In 2016, the Turkish citizenship by investment program (also known as the Turkey Golden Visa) was introduced. Foreign investors can obtain a Turkish passport in three to six months.
Purchasing real estate worth at least $400,000 is the minimum investment choice for a Turkey passport. Other solutions necessitate a $500,000 capital investment in assets, government bonds, a business, or a Turkish bank deposit. Status registration takes 3 to 6 months. The investment can be recovered in three years.
Turkish citizenship allows you to live in Turkey continuously and apply for an E-2 US business visa, and visa free travel to 110 countries.
We will explain how to obtain a Turkish passport, who is eligible, and how this program differs from others.
Background
The Türkiye Citizenship by Investment Program (formerly known as the Turkey Citizenship by Investment Program) was started in January 2017 with the goal to attract foreign direct investment and stimulating growth in the country’s real estate sector. The program allows applicants to select from a variety of economic contributions to Turkish society, so helping to strengthen the country’s economy.
Türkiye is a transcontinental Eurasian country, with Istanbul embracing Europe and Asia over the Bosphorus Strait. Its strategic location at the crossroads of Europe and Asia makes it an important geostrategic player.
The Advantages of the Turkish Citizenship by Investment Program
Foreign investors can acquire Turkish citizenship in as little as three months. You can apply for Turkish citizenship by investment as soon as you complete your investment. Within three to six months, you will acquire a Turkish passport.
- Immediate permanent residency and Turkish citizenship: When you apply for a Turkish Investment Visa, you will be given a permanent residence permit that will allow you to live in Turkey and begin your investment.
- A Turkish passport will give you visa-free access or visa-on-arrival travel to 110 countries and territories, including Hong Kong, Japan, and Singapore. You can travel over 110 countries without a visa as a Turkish citizen, including Mexico, Japan, South Korea, and Hong Kong. The possibility of allowing Turkish nationals Schengen visa free travel is also being considered.
- Citizenship in a country with a pleasant Mediterranean climate, lovely scenery, and a good standard of life.
- Turkish citizenship for family members: The main applicant will be awarded full Turkish citizenship, as were family members.
- Eligibility for a five-year renewable E-2 Investor Visa in the United States: You can apply for the US E2 Investment Visa, which allows you to live, invest, and work in the United States.
- Access to a transcontinental Eurasian country that serves as a stable economic, financial, and political crossroads for Europe, Western Asia, and the Middle East.
- Opportunities for business in EEC (European Economic Community) countries: You can use the Ankara Agreement as a Turkish citizen, which allows Turkish nationals to work, create a business, and permanently relocate to an EEC country. While a visa is necessary, the application process is simpler than in other nations.
- A route to the Turkish Businessperson visa in the United Kingdom: Once you hold a Turkish passport, you can take advantage of a streamlined process to establish a UK business and gain British permanent residence.
Turkey citizenship by investment requirements
To be eligible for Turkish citizenship by investment, the primary applicant must meet one of the following investment requirements:
- Purchase at least USD 400,000 in real estate.
- A capital investment of a minimum of USD 500,000.
- Deposit at least USD 500,000 into a Turkish bank account, or comparable foreign currency or Turkish lira.
- Invest at least USD 500,000 in government bonds, or the equivalent in foreign capital or Turkish lira.
- Invest at least USD 500,000, or the equivalent in foreign currency or Turkish lira, in a real estate investment fund or a venture capital investment fund share.
- Make a minimum capital investment of at least USD 500,000 or comparable foreign currency or Turkish lira in a private pension system for at least three years.
- Create at least 50 jobs, as certified by the Ministry of Family, Labour, and Social Services.
In the Turkish citizenship by investment application, the main applicant may include their spouse, dependent children under the age of 18, and children of any age who are disabled. All these family members will receive a residence permit and become Turkish citizens.
The Tax Implications of Turkish Citizenship
Turkey does not levy any taxes on money received from overseas. Furthermore, if you do not stay in Turkey for longer than six months, you are not required to pay taxes. However, you must pay taxes on income earned within the country.
For example, if you have rented out your property, you must pay taxes. Every year, property tax is paid in two instalments.
The annual tax rate for apartments and properties bordering a metropolitan municipality, such as Istanbul, is 0.2%.
If you own a property worth 1,500,000TL, the owner must pay a total of 3,000TL per year. The first payment is due in May, and the second in November.
Furthermore, when selling a home, you must pay the accumulated tax for all previous years before transferring the deed.
Personal income is taxed at up to 35% if it exceeds TL110,000.
If you are interested in obtaining Turkish citizenship, you should speak with a Turkish tax consultant to understand more about the tax structure.
Purchasing a Real Estate property in Turkey
Turkey is not just one of the most popular second citizenship locations, but it also boasts an enticing real estate market with a high rate of return.
One of the main elements driving foreigners’ interest in owning real estate in Turkey is the large range of alternatives for luxury and inexpensive, new construction, off-plan, renovated apartments and villas, and resale residences.
Turkey Property Prices
Turkish real estate can be an extremely profitable investment. The nominal value of real estate in Istanbul doubles every five to 10 years. House prices in the country often rise by five to twenty percent per year.
According to data from September 2022:
- In Istanbul, the average price of a residential property is $130,000.
- Ankara’s average residential property price is $78,000.
- The average price of a home in Antalya is $113,000 USD.
Procedures and timelines for the Turkey Citizenship by Investment Program
After applicants have selected a qualifying investment choice, a residence visa application will be submitted on their behalf. The primary applicant must then open a Turkish bank account.
Once all application documents (including applicable certificates and translations) have been prepared, the investment can be completed and the documents sent to the government. When the government receives the application, the screening process begins, and an interview may be required.
Typically, applications are approved within 120 days, after which Turkish citizenship documents are issued. After that, the passport application can be filed.
Requirements for Turkish Residency
To gain Turkey citizenship by investment , there are no residency requirements. This means that you can get a Turkish passport six months after making an investment without ever having lived in Turkey.
You can also employ representatives to handle your investment, visa application, and citizenship. As a result, you are not required to be in Turkey for your investment or visa application if you do not choose to be.
You may, however, need to enter Turkey to supervise your investment. For example, if you are buying real estate, you will need to inspect the property or compare several possibilities.
Turkey Investor Visa Applicants’ Family Members
If you apply for Turkey citizenship by investment, you may include the following family members:
- Your companion or spouse.
- Minors under the age of 18.
- Children under the age of 21 who are financially dependant.
- Dependent aging parents
All family members included in the petition will be eligible to become Turkish citizens.
Other options for obtaining Turkish citizenship
Aside from investing in the Turkish economy through the Turkey citizenship by investment route, there are various other options for obtaining Turkish citizenship:
- After three years of marriage, by marriage
- By birth – acceptable for people who have at least one Turkish citizen parent.
- By employment – after five years of contract labor.
- By naturalization, after living in Turkey for five years. Another essential condition is that you cannot leave the country for more than six months during this time. To apply, you must additionally demonstrate knowledge of the Turkish language, a job, or a suitable amount of money.
- Purchasing any property is the simplest way to obtain an initial tourist home permit. Another option is to purchase $100,000 in real estate to obtain a permanent residency visa. A permanent residency visa will be issued for two years, with the option of extending it for another three years.
- For exceptional performance in science, industry, culture, or sports (Turquoise Card).
Dual citizenship
Turkey allows dual citizenship as well as multiple citizenship, and no nationality is officially barred.
Investors interested in the Turkey citizenship by investment route do not need to renounce their previous citizenship in order to obtain Turkish citizenship. This gives people who want to stay and work in their own nation a major edge.
Foreign citizens, however, will be excluded from some Turkish services, like as mandatory military service.
Note: Before applying for Turkish citizenship, be sure that your home nation does not prohibit you from obtaining Turkish citizenship.
Frequently Asked Questions About Obtaining a Turkish Passport Through Investment
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