Whether you’ve already invested in real estate in Turkey or are willing to do so soon, you should know the opportunity to get citizenship through your investment.
Indeed, if you satisfy the requirements, you can get your Turkish citizenship within three to six months after your application. These requirements include investing in a property with a minimum value of $600,000. If you’re new to the world of real estate investment in Turkey, in this guide, we will cover the ins and outs of citizenship by investment program in this Euro-Asian country.
What’s Turkey’s citizenship by investment program?
Turkey’s citizenship by investment program was launched back in 2017 to attract more investors to the country. It is similar to other programs in Spain, Greece, Portugal, and other European countries. In the beginning, the condition to access the program was to purchase real estate worth at least $1 million. However, this requirement was quite blocking for investors, which is why the government reduced the value of the investment to $250,000 in 2019. Since the number of applicants for Turkish citizenship by investment increased, the threshold was raised to $600,000. This program is often referred to as a Turkey Golden Visa.
Why should you apply for citizenship by investment in Turkey?
Turkey is known for its beautiful cities, historical monuments, and pleasant lifestyle. It also has a strategic location between Europe and Asia, making it a country full of business opportunities and a great market for investment.
Here are some benefits of the citizenship-by-investment program in Turkey:
- Getting a Turkish passport within three to six months
- Getting a permanent residence card that gives you the possibility and your family members to live, study, and work in Turkey
- Benefit of all the rights of Turkish citizens including medical public care, voting, and retirement law
- Having access to more than 110 countries visa-free
- Having the possibility to apply for the US E2 Investment Visa once you become a Turkish citizen
- Having dual citizenship, since you are allowed to keep your original passport while having the Turkish one
The requirements for citizenship by investment in Turkey
The good news is that there are no requirements regarding language or residence when you apply for the Turkey Golden Visa. Hence, you don’t have to speak Turkish fluently or justify your stay in Turkey for any period. You can even purchase your real estate while being abroad. But we recommend that you visit the property you’d like to acquire to make sure it matches your expectations.
This being said, there are some requirements you must meet to apply for Turkey’s citizenship by investment program:
- You have to be an adult
- You must have a clean criminal record
- You must have never stayed in Turkey illegally
- You must have completed due diligence on your investment
- You must justify that the funds you used to invest were acquired legally
What are the other options for citizenship by investment in Turkey?
If investing in real estate worth at least $600,000 doesn’t match your business and personal goals, you can still obtain Turkish citizenship with one of the following investment options:
- Invest in government bonds with a value of at least $500,000 and maintain the investment for at least three years
- Create a company and recruit at least 50 people
- Proceed with a capital investment of at least $500,000
- Put $500,000 in a Turkish bank and keep it for at least three years
- Invest at least $500,000 in shares of real estate investment funds or venture capital fund shares. These funds cannot be sold for at least three years
The process to apply for Turkish citizenship by investment program
Where to apply for the certificate of eligibility for investment in Turkey?
As mentioned in the infographic above, before you can invest in Turkey, you have to apply for a certificate of eligibility for investment. You must submit your application to one of the following organizations depending on the type of investment you are willing to make:
- Turkish Land Registry and Cadaster of the Ministry of Environment and Urbanization, if you invest in real estate
- Incentive Application and Foreign Capital of the Turkish Ministry of Industry and Technology, if you make a capital investment
- Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency, if you deposit your money in a Turkish bank account
- Turkish Ministry of Treasury and Finance, if you invest in government bonds
- Department of the Brokerage Activities of the Capital Markets Board of Turkey, if you purchase real estate investment fund shares or venture capital investment fund shares
- General Directorate of International Labor of the Ministry of Family, Labor, and Social Services, if you create a company and employ at least 50 people
Citizenship by investment in Turkey: Final thought
Turkey is by far a great destination for investors of all kinds, thus, the Turkish government allows them to obtain citizenship to encourage more investment in the country. Being a Turkish citizen confers many advantages including access to public medical care, studying, and also traveling to more than 110 countries visa-free.
If you’re looking for tailor-made support for your investment project to obtain Turkish citizenship, Welcome Concierge can provide you with all the information you need to make your project a success. Get in touch with us and benefit from expert guidance through the whole citizenship by investment process.
FAQ
Does Turkey allow dual nationality?
Yes, Turkey allows dual nationality, you can maintain your current nationality even after obtaining the Turkish passport.
What’s the validity of the Turkey Golden Visa?
The Turkey Golden Visa or investment Visa is available forever. Once you get the Turkish citizenship, it is available indefinitely.
Can I proceed with a family reunification with the Turkey Investor Visa?
Yes, in your application for the Turkey Golden Visa, you can include your spouse, your children whose age is under 18 or up to 21, and even your elderly parents if they are all financially dependent on you.
