizenship and your Turkish passport, valid for ten years, within three to four months from the date you lodge your application.
Turkey Golden Visa Processing Time
Turkey has one of the fastest and most efficient application processing times when it comes to granting the Turkey Golden Visa 2024. The whole process of the Turkey citizenship by investment 2024 scheme takes around four months. In fact, you can receive your Turkish passport within three months via the fast-track application process, albeit for an extra fee.
Month 1
Decide on the investment & gather documents
6 weeks
Apply for the residence permit
Month 2
Lodge citizenship application
Month 4
Receive Turkish passport
Turkey Golden Visa Fees
Application entry cost:
- Notary & Translation Fees – $1,000 for single applicants, and an additional $250 per extra applicant
- Application Fee – $400
- Healthcare Coverage – $700
- Due Diligence Fee – none
- Turkish Passport Fee – $500
For those who choose to purchase real estate to receive Turkey citizenship, the following property transaction costs are to be included:
- Investment in residential or commercial real estate: worth at least $400,000
- Land registry fee and stamp duty: 4-6%
- Legal fees: 1% of property purchase price + 18% VAT
- Title Deed Transfer: 4% of the purchase price, split between buyer and seller
- VAT: 1 to 18% currently. You can apply as a foreign investor for VAT exemption.
Taxes to consider
Turkey has fantastic tax incentives for international investors. The country doesn’t impose taxes on income derived from abroad. If you are in the country for no more than six months per year, you are exempt from paying taxes as you will not be considered a tax resident and are absolved of provisions requiring citizens to pay tax in Turkey.
Turkey does not have a wealth tax. Value Added Tax (VAT) is generally set at 18%, but some goods and services may have lower rates of 8% or 1%. For corporate taxes, businesses based in Turkey pay a 20% income tax on all the income they earn, both within the country and abroad.
However, tax on income derived within Turkey is taxed at up to 35%. If you opt for property acquisition, you are obliged to pay some tax, known as real estate ownership tax – which investors are taxed annually. It is advisable to speak to a Turkish tax specialist who can clarify any tax concerns you may have.
Turkey Passport Power
Global Citizen Solutions’ Global Passport Index measures the true power and value of a passport, based on mobility, investment opportunities, and quality of life factors. This provides an overall score that is made up of three standalone index scores:
- The Enhanced Mobility Index: The Turkish passport ranks in 94th place, with the Turkey passport visa-free countries including 126 countries or territories, including Hong Kong, Japan, and Singapore.
- The Investment Index Score: Turkey ranks 82nd in the Investment Index. The country attracts many different investor profiles and has a strong investment climate.
- The Quality of Life Index: On the Quality of Life Index, Turkey ranks in the 138th position. Despite having a low cost of living and a “high” level of sustainable development, there is room for improvement here to increase the Turkish passport ranking.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions about Turkish Citizenship by Investment
What is the Turkey Citizenship by Investment program?
Turkey citizenship by investment is a program that allows foreign investors to gain Turkish citizenship within three to four months through various investment routes, including real estate purchases, capital investment, investment in government bonds, or contributing to a fund. This program is a part of Turkey’s efforts to boost growth in Western Asia and create a political hub attracting international labor and generating income within the country.
How do I apply for Turkey’s Golden Visa in 2024?
To acquire Turkish citizenship by investment, you must invest a minimum of $400,000. This investment can take the form of an acquisition of property with a property worth at least $400,000, a deposit of at least $500,000 in a Turkish bank for three years, or an investment of at least $500,000 in shares of a real estate investment fund or venture capital investment fund. This process involves due diligence checks and adhering to regulations set by the Turkish Ministry and General Directorate of Immigration.
What is the minimum investment for Turkey Citizenship by Property Investment?
The minimum cost to qualify for Turkish citizenship by investment is $400,000, which is typically invested in purchasing real estate. This amount is considered sufficient to generate income and create job opportunities, contributing positively to the Turkish society and economy.
How many years do I have to hold my property investment until selling?
You are required to hold your real estate investment for at least three years to be eligible for Turkey citizenship by property investment. This period is a mandate as per Turkish banking and investment regulations, including a title deed restriction to ensure investment stability and compliance with the Land Registry Directorate.
Are there any stay requirements for the Turkey investment visa?
There are no mandatory stay requirements in Turkey for maintaining your residence permits under the Turkish citizenship by investment program. However, living in Turkey offers numerous benefits, such as access to quality healthcare and a rich cultural experience within the vibrant Turkish society.
What are the benefits of Turkey Citizenship by Investment?
The benefits of obtaining Turkish citizenship includes a low cost of living, a high quality of life, various investment options, family inclusion on applications, and visa free travel to over 120 countries.
Is there a Turkish language requirement for obtaining citizenship through investment?
There are no Turkish language requirements to apply for the Turkish citizenship by investment scheme.
Can I include my family in the Turkey Citizenship by Investment application?
Yes, your spouse, dependent children under 18, and any children of age who are differently abled qualify for the Turkish citizenship by investment scheme.
What are the tax implications for investors under Turkey Citizenship by Investment?
Since Turkey has signed a double taxation treaty with most nations, you are not required to pay tax on income derived from abroad. This applies to countries who haven’t signed the treaty too.
How long does it take to get Turkish citizenship by investment in 2024?
According to the CBI Index, Turkish citizenship is usually obtained in around four months after submitting your application to the program. This fast processing time of the Turkey citizenship by investment scheme is one of its many advantages.
Are there other ways to obtain citizenship in Turkey?
Yes, Turkish law does provide a selection of pathways to Turkish citizenship. These alternative options include citizenship through military service or military duty, by descent, marriage, and citizenship by naturalization.
Does the Turkish Citizenship by Investment program allow dual citizenship?
The Turkish government allows foreign nationals to obtain dual citizenship in Turkey and have multiple citizenships, without risking citizenship in their native country. This means that foreign investors who have real estate or property by investment can eventually obtain dual nationality and, once they have acquired Turkish citizenship, apply for a Turkish passport. Additionally, children born to Turkish parents in a different country can obtain second citizenship in Turkey and be considered dual nationals.
How much do you need to invest for Turkish citizenship?
To obtain Turkish citizenship through investment, one must engage in options such as a fixed capital investment of at least $500,000, purchasing real estate with a minimum value of $400,000, or investing in government bonds with a significant amount. Additionally, investing in a real estate investment fund or a venture capital investment fund with a minimum value of $500,000 is also viable. These investments can be beneficial for personal income growth and expanding business opportunities in Turkey.
Can US citizens apply for Turkish Citizenship by Investment?
Yes, a US citizen can obtain Turkish citizenship through methods such as substantial capital investment, real estate purchase, or depositing funds into a Turkish bank account. The process involves adhering to banking regulations and may require consulting with financial consumer relations experts. US citizens, like others, can benefit from dual citizenship under this program.
Can I get Turkish citizenship by buying property?
Absolutely. Acquiring Turkish citizenship through real estate investment involves purchasing property worth at least $400,000. This investment can be diversified across various properties, including land registered with the Turkish land registry. The property’s title deed must be maintained for at least three years.
Can I get Turkish citizenship by making a bank deposit?
Yes, foreign investors can easily apply for Turkish citizenship by making a bank deposit. To qualify, individuals must deposit at least $500,000 (or the equivalent) in a Turkish bank. This also covers their spouses and children under 18.
What are the main requirements for Turkey Investor Visa in 2024?
To qualify for the Turkey golden visa, part of the citizenship by investment program, one must fulfill criteria like a fixed capital contribution, a significant deposit in a Turkish bank, or real estate purchase. Applicants should also consider options like investing in government bonds and private pension systems. Compliance with supervision agency guidelines is crucial.
Is it easy to get Turkey citizenship?
Gaining Turkey citizenship through investment is streamlined, provided financial requirements like fixed capital investment or real estate purchase are met. The process involves interactions with various Turkish authorities and adhering to banking regulation. Including family members in the application can also be considered.
What are the new rules for Turkish citizenship 2024?
The latest rules for Turkish citizenship in 2024 include revised investment thresholds in real estate and capital. Prospective applicants should consult the Investment Office for updates, especially regarding land registry and social services related regulations.
Can I live in Turkey without citizenship?
Living in Turkey without citizenship is possible through a residence permit. This permit, obtained via a residence permit application, caters to various purposes, including employment and property ownership. Non-citizens can also explore business relations with Turkish companies, leveraging the dynamic market environment.
Do any other countries offer citizenship by investment?
Yes, there are a fantastic range of golden visa options in Europe. The Greece golden visa offers no stay requirements and a €250,000 minimum investment for residency. While the Portugal golden visa offers residency for a minimum investment of €280,000 and a chance to obtain citizenship through naturalization.
Can I buy multiple properties to qualify for Turkish Citizenship by Real Estate Investment?
Yes, you can buy multiple properties to qualify the Turkey Citizenship by Real Estate Investment.
Can foreigners get Turkish citizenship through investment in 2024?
Yes, foreigners can get Turkey citizenship by investment as long as they meet the requirements.
What are the eligibility criteria for Turkey Investor Visa?
Eligibility criteria for the Turkey citizenship by investment include, being over 18, investing a minimum of €250,000, have a clean criminal record, and commit to maintaining the investment for three years.
What is the process for obtaining a Turkey Golden Visa?
The process of obtaining a Turkey Golden Visa involves deciding on the investment route, gathering all required documents, completing the investment, obtaining a residence permit, submitting the completed application, and receiving a Turkish passport.
How long is Turkey’s Investor Visa valid for?
The investor visa Turkey does not expire. Once you have Turkish citizenship you have it for life. However, you must maintain your investment for at least three years and ensure you comply with regulations to prevent your citizenship from being revoked.
