Turkey’s citizenship by investment program increased the minimum investment requirement from $250,000 to $400,000 as of June 13th, 2022.
A few years back, we didn’t think that Turkish citizenship through investment was going to be a huge deal. The program was launched in January 2017 and had an entry cost of at least $1 million. There weren’t a lot of customers who signed up.
The Turkish government realized that they grossly overvalued their passport and dropped the investment needed to $250,000 in mid-2019. This immediately made it the most sought-after passport in RCBI (Residence and Citizenship by Investment) world.
If you’re looking for proof you can find it all within the figures.
Since the bar has been decreased, an average of 800 applicants are now approved to receive Turkish citizenship through investment every month. In addition, spouses and dependents , and Turkey has granted citizenship to more than 20,000 citizens since the beginning of the program just three years in the past.
In addition, Turkey brings in an average of $250 million each month from foreign investors. This is equivalent to $3 billion annual income.
No other RCBI program even comes close.
Subsequently, the sheer popularity of the program has caused some public tensions in Turkey to raise the minimum investment requirements. This was increased in the range of $250,000-$400,000.
WHAT IS A CITIZENSHIP INVOLVEMENT PROGRAM?
If you’re not sure what a citizenship by investment programme is about, we’ll bring you on the right track.
A CBI is a plan put in the name of a government to draw foreign investment. They accomplish this by awarding citizenship to those who make a particular amount of money in the country through any of the different pre-approved investments.
While in this article, we’re talking about the Turkey citizenship by investment program, a lot of other countries around the world offer CBI programs.
You could, for instance, invest $1 million in Malta and receive a passport, which will grant you visa-free access to almost every country around the world.
Or, you could choose to go offshore to the island that is St Kitts and Nevis and get its citizenship by investing only $150,000.
The possibilities are endless and vary widely, but certain things remain the same:
You have to invest or “donate’ a pre-set amount of money
The types of assets that you are allowed to invest in are also pre-defined.
You will be issued a passport as a reward
However, why would you want a Turkish passport first in the place? What is the strength of the Turkish passport?
Turkey is a large country that straddles the Euroasian continent, with an ear in the Western European world and one foot in the Middle East. It also has a estimated population of over 78 million, a median age of 31.5, and an average life expectancy of 75, Turkey is a highly lively country and a real combination of cultures.
Turkey is an industrialized country producing everything from televisions and home appliances.
Turkey has a number of great fundamentals, including the youthful population, its geographic place of birth, and its rising market status, in addition to many other reasons that make it an interesting country for investors to be involved with.
Turkey is a member of the G20 and NATO and NATO, and is an applicant to be a candidate for EU membership. It’s undisputed that it is a regional economic engine and also the world’s 16th largest economy.
It is also one of the best rates of GDP per capita, when compared with other nations that have the best investment in citizenship.
However, it’s not a paradise. Turkey isn’t without many issues and so do all nations.
The troublesome neighbor is a war-torn Syria to the southwest, their hostile relations with its neighbor Armenia and Armenia, their Turkish currency that has been hit badly in the last couple of years, their ties with Russia the Russian president Recep Tayyip Erdogan’s dictatorial aspirations… It’s a long list that is endless.
The fact that only back in 2016, there was a coup d’etat in Turkey shows that it’s an area where things can be changed at a moment’s notice.
Therefore, a word or caution. If you intend be investing in Turkey and apply for a passport, it will be prudent to be aware of the social and economic developments there.
You could also have a professional do it for you . The Nomad Capitalist staff is always there to assist.
THE TURKEY CITIZENSHIP PROGRAM BY INVESTMENT
The Turkey citizenship by investment is one of the easiest ways to obtain a second passport out there, with even easier guidelines to attract investors from abroad.
Ever since January 2017, you can buy your way to Turkish citizenship.
The basis of the law is found in the country’s Citizenship Law, Act No. 5901, as well as in Regulation 2016/9601. Regulation 2016/9601, promulgated and signed into law through the Council of Ministers (i.e. also known as the Cabinet).
MAIN BENEFITS OF TURKEY CITIZENSHIP through investment
Turkish citizenship is a trait that can be passed on to your children.
Visit more than 110 countries which includes Japan and all of Latin America
Access to live and work in USA or UK as an Turkish citizen
Apply and receive your citizenship within 4 months.
You and all of your dependents under 18 will become citizens.
Pick from 6 routes to get your passport
Three routes to Turkish citizenship investment
Place $400,000 in real estate in Turkey
You can outsource some of the work to a lower cost country.
Deposit $500,000 in an account at a Turkish Bank account
If you’re wondering how to get Turkish citizenship by purchasing properties, here’s a thorough answer. The Investment Office, under the presidency of the Republic of Turkey, has identified three avenues on how a foreigner can get Turkish citizenship through investments.
1. Acquiring a Property
The main attraction of Turkey citizenship through investment is the possibility of obtaining Turkish citizenship through the purchase of property. Since the lira has plummeted the real estate market is plentiful and they are cheap for foreign buyers.
You have to put $400,000 in real property in Turkey in order to qualify for a passport and there are no limits on the property you purchase. It could be a home or apartment or even land Do whatever makes the most financial sense for you.
There isn’t a pre-approval for properties like you would in other CBI programs where the real estate is usually overpriced.
According to the history, the value of real estate in Istanbul doubles its value within 5-10 years. If you’re looking to buy, rent and then hold over long time and want to save money, this is the best alternative to get a passport.
There are a few minor rules that you must adhere to, however. If you’re planning to purchase several properties, all of which combined would make your investment at least $400,000.
Also, you can say “I’m planning to purchase a property in Istanbul for $300,000 and the next time I’m buying something on the coast for $10,000.”as long that both properties were priced at least $400,000.
Each property must be registered on the same day to be counted towards the required $400,000.
Other than the requirement to hold the property for a minimum of three years, that’s all there is to it.
2. CREATING JOBS
Have you always wanted to start a company overseas or do you own a business already and want to outsource some labor to a more affordable country? In this case, creating jobs in the Turkish market to earn citizenship could be a viable option.
In the time that Turkey’s CBI program was introduced the requirement was to hire 100 employees. The requirements have been reduced to just 100.
In general, if you establish a company and employ at least 50 people then you are eligible to apply for an Turkish passport.
You’ll probably need some legal guidance and tips on navigating the world of business in Turkey. Plus, setting up the company, running payroll and all that comes with its own expenses.
It’s difficult to establish the exact amount of your cost would be, but we’d recommend this strategy to people who have a plan to run an actual business in Turkey for the long haul.
3. MAKING A CAPITAL INVESTMENT
If you’d rather not get tied up in real estate or setting up a boots-on-the-ground business There are numerous ways you can make a capital-investment to gain citizenship in Turkey.
The most important thing here is the amount you will need to put in.
The current number is $500,000. You can put that amount into the account as a deposit to a Turkish bank.
The three options for capital investment required to acquire the acquisition of Turkish citizenship through investing are:
Fixed capital investment is confirmed through the Ministry of Industry and Technology
Fixed deposit with the Turkish bank for a minimum period of 3 years, as confirmed by the banking regulations
The bond must be for a minimum of 3 years. Confirmed by Ministry of Treasury and Finance
Additionally, you need to hold your investment for at least 3 years. That can be very small in the CBI world.
What is your best option? Foreign investors
Take our advice regarding Turkish citizenship by investment Invest into real estate to get your Turkish nationality. We’re not saying that it’s the cheapest amount of money that it takes to participate in the Turkey citizenship by investment program.
Turkish citizenship via real estate property is the choice that makes the most sense to investors from all over the world.
You could certainly take on the entire task to start a business and then employing 50 or more people. You must be pretty hands-on to run that business or have someone you can trust to manage it for you.
You can put $500,000 in an Turkish bank account, or even into government bonds but why add more detail to the process?
Make an investment in real estate, let it out, and watch the value increase and sale it 3 years after. Turkish citizenship is available to you.
Despite its popularity with expats and its comparatively good standing on the international world stage, Costa Rica has been declining in the International Bank’s Ease of doing Business Index.
From being ranked 67th 2018, it’s now 74th and that’s mostly due to bureaucracy.
One could say one could say that Costa Rica is very much process-driven , not results-drivenas is the case for the majority of non-Western nations.
However the country is extremely safe and politically stable nation, possibly the most stable in the Latin American region in those dimensions.
So, if you see an opportunity for business there Don’t let a tiny bureaucracy keep you from taking it.
The Step-By-Step Turkish CITIZENSHIP the APPLICATION PROCESS
Are you convinced that you should have the Turkish passport for your passport portfolio? Let’s talk about how you can get it done practically.
The process typically is just four months long and doesn’t need you to study any Turkish or go to an interview formal or any other type of interview.
There is also no requirement to reside in Turkey. Your entire family members (spouse and kids under 18 years of age) are also eligible for Turkish citizenship if you meet all requirements for the main applicant.
The entire process can be carried out online, but if you’d like to do it in person you can go to Turkey for a three-day trip in which you will purchase the real estate and return with the deed title. It’s incredibly easy.
Be aware that throughout the process, plenty of paperwork will be needed. Official translations, apostilles notary certifications, photos… It’s best to leave the entire process for a certified professional. You don’t need to be keeping track of all that.
Nationalities with restrictions: Armenia, Cuba, Nigeria, North Korea, and Syria.
What you have to do to be able to acquire Turkey citizenship through investment. For the sake of explaining the process, we’re just going to suppose that you’re using to the real estate investment route (the procedure for other types of investments is quite similar).
1. Buy and find a property
This is the investment-making part of the procedure. There are many small steps that comprise the main process, like obtaining a tax registration number. It is also necessary to set up a Turkish bank account to purchase a home in Turkey. Then, the search for property might begin.
We have a comprehensive article which will provide you with all the details about the benefits of investing in Turkish real estate, which includes the tax implications that are important to be aware of as well as where to look for an apartment.
2. OBTAIN A Certificate of ELIGIBILITY
If you’ve chosen to go to the real estate market, you will need to get the Certificate of Eligibility to your investment.
Also the property needs to be considered to have met the requirements set out by the law. If you are dealing with real estate, you’ll have to submit a request to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
It’s quite an impressive amount of words. Imagine having to deal with that all by yourself too – real headache. It’s best to have local help. We’re able to help direct you to the correct direction.
3. OBTAIN A RESIDENCE PERMIT
You must be a legal resident at the time when you begin the application process for your citizenship. You must also obtain the residence permit once you’ve made an investment in order to be eligible for the Turkish passport.
Typically, it will be granted after the application form for the residence permit is filled out along alongside the Conformity Certificate and the real estate investment approval. The procedure takes between three and four working days, a week at most, making it one of the speediest residential processes.
There is no requirement to stay or even live in Turkey before becoming a resident. However, the applicant has to attend the interview in person just once.
In order to obtain a residence permit the applicant must remain for a period of three months in Turkey for an indefinite period of 3 months, or until they receive their permit card.
It’s really just an act of formality and another hoops to jump through. However, Turkey makes it an easy task.
4. LODGE AN APPLICATION FOR CITIZENSHIP
The last step of the process is to actually apply for citizenship. As soon as your residence permit has been granted, you can submit your paperwork in the Provincial Directorate of Census and Citizenship
Technically, this could be completed on the same day.
The best thing of all? You are not required for physical presence in Turkey anytime during or after the process in order for the final decision to be taken. Interviews are not required to be conducted or be conducted. The Turkish language requirement isn’t unique to you.
It’s as simple as dropping off the documents and travel home with your title deed and you can expect to receive your passport in the mail within the next 4 months.
It is important to note that a Turkish passport is valid for 10 years. This means you won’t need to renew it in the near future.
OTHER ways to OBTAIN TURKISH CITIZENSHIP
As with any other passport, there are multiple ways to obtain a second (or subsequent) passport.
There are other options to obtain Turkish citizenship If the investment route isn’t what you’re looking for. There are, however, a lot more hoops to jump through.
If a marriage is in the cards for you, marrying the Turkish national could mean you’re qualified for the Turkish passport. Certain requirements have to be met however.
The marriage must last for at least three years and then go through a process in which a commission determines whether your marriage is valid and valid.
You can also make an application to apply based on descent or other special circumstances, however the process is very long and demanding.
THE PROS OF TURKEY CITIZENSHIP BY INVESTMENT
As we said in the first paragraph of this article we felt that the Turkey citizenship through investment program wasn’t much to look at at the time it was launched.
Why would they charge so many dollars – $1 million for a tier-C passport? A Turkish passport doesn’t even compare with many other passports from jurisdictions that provide CBI, e.g. countries of the Caribbean.
However, tier C doesn’t necessarily mean a bad passport. Tier C is a definition for passports that do not have access to the US or the Schengen countries. Besides that, you have access to the majority areas of Asia, South America, and the Caribbean Islands.
There are a lot of people who will be giving up their citizenship from the west only to become Turkish. This is however an excellent passport that can be used as part of your passport portfolio or with my “Belt and Suspenders” strategy.
If you’re someone who likes investing in real estate, has cash lying around, and would like to broaden their options, Turkey is a good deal.
Let’s examine the different benefits Turkish citizenship has to offer:
You can earn income through your investment in real estate. You can rent your property after you purchase it. You can turn a profit while you’re at it. There’s no restriction.
Travel to 110+ countries visa-free. Many countries around the world have bilateral agreements with Turkey to establish a travel policy that doesn’t require visas prior to. These include Japan, Mexico, South Korea as well as pretty much every country in Latin America. If you’re planning to take your current Western-friendly passport and attach a new one to it, without having to spend much money, it seems like an interesting idea to submit for a Turkish passport.
You can move to the UK. As a Turkish citizen, you are able to reside and work in UK quite quickly. You’ll need in order to get a business person visa, then initiate the process in the future, and eventually, you could even be granted British citizenship if you so choose.
Employment in USA. Another Western nation that’s open to business people who are from Turkey can be found in the United States. If your dream is to relocate quickly to America You can make use of this E-2 investor visa to get underway.
Visa-free travel is a possibility for the EU. Turkey as well as the EU are now closer to reaching a compromise to allow visa-free travel between the two than ever before. It’s a very real possibility in the near future – Turkey has already met most of the conditions.
There is no need to declare your wealth. Certain countries that have CBI programs require you to declare your total global wealth in order to be eligible. Turkey has your privacy top of mind.
Medical assistance is provided for the entire members of your family members. If you’re a Turkish citizen is entitled to medical assistance from the public at no charge, for those in your immediate family. Sure, public health in Turkey isn’t top-of-the-line quality that you might want, but it’s a great alternative.
Favorable inheritance law. You don’t have to be concerned about your heirs not inheriting the real estate in the occasion of your death. The laws of Turkey fully ensure your legal heirs are protected and will ensure that your property passes down to them.
THE CONS OF TURKISH CITIZENSHIP BY INVESTMENT
There aren’t many disadvantages with Turkish citizenship as one may imagine. With the recent changes to the program that make it more attractive to foreign investors as well as investors from abroad, the Turkey citizenship by investment program is among the most effective currently.
There are a few challenging things to think about However, there are some difficult issues to be mastered.
Turkey is a still developing country and that has its own set of challenges. The socioeconomic and cultural impacts of this affect your daily life aren’t many.
If you’re not living in Turkey and you don’t live there, you’re not going to care about the standard of their roads or their education.
However, when it does become crucial is when it starts to impact your investments.
You want a stabile government and stable political situation where you invest. Turkey is a bit shaky on this.
Turkey’s President Erdogan certainly has been ruled by an iron fist, threatening freedoms and human rights at times. There are some dictatorial tendencies , which have made Erdogan more than a friend of heads of state around the world.
Don’t forget that there was an attempted coup to topple the government through those in the Turkish Armed Forces just back in 2016. Even though that didn’t succeed Who can guarantee it will not be repeated?
In the end there aren’t any obvious and practical negatives of having Turkish citizenship. However, do keep in mind that there are risks when investing in a growing state such as this.
WHAT HAPPENS NEXT
We believe it’s safe think that the year ahead will be a record year for the Turkish citizenship by investment program. It’s only been recently that Chinese agents have caught wind of the Turkish citizenship by investment and have begun to travel to the country and eager to inform their customers back home about it.
The most important thing is its simplicity as well as its potential real estate market. Investors can visit Turkey for a short period of time and be enrolled in the program. After that, they will receive a passport and officially become a Turkish citizen. Your children will be Turkish citizens as well.
And indeed, Turkey gives you a variety of choices. It’s a secure haven for people from less moderate Middle East countries and other nations where people wish to have a Plan B.
Have you considered making an application for Turkish citizenship? Or perhaps this article got you thinking about it and you’re considering it now?
We always recommend you take your time and do your research.
The information provided in this article should not be substituted for professional and actual advice, which is always available.
The laws change, the requirements change, and even your personal situation could change. In the case of Turkey, that’s particularly true.
Three changes could throw a wrench in the works: the possibility of upping of the investment threshold, the implementation of traveling between Turkey to the EU without the requirement of a visa prior and the increasing real estate rates in Turkey.
Turkey’s citizenship by investment program increased the minimum investment requirement from $250,000 to $400,000 as of June 13th, 2022.