Turkey Citizenship by Investment

Governments worldwide have strategically launched citizenship by investment programs to attract foreign direct investment (FDI). High Net Worth Individuals (HNWIs) capitalize on these programs by investing in a country’s financial institutions, real estate, and business ventures, thereby gaining citizenship.

Turkey is one such country that offers a citizenship by investment program, attracting investors with its unique blend of geographical significance, economic opportunities, and cultural richness.

Turkiye Homes Advisory Agency

Turkiye Homes has a specialised advisory agency that assists clients in obtaining a second citizenship or residence in various countries, including Turkey. The agency boasts a team of experts with decades of combined experience, guiding clients through the complex process of acquiring a second citizenship. The agency’s services include:

Information Gathering and Assessment: Understanding the client's needs and gathering necessary information.
Strategy Building: Analyzing and selecting the best citizenship programs to meet the client's objectives.
Implementation and After-Closure Support: Assisting with the execution of the strategy and providing ongoing support.

Why Consider Turkish Citizenship?

While Turkey may not initially come to mind for those seeking multiple citizenships, it has emerged as a significant player in the European and Central Asian region.

This guide provides all the essential information needed to make an informed decision about Turkey's citizenship by investment program.

Turkish Citizenship Program Overview

Turkey’s citizenship by investment program became particularly attractive after the minimum investment threshold for real estate was reduced to $250,000 in mid-2019. This reduction spurred a surge in foreign capital investments in Turkish real estate over the next three years.

However, the minimum investment requirement was later increased to $400,000. Investors are required to hold the property for at least three years and meet additional criteria to qualify for citizenship. This program appeals to foreign nationals seeking to diversify their assets while obtaining a second passport.

The Turkish government actively encourages foreign investment by offering incentives and reducing barriers, thus boosting the economy through foreign capital infusion.

Investment Criteria

While real estate is the most popular route to Turkish citizenship, other investment options are available:

Capital Transfer: Foreign investors can choose from four types of capital transfers, each requiring a minimum investment of $500,000.

These include:

A $500,000 deposit in a Turkish bank.
A $500,000 investment in a fixed capital contribution.
A $500,000 investment in Turkish government bonds, real estate investment funds, or venture capital funds.
A $500,000 commitment to a private pension fund.

Real Estate Investment

Investors opting for the real estate route must invest at least $400,000 in Turkish real estate. The final transaction must be conducted in Turkish Lira, and the land registry office no longer allows combining multiple properties to meet the minimum investment threshold—only one property under a single contract is permitted.

Before applying for citizenship, investors must obtain a certificate of eligibility from the relevant authorities.

Types of Real Estate

Investments

Turkey’s program is flexible regarding the types of real estate eligible for investment. Investors can purchase anything from a single apartment to a commercial property. The key advantage is that investors hold the title deed, a notable difference from other programs.

Proof of Ownership and Investment Duration

Ownership proof is vital in the citizenship process. After purchasing the property, the investor receives an official title deed that specifies the property cannot be resold within three years. A certificate of eligibility must be obtained from the Turkish Land Registry before submitting the citizenship application.

The Citizenship Application Process The process of applying for Turkish citizenship through real estate investment involves several steps:

Basic Eligibility: The primary investor must be at least eighteen, have never overstayed illegally in Turkey, and be prepared to pay all associated taxes and fees.
Tax ID and Bank Account: Obtain a Turkish Tax ID number, which is necessary for property purchase, and open a bank account in Turkey.
Property Acquisition: Choose the investment route and work with a local agent and lawyer to ensure a smooth transaction and legal transfer of the property deed.
Residency Permit: Obtain a residence permit, typically issued the same day as the application.
Citizenship Application: Submit the completed application file to the Provincial Directorate of Census and Citizenship. The naturalization process takes a few months, followed by passport issuance.

Immigration Support

Navigating immigration programs can be challenging.

Turkiye Homes provides personalized guidance to simplify the process, ensuring clients understand every step and have access to local professionals for legal and investment advice.

Document Requirements for Turkish Citizenship

Birth certificates of all applicants.
Passports of investors and dependents.
Proof of residence in the applicant's current country (e.g., a 3-month utility bill).
Biometrics and colored passport photos.
Police clearance for due diligence.
Proof of health insurance valid in Turkey.
Proof of investment.
Turkish Tax ID Number.

Dependent family members, including spouses and children under eighteen, can be included in the primary applicant’s citizenship application without additional investment costs.

Pros and Cons of Turkish Citizenship

Turkish citizenship offers significant benefits, such as visa-free travel to over 110 countries, the right to live, work, and study in Turkey, and the ability to pass citizenship to future generations.

Turkey permits dual citizenship, allowing individuals to retain their original nationality. Turkish citizens also benefit from public health services and access to the country’s advanced medical facilities.

However, there are potential risks, including the volatility of the Turkish Lira and inflation, which may impact investment returns. Investors must also consider the three-year holding period for the property, during which market conditions may change, affecting the property's liquidity.

Additional Benefits of Turkish Citizenship

Business Access to the UK and Europe: The Ankara Agreement allows Turkish citizens to work and reside in European Economic Community (EEC) member states, including the UK.
US Residency: Turkish citizens can apply for the E-2 Treaty Investor visa, which allows them to start a business and live in the US. This visa requires a smaller investment compared to the EB-5 visa available to non-Treaty countries.
Potential EU Access: Although Turkey has not yet secured visa-free access to the Schengen zone, efforts continue under the EU-Turkey Readmission Agreement. Meeting the remaining benchmarks could significantly enhance the Turkish passport’s value.

Foreign Direct Investment (FDI) in Turkey

Turkey has seen a significant increase in FDI, particularly in real estate, driven by Istanbul’s appeal and favorable rental yields. This influx of foreign investment has provided economic benefits, including job creation and infrastructure development.

Future of Turkey’s Citizenship Program

Turkey’s citizenship by investment program continues to attract international investors due to its competitive pricing, strategic location, and growing market.

The program's popularity highlights its value as a pathway to global mobility and economic opportunities. Turkiye Homes can guide potential investors through this process, ensuring a smooth and successful application.

Call us now : +442039511595