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If you choose to own your home in Turkey, you may look forward to being pampered by breathtaking landscapes, being surrounded by the mesmerizing sea view, indulging in mouthwatering cuisine, and having friendly neighbors. In comparison to those living in many other nations, those living in Turkey enjoy a far more exciting way of life.
In addition to this, due to its location at the crossroads of Europe and Asia, Turkey is an extremely important country in terms of geostrategic significance. With all of these advantages, who wouldn't want to make their home in one of the countries in Eurasia?
Residency schemes in Spain, Portugal, and Greece saw such massive success that the citizenship by investment program in Turkey received widespread attention. Additionally, the most important reason why people from other countries desire to obtain a Turkey investment visa is that Turkey provides access to both the European and Asian markets.
Therefore, that was merely a condensed version of the application. Do you have any idea about the benefits associated with obtaining Turkish citizenship? In addition, are you qualified to apply for the Turkey Investment Visa Program in the first place? If this is not the case, what steps can you take to ensure that you meet the requirements outlined in the criteria?
Citizenship by Investment in Turkey
The Citizenship by Investment program of Turkey was announced in the year 2016. The Turkish government initiated the program toward the end of January 2017, with the goals of attracting foreign direct investment and enhancing the country's real estate market. Under the terms of this program, the investor has complete discretion over how he wants to contribute to the social fabric of Turkey.
When the government of Turkey first introduced its citizenship-by-investment program, it stated that the minimum investment required to participate was one million dollars. As a direct result of this, not too many investors were interested. The Turkish government, having concluded that the sum that was established is somewhat arbitrary, lowered the required investment to a level of $250,000 in the middle of 2019.
Today, the nation generates an average of $250 million every month alone from its foreign investors. The minimum investment required for Turkish citizenship has increased from $250,000 to $400,000 in response to the growing number of candidates interested in pursuing this path.
See our blog post and learn about the amendment regarding the minimum amount for Turkish citizenship acquisition: Turkish Citizenship by Investment Has Increased to $400,000.
Turkey Golden Visa Highlights
- The minimum amount required for investment is $400,000.
- The time required for processing is three to six months.
- The most important benefit is the right to travel freely across Turkey and several other countries in the area.
Qualifications to Apply for Turkey Citizenship by Investment
The primary applicant must meet certain requirements to be eligible for the Citizenship by Investment Program in Turkey.
- You must be at least 18 years old to participate.
- You are not allowed to have ever overstayed your visa in Turkey.
- You should be responsible for the payment of all applicable taxes and fees.
Documentation Needed to Acquire a Golden Visa for Turkey
- Copies of birth certificates of the applicants
- Copies of each applicant's passports
- Proof of Current Residence
- Photographs of the applicant's face and fingerprints, in color and with biometrics
- Marriage certificate (optional)
- A certificate proving that the spouse has died or been divorced (optional)
- Documentation demonstrating that none of the candidates have any prior arrests or convictions
- Documentation to Verify Your Health Insurance (valid in Turkey)
- Documentation demonstrating the deposit of $500,000 into a Turkish bank account or the client account of a Turkish lawyer
- Turkish Tax ID Number
Note that you can include your spouse, any dependent children who are under the age of 18, and any children who have a disability, regardless of their age.
Benefits of the Turkish Citizenship by Investment
You might not be aware of this, but becoming a citizen of Turkey through the investment program has a lot of advantages. The advantages are listed down below :
Spend Time in Turkey: Working and Going to School
Your family and you will have legal authorization to work and study in Turkey if you obtain Turkish citizenship. In addition, if you are considering moving with your family, you may be able to alleviate some of the burdens that are associated with the education of your children. Because citizenship is issued to the entire family, you and your children will have access to the educational system as well as the high-quality lifestyle that Turkey has to offer.
Simple Route to Obtaining Citizenship
The easiest way to gain Turkish citizenship is through the process of acquiring it by investing in the country. If you invest $400,000 in real estate, you will be eligible to receive your Turkish passport in fewer than two months after completing your application. This is subject to the terms and conditions of the program.
Reunification of the Family
Those who wish to apply for citizenship in Turkey based on their investments are permitted to bring their dependent children (less than 21) with their spouses and parents. Aside from that, all members have the same rights to free healthcare services as the native people of Turkey.
Easy Schengen Visa
Citizens of Turkey who wish to apply for a Schengen visa need to be able to produce the required documentation. It is not a complicated manner. In addition, there are a great number of other nations that have entered into reciprocal visa-free travel arrangements with the country in question. Hong Kong, Singapore, Japan, Mexico, South Korea, and practically the entirety of Latin America are included in this category.
In the US, E2
You can easily apply for the E-2 investor visa to enter the country if you want to move to the United States and start a new life there. The United States E-1 and E-2 Investor Visas are covered by a treaty agreement between the two countries. Those individuals who are unable to apply for an E2 visa through their primary citizenship have the fantastic option to seek Turkish citizenship instead.
No Language or Residency Requirements
There is no predetermined amount of time that a person must spend in Turkey before or after completing the citizenship by investment in Turkey path to be eligible for citizenship in Turkey. In addition, you don't need to worry about looking around even if you don't know the local Turkish language.
Visit our blog titled How to Get Turkish Citizenship? Process and Benefits and discover the advantages of Turkish citizenship by real estate investment in Turkey.
Turkey Citizenship by Investment Routes
There are specific investment paths that one can take to apply for Turkish citizenship by investment, such as the following:
- Real estate acquisition
- The establishment of new job opportunities
- Capital transfer
Investment Requirements for Turkish Passport
There are three different routes that a non-Turkish national might take to acquire a Turkish passport through the means of investment.
1. Real Estate
When it comes to real estate investments, there is no shortage of choices. An individual is required to make an investment of $400,000 in real estate in Turkey, regardless of the sort of property that they wish to buy. You have the option of purchasing a villa, an apartment, or land.
Take note that you can also buy numerous homes if their combined value is at least the required minimum of $400 000.
You must keep ownership of the property for a minimum of three years.
It is important to take note that the costs of real estate in the most expensive locations are approximately $5,500 per square meter.
2. The Making of New Jobs
Another way to obtain Turkish citizenship through investment is to establish employment for at least fifty workers in the country. Therefore, you should launch your own business and contract out some of the work to acquire citizenship.
Therefore, if you are interested in exploring the business sector in Turkey, you should run a genuine foreign business that employs locals.
3. Capital Transfer
Overseas investors can put their money into the stock market even if they do not want to get involved in the real estate market or the world of business. At this time, the minimum required amount of capital investment to qualify for investment citizenship in Turkey is $500,000.
So, what exactly is one supposed to do with such a sum of money?
- You should put it in a bank in Turkey.
- You should contribute to the purchase of government bonds.
- You should put your money into fund shares.
*Take note: You must hold on to the investment for three years.
The fact that you do not need to necessarily deposit the sum in Turkish currency, the Lira, is one of the most significant benefits of investing in Turkish citizenship through capital transfer. It is recommended that you make investments using a secure currency, such as a dollar or euro.
A note on the fact that the investment in real estate is the one that makes the most sense for an overseas investor. Not only does it require a small amount of money, but also its worth is anticipated to increase in the coming years, therefore it is a good investment. You also have the option of renting it out or selling it.
For a detailed analysis of the Turkish citizenship acquisition process and conditions, read our article named What Are the Conditions of Being a Turkish Citizen?
Residency Requirements
The good news is that Turkey's citizenship by investment scheme does not need applicants to have permanent residence in the country.
The applicant can submit their application from a distance and then later travel to Turkey to investigate the properties or other investment options you have selected.
Certificate of Eligibility to Apply for a Golden Visa to Turkey
To get a Certificate of Eligibility for investment in Turkey, you are required to apply to either one of the following agencies, depending on the kind of investment you plan to make:
- Real estate route provided by the Turkish Land Registry and Cadaster of the Ministry of Environment and Urbanization
- Capital Investment Route of the Turkish Ministry of Industry and Technology's Incentive Application and Foreign Capital Program
- Deposit in a Turkish bank account, as required by the Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency
- The Turkish Ministry of Treasury and Finance's investments in various forms of government debt
- Real Estate Investment Fund Shares Or Venture Capital Investment Fund Shares, Offered By The Department Of Brokerage Activities Of The Capital Markets Board Of Turkey
- The company formed under the auspices of the General Directorate of International Labor inside the Ministry of Family, Labor, and Social Services
Find Out More About Who We Are at Bari Global
Bari Global is an investment immigration agency that offers a complete range of services. On the subject of residence and citizenship by investment programs in Turkey, we offer comprehensive solutions for our clients.
We have local offices in the city of Istanbul, which is located in Turkey. On our team, you'll find both licensed legal professionals and real estate professionals who have their real estate licenses.
We work with clients from all over the world who are interested in either acquiring Turkish citizenship through investment or real estate purchases in Turkey.
Please get in touch with us and one of the professional members of our team so that we can answer all your inquiries.
Application Deadlines for the Turkey Citizenship Scheme Timeline
The applicant will be required to apply for a residency permit after he has made his decision regarding how he intends to invest in Turkey. The entire process can take anywhere from three to four months, on average. The most important aspect, however, is that you don't need to be physically present in the country to participate in an interview or submit documents.
The process will most likely take up a significant amount of your time due to the need for notarial certificates, official translations (if necessary), and other similar requirements.
Therefore, it is highly recommended that you employ the services of a qualified professional to speed up the process.
In addition, the procedure is extremely comparable regardless of whether you go the route of investing in real estate, creating jobs, or capital. The steps that need to be taken are as follows.
Guide in Detail for the Real Estate Transaction Process
- First and foremost, fresh Turkish Tax ID Numbers need to be obtained. If you do not have a tax identification number, the legal system will not allow you to move forward with the purchase of the property. After you have obtained the tax identification number, the next step is to open a bank account in the country.
- After that, it's time to do some research and find the home of your dreams. At this point, you will start putting together all of the necessary paperwork.
- You will need to obtain a certificate of eligibility to invest in real estate in Turkey. This certificate will be issued to you once you have satisfied the requirements for Turkey citizenship by investment program. The applicant must submit their request to the General Directorate of Land Registry and Cadaster within the Ministry of Environment and Urbanization to accomplish this.
- Before beginning the application process, a person must be eligible to live in the country legally. Therefore, it is in your best interest to apply for a residence permit as soon as you have finished the financial preparations necessary to obtain a Turkish passport. The application will be processed immediately, and you will receive it on the same day. It makes perfect sense why this is the quickest method for obtaining residency anywhere in the world.
- After the paperwork has been completed and checked by the hired professional, you will finally reach the last step, which is submitting your paperwork (including all documents and application forms) to the Provincial Directorate of Census and Citizenship. This will be the final step.
In twenty-four hours, you'll have no trouble completing all of these steps! To begin, your physical presence in the nation is not required for you to complete this step. Second, even if you are in Turkey at the time, you can still complete it during the day, hand in the paperwork, and go back to your house with the title deed in your possession.
Time to celebrate: After submitting your application, it will take approximately three to four months for you to receive your passports.
In addition to that, the duration of time for which this passport is valid is ten years. As a result, you do not need to go for a run after every three to four years to have it renewed.
Low Due Diligence
The due diligence for Turkish real estate is a comprehensive report that includes details about the legal status of the property. It informs you if it has been involved in any debts or lawsuits and whether or not it can be purchased without risk.
In light of this, if you are interested in purchasing real estate in Turkey, the real estate specialist representing you will go to the Land Registry to verify and check the registration number. In addition, the information that pertains to leasing and any other commitments associated with the property will be checked for accuracy.
In addition, the real estate company will conduct research as part of its due diligence to determine whether or not the proposed change to the property is allowed by the local municipality. The construction licenses that have been issued by the local authorities will also be checked by the specialist.
Tax Consequences of Citizenship in Turkey
The income you earn from working outside of Turkey is exempt from taxation under Turkey's law. In addition, if you do not reside in Turkey for over half a year, you will not be required to make tax payments there. On the other hand, any income you earn within the borders of the country is subject to taxation.
For instance, if you have tenants living in your home, you are obligated to pay taxes on that income. Each year, the tax on the property is divided into two equal payments.
- Apartments and houses that are located on a metropolitan municipality's border, such as Istanbul, are subject to a tax rate of 0.2 percent per year.
- If you own a property worth 1,500,000 TL, the total annual payment you are responsible for is 3,000 TL. You will be responsible for paying the first installment in May, and the second one will be due in November.
In addition, before transferring the deed to a property, the seller of the property is required to pay the accumulated tax liability for all of the years preceding the sale of the property.
- If your income is more than TL111,000, you will be subject to a tax rate of up to 35%.
In addition, it is highly recommended to get in touch with a Turkish tax expert to acquire additional information regarding the tax system.
Turkey's Dual Citizenship System
Turkey recognizes dual citizenship as well as multiple citizenship, and the country has not officially restricted any nationality.
Investors who want to become citizens of Turkey through investment do not need to give up the citizenship they already hold in their country of origin to apply for citizenship in Turkey. People who want to remain in and continue working in their home country have a significant advantage as a result of this.
However, citizens of other countries will not be required to perform certain services in Turkey, such as mandatory military service.
Note: Before you apply for Turkish citizenship, you should first determine whether or not the laws of your country of citizenship prevent you from acquiring Turkish citizenship.
Visa-Free Destinations with a Turkish Passport
Being a citizen of Turkey confers several advantages, one of which is the ability to visit a large number of countries without a visa or with a visa obtained upon arrival. Those who hold a passport from Turkey are permitted entry into almost 111 countries all over the world.
Some of these countries include Qatar, Singapore, Tunisia, Jordan, Iraq, Japan, South Korea, Malaysia, Hong Kong, Indonesia, Belarus, Bosnia, Chile, Colombia, Ecuador, El Salvador, Georgia, Paraguay, Serbia, South Africa, Thailand, Northern Cyprus, Ukraine, Uruguay, Morocco, Brazil, Argentina, Kuwait, Bahrain, Lebanon, and the majority of the African countries.
Some of these countries allow travelers to enter without a visa, while others allow travelers to obtain visas upon arrival. In addition, these allow a person to stay there for a particular amount of time during their visit. For instance, it is possible to enter Brazil without a visa and remain there for up to ninety days.
Frequently Asked Questions
- How much do I need to invest to get Turkish citizenship?
The minimum amount of money required to invest to qualify for a Turkish passport is $400,000. This is the amount of capital that was invested through the purchase of real estate. This amount was $250,000 up until the year 2022.
When considering alternative investment strategies, the minimum amount required is $500,000. After you have made the required investment, you can receive your citizenship within three to four months at the very latest.
- Can I get Turkish citizenship by buying a house?
Yes, if you buy a house in Turkey, you can apply for citizenship in that country. It's one of the routes with the highest demand under the citizenship by investment program in Turkey. The value of the property must be at least $400,000 to satisfy the requirements. In addition to this, you will be required to obtain a certificate of eligibility from the appropriate authorities.
- Does Turkey offer citizenship for purchase?
Like the other countries which offer Golden Visa, Turkey will grant citizenship in exchange for an investment. Therefore, one could argue that this constitutes citizenship by investment. Eligible investors can select the investment strategy that best suits their needs and then begin the process. The process of obtaining Turkish citizenship through investment can be finished in fewer than six months.
- Is getting Turkish citizenship easy?
It is not difficult to obtain citizenship by investment in Turkey if the proper procedures are followed. The procedure is uncomplicated and easy to understand. You can expect to become a citizen of Turkey in three to six months, provided that you have the necessary documents and make the investment that meets the requirements. Getting assistance from a trained professional will make the process much simpler.
- Can a foreigner become a Turkish citizen?
Yes, non-Turkish citizens can become citizens of Turkey. Dual citizenship is permitted in Turkey; however, you will also need to check with your home country to determine whether or not it permits dual citizenship. Obtaining Turkish citizenship can be accomplished through either naturalization or investment.
- Is a Turkish passport strong?
The Turkish passport is considered powerful because it can be used to enter more than 110 countries without the need for a visa. If you have a Turkish passport, you do not need a visa to enter many of the countries that are located in Asia. Thailand, South Korea, Japan, and the Philippines are some of the nations that are a part of this category. Additionally, many countries in South America, such as Argentina and Venezuela, do not require a visa for Turkish passport holders to enter the country.
- Is there a Turkey residency by investment scheme?
There is no distinct program for residency in exchange for investment in Turkey. You can make an application for citizenship in the country directly through the program that offers it, and this will help you to get permanent residency for you in the country.
