In recent years, Turkey has become an attractive option for foreign investors seeking second citizenship. Through its Citizenship by Investment program, Turkey offers an opportunity for investors and their families to gain citizenship quickly.
Vladlena Baranova, Lawyer, AML Compliance officer at Immigrant Invest, certified CAMS specialist, explains the Turkish passport advantages, eligibility criteria, investment options, and the application process for Turkish second citizenship.
Turkish Citizenship by Investment Overview
The Turkish government introduced the Citizenship by Investment program in 2017. This allows foreign nationals to acquire Turkish citizenship by making a qualifying investment. The program is designed to attract international investors and their families to Turkey while also boosting the local economy.
Through this program, investors can obtain Turkey citizenship by investment in a relatively short period. The key advantage is the flexibility in the types of investments that can be made, allowing investors to choose the option that suits their financial goals.
There are five available options: purchasing real estate or investment fund shares or bonds, investing in the share capital of a Türkiye company, and opening a deposit in a Turkish bank.
10 Benefits of Turkish Citizenship
There are several benefits to acquiring Turkish citizenship by investment. Here are the top 11 reasons why foreign investors choose Türkiye:
- Visa-free travel to over 110 countries. Turkish passport holders enjoy visa-free access to several countries, including Japan, South Korea, and Qatar.
- Dual citizenship allowed. Turkey permits dual citizenship, so investors do not need to renounce their original nationality.
- Attractive real estate market. Investors can purchase property in Turkey, with the potential for high returns due to the country’s growing real estate market.
- Affordable healthcare and education. Turkish citizens have access to high-quality, affordable healthcare and education systems.
- Strategic location. Turkey’s unique location between Europe and Asia makes it an ideal base for business and travel.
- Economic stability. Turkey’s growing economy offers opportunities for investors in various sectors, from agriculture to technology.
- Family inclusion. Investors can include their spouse and children under 18 in the citizenship application, providing them with the same rights and benefits.
- Tax incentives. Turkey has attractive tax policies for investors, including low corporate tax rates and incentives for businesses.
- Business opportunities. Investors can start a business or acquire an existing one in Turkey with access to a large, diverse market.
- Cultural and historical heritage. Turkey offers a rich cultural experience, combining modern life with a deep historical heritage.
Eligibility criteria for Turkish citizenship
To be eligible for Turkish citizenship by investment, foreign investors must meet certain criteria. These include:
- investors must make an investment in one of the approved categories, such as real estate, a business, or government bonds. The minimum investment amounts vary depending on the type of investment;
- main applicant must be at least 18 years old;
- investors must not have a criminal history, either in Turkey or in their home country;
- Applicants must prove they have the financial means to make the required investment.
Investment options
Turkey offers several investment options under its Citizenship by Investment program. Here are the main routes available:
- Real estate investment. Investors can purchase real estate worth at least $400,000. The property can be rented out or resold after three years.
- Capital investment. A minimum investment of $500,000 in Turkish businesses or government bonds is another option for obtaining citizenship.
- Bank deposit. Investors can deposit $500,000 in a Turkish bank for a minimum of three years.
- Purchase of fund units. The investor can sell the units three years later. During ownership, the investor receives passive income.
- Government bonds. Purchasing government bonds worth at least $500,000 and holding them for three years is another eligible investment option.
The purchase of real estate is the most popular option. Property prices in Turkey increase by 15 to 25% annually.
How to apply for Turkish passport
The application process for Turkish citizenship is straightforward but requires careful attention to detail. Here are the general steps involved:
- Choose an investment option. First, decide on the type of investment you wish to make .
- Make the investment. Complete the required investment and obtain the necessary documentation.
- Submit your application. Once the investment is made, submit your application for Turkish citizenship to the relevant authorities, along with the required documents.
- Background check. Turkish authorities will conduct a background check, including verifying the source of funds and criminal history.
- Approval and citizenship. If everything is in order, the Turkish authorities will approve your application, and you will receive Turkish citizenship.
- Get your passport. After approval, you and your family members will be issued Turkish passports, granting you full citizenship rights.
Conclusion
Obtaining Turkish citizenship by investment is an attractive option for foreign investors looking for a strategic location, business opportunities, and a host of benefits.
If you are considering applying for Turkish citizenship, it’s important to understand the various investment opportunities and the application process.
