The Turkey’s citizenship-by-investment program raised the minimum investment from $250,000 to $400,000 effective June 13th, 2022.
A few years back, we didn’t believe that Turkish citizenship through investment going to amount to much. They launched it in January of 2017 and it had an entry cost of at the minimum of $1 million. Unsurprisingly, there weren’t many takers.
The Turkish government realized that they grossly overvalued their passport , and lowered the amount of investment required to $250,000 in mid-2019. This immediately made it the most sought-after passport in the RCBI (Residence and Citizenship by Investment) world.
If you’re looking for proof, it’s all in the numbers.
Since the bar was lower, about 800 applicants are now approved to receive Turkish citizenship through investment each month. In addition, spouses and dependents and Turkey has naturalized nearly 20000 people since the launch of the program just three years in the past.
Furthermore, Turkey brings in an average of $250 million per month from its foreign investors. This amounts to an astounding $3 billion in annual earnings.
None other RCBI program comes close.
The adulation of the program has caused some public anxiety in Turkey, raising the minimum investment requirement . It was increased by $250,000 up to $400,000.
What is a CITIZENSHIP ADVESTMENT PROGRAM?
If you’re unsure of what an investment citizenship scheme is all about, allow us to help get you familiar with the program.
A CBI is a program set in the name of a government to encourage foreign investment. They do so by granting citizenship to those who invest a certain sum in the country using one of the many pre-approved investments.
Although in this piece we’re talking about the Turkey citizenship by investment program, many other countries around the world offer CBI programs.
For instance, you could invest $1million or more in Malta and obtain a passport, which would grant you visa-free entry to nearly all countries in the world.
If you prefer, you can opt for the offshore haven that is St Kitts and Nevis and become a citizen by investing the sum of $150,000.
There are no limits to the options available and are a wide range of possibilities, however, some things are the same:
You have to invest or “donate to a set amount of money
The categories of asset classes you can put your money into are also pre-defined.
You will receive a passport as a reward
But why would you want a Turkish passport at all in the very first place? How strong is the Turkish passport?
Turkey is a massive country that is located on its way across the Euroasian continent, having an ear in the Western European world and one foot in the Middle East. And, with a population of 78 million people with a median age of 31.5, and the life expectancy at 75, Turkey is a highly active country that is an combination of various cultures.
Turkey is a rapidly industrialized nation that produces everything from televisions and home appliances.
Turkey is a great country with a lot of basic features, such as the younger population, the geography, and its emergence market position, as well as many other factors that make it a highly intriguing country to invest in and engage with.
Turkey is a member of the G20 and NATO in addition to being a candidate in the race for EU membership. It’s no secret that it is a regional economic powerhouse and the world’s 16th-largest economy.
It also has among the top rates of GDP per capita when compared to other countries offering the best investment in citizenship.
But it’s not all a blanket of flowers. Turkey has plenty of issues and so do all nations.
The neighbor with the most troubled history is currently a war-torn Syria within the southern part of the country, the hostile relations with their other neighbor Armenia the Turkish currency that has been hit severely in the last few years, their relationship with Russia the Russian president Recep Tayyip Erdogan’s dictarial ambitions… It’s a long list that goes on.
The fact that only back in 2016 there was an attempted coup d’etat in Turkey indicates that it’s an country that could change at any moment.
Therefore, a word or caution. If you intend be investing in Turkey and get its passport, it’s best to be prudent to closely monitor the socio-economic and political developments there.
You could also hire a professional to handle it for you . Nomad Capitalist staff is always ready to help.
THE TURKEY CITIZENSHIP BY Investment PROGRAM
The Turkey citizenship through investment is one of the easiest ways to acquire an additional passport, with even easier rules to get the investment of foreign investors.
Since January 2017 you are able to buy your way to Turkish citizenship.
Its basis is the country’s Citizenship Law, Act No. 5901, and in Regulation 2016/9601. Regulation 2016/9601, adopted and signed into law in the Council of Ministers (i.e. the Cabinet).
MAIN BENEFITS OF TURKEY CITIZENSHIP through investment
Turkish citizenship is a trait that can be passed on to your children.
Visit 110+ countries including Japan and all of Latin America
Get access to work and live in the USA as well as UK as Turkish citizens. Turkish citizen
Request your citizenship and you will receive it in 4 months
All of your dependents that are younger than 18 years old will receive citizenship.
Choose one of six routes to obtain your passport
THREE WAYS TO GET TURKEY CITIZENSHIP INVOLVEMENT
Invest $400,000 in real estate in Turkey
Outsource some of the labor to a country that is less expensive
Place $500,000 into an account at a Turkish Bank account
If you’re looking to acquire Turkish citizenship by purchasing property, then here’s your thorough answer. The Investment Office, under the jurisdiction of the Presidency of the Republic of Turkey, has set out three routes for foreigners to get Turkish citizenship through investments.
1. ACQUIRING A PROPERTY
The primary benefit of Turkey citizenship by investment is the possibility of obtaining Turkish citizenship when you purchase properties. With the fall of the lira real estate opportunities are numerous and are affordable for foreign buyers.
You must invest $400,000 in real estate in Turkey to be eligible for the passport. There is no limit on the kind of property you purchase. It could be a home as well as an apartment, land, or a house – do whatever makes the most financial sense for you.
There isn’t a pre-approval for properties , as you’d find in other CBI programs where the property is typically overpriced.
In the past, property in Istanbul increases in value over 5-10 years. If you’re looking to purchase, rent and hold for the long term then this is the ideal option to gain another passport.
There are some rules you have to adhere to, however. If you’re planning to purchase multiple properties, both of which together would make your investment $400,000 or more.
Also, you can say “I’m going to buy one 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 of your properties must also get registered the exact same day in order to be included in the requirement of $400,000.
Apart from the requirement to keep the property for at least three years, that’s all that there is to it.
2. CREATING JOBS
Have you always wanted to start a company in another country or have already established a business and wish to transfer some of the labor to a more affordable country? Do you want to create jobs in the Turkish market in exchange for citizenship could be a good option.
The first time the Turkey CBI program was first introduced, you needed to employ 100 employees. Now, that amount has been cut to half.
In essence, if it is possible to create a business and employ at least 50 people then you are eligible to apply for a Turkish passport.
It is likely that you will require legal guidance and tips on navigating the world of business in Turkey. Also, establishing your own company, operating payroll, and all of it comes with expenses.
It’s hard to pin down exactly what your investment will be, but we would only recommend this option for people who plan on operating an actual business in Turkey for the long-term.
3. MAKING A CAPITAL INVESTMENT
If you don’t want to be tied down by real estate, or even in the setting up of an enterprise that operates on boots-on-the ground There are a variety of ways to make a capital-investment to be able to become a citizen of Turkey.
The most important consideration to consider is how much you need to invest.
The current number is $500,000. You can put that amount into the account as a deposit to an Turkish bank.
The three options for the capital investment to obtain the acquisition of Turkish citizenship through the investment are:
Fixed capital investment is confirmed through the Ministry of Industry and Technology
Fixed deposit in one of the Turkish banking institution for at least of 3 years, confirmed by the banking regulation
A government bond with a minimum of 3 years. Confirmed through the Ministry of Treasury and Finance
It is also necessary to keep your investment for at least 3 years. This is very small for CBI. CBI world.
What is your most effective option? – FOREIGN INVESTORS
We offer our tips regarding Turkish nationality by investment – Invest into real estate to get your Turkish nationality. It’s not just because we say this because it’s the most affordable amount of money that will be required to join the Turkey citizenship through investment program.
Turkish citizenship through real estate properties is an option that makes the most sense to an international investor.
You can complete the whole process of establishing a company and hiring 50+ employees. However, you have to be extremely hands-on in managing your business or hire an individual you trust to run it on your behalf.
You can put $500,000 in an Turkish bank account or in government bonds however, why add more complexity to things?
Put money into real estate and rent it, then see the value increase and take it off the market three years later. Turkish citizenship is available to you.
Despite its rising popularity among expats and its comparatively excellent standing on the global market, Costa Rica has been losing points in the World Bank’s Ease of doing Business Index.
After being ranked 67th in 2018, it’s now 74th most likely due to bureaucracy.
One could argue it is Costa Rica is very much driven by processes rather than by resultsas is the case for many countries that aren’t Western.
However, it’s a highly safe and stable political country, perhaps the most secure in the Latin American region in those terms.
So, if there are commercial opportunities Don’t let a tiny bureaucracy stop you.
STEP-BY-STEP TURKISH CITIZENSHIP APPLICATION PROCESS
Are you convinced you need a Turkish passport for your portfolio? Let’s discuss how you can get it done in practical terms.
The process typically lasts just 4 months and does not require you to learn Turkish or undergo a formal interview or any other type of interview.
There is no requirement to live in Turkey. Family members of all your members (spouse and children under 18 years of age) can also obtain Turkish citizenship if you fulfill all requirements for the main applicant.
The entire process can be carried out on the web, or if prefer to complete the process personally, you can travel to Turkey for a three-day trip and buy the property and then return with your deed title. It’s extremely simple.
Keep in mind that during the process, plenty of paperwork will be required. Apostilles, official translations, notary certifications, photos… It is best to leave it all for a certified professional. It’s certainly not your intention to be keeping up with all of it.
Nationalities restricted to travel: Armenia, Cuba, Nigeria, North Korea, and Syria.
What you have to complete for Turkish citizenship investment. For the sake of showing the procedure it’s best to assume that you’re choosing through the real estate option (the process for other investment types is quite similar).
1. SEARCH AND BUY A PROPERTY
This is the investing part of the procedure. There are several small steps that comprise the bigger process, like obtaining a tax registration number. It is also necessary to create the Turkish bank account if you want to purchase a home in Turkey. Then, the search for property can begin.
We have a comprehensive article which will provide you with all the details concerning investing in Turkish real estate, including all of the taxes that you should know about and where it’s best to look to buy an apartment.
2. OBTAIN A CERTIFICATE OF ELIGIBILITY
If you’ve gone to the real estate market you’ll need obtain a Certificate of Eligibility for your investment.
In other words, it needs to be judged to have fulfilled the requirements set out by the law. In case of real estate, you’ll be required to file a claim with the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization.
That’s a mouthful. Imagine having to deal with this by yourself it’s a real pain. It’s best to get help from a local source. We can help point you to the correct direction.
3. OBTAIN A RESIDENCE LEASE
You have to be a legal resident at the time when you begin the application process to obtain citizenship. You must also obtain an residence permit once you’ve invested to be eligible for a Turkish passport.
Usually, it is given after the application form for the residence permit has been filled out along and accompanied by the Conformity Certificate and the real estate investment approval. The process can take three to four working days, or a one week maximum, making it among the fastest procedures for obtaining a residence.
There is no need to stay or even live in Turkey prior to becoming a resident. However, applicants must attend the interview in person once.
In order to obtain a residence permit, the applicant has to remain in Turkey for an indefinite period of 3 months prior to the time they are issued a permit card.
Basically, it’s just an formality with another hoop to get through. The good news is that Turkey can make it a particularly easy one.
4. LODGE AN APPLICATION FOR CITIZENSHIP
The last step of the process – applying for citizenship. As soon as your residence permit is issued then you will be able to submit your paperwork in the Provincial Directorate of Census and Citizenship
Technically, this could be completed all in one day.
The most exciting thing of all? You are not required for physical presence in Turkey at any point in the course of the process or in order for the final decision to be made. The interview is not required to be conducted also. The Turkish language requirement isn’t exclusive to you.
In essence, you drop off your paperwork and travel home with your title deed on hand. expect a passport in the mail in about 4 months.
A Turkish passport is valid for 10 years, so you won’t be needing to renew it anytime soon.
OTHER methods to OBTAIN TURKISH CITIZENSHIP
There are numerous ways to apply for a second (or the next) passport.
There are alternative methods to obtain Turkish citizenship even if the investment route doesn’t seem to be the one you’re seeking. But there are a lot more hoops to jump through.
If marriage is on the cards for you, marrying the Turkish citizen could make you qualified for the Turkish passport. Certain requirements need to be fulfilled but there are some requirements.
The marriage must last for at least 3 years, and then undergo the process where the commission determines if your marriage is genuine and legal.
It is also possible to apply for a descent based application and exceptional circumstances, however the process can be extremely lengthy and time-consuming.
THE PROS OF TURKEY CITIZENSHIP BY INVESTMENT
As we mentioned in the first paragraph of this article we felt that the Turkey citizenship-by-investment program wasn’t something to be looking at when it first began.
What is the reason they would charge so much , $1 million for a passport of tier C? A Turkish passport isn’t comparable with many other passports offered by jurisdictions which offer CBI, e.g. countries of the Caribbean.
However, tier C does not automatically mean a bad pass. Tier C is a term for passports that are not able to gain entry into the US as well as the Schengen countries. Additionally, you will have access to almost all areas of Asia, South America, and the Caribbean Islands.
Also, not many are willing to give up their citizenship from the west only to become Turkish. It is, however, an excellent passport to use as an element of a portfolio or in conjunction with my “Belt and Suspenders” strategy.
If you’re an investor who enjoys real estate, and has money sitting around, and wants to expand their global options, Turkey is a good deal.
Let’s take a look at the many benefits that Turkish citizenship can bring:
You can generate income through your real estate investment. Rent your property once you buy it and turn profits while you’re at it. There’s no restriction.
Travel to more than 110 countries without visas. Many countries in the world have agreements bilaterally with Turkey to provide a travel system that does not require visa prior. These include Japan, Mexico, South Korea, and pretty much the entirety of Latin America. So, if you’re looking to acquire a western-friendly passport and add on to it, without having to spend much dollars, it’s an appealing idea to apply for the Turkish passport.
Relocate from Turkey to UK. If you’re a Turkish citizen, you are able to live and work in the UK very quickly. It is necessary be able to obtain a Business Person visa, make the move in the future, and eventually, you could even be granted British citizenship if you so prefer.
Work in the USA. Another Western country that’s open to businesspeople coming from Turkey is United States. If your dream is to relocate quickly to America You can make use of to apply for the E-2 investment visa in order to start started.
Prospective visa-free travel to the EU. Turkey together with EU are closer to striking a deal that will allow visa-free travel between two than ever before. It’s a real possibility, very soon. Turkey has already fulfilled almost all of the criteria already.
You don’t have to declare your wealth. Some countries with CBI programs will make you declare all of your global assets to be eligible. Turkey has your privacy top of mind.
Health care coverage is free for all members of your family members. If you’re a Turkish citizen has the right to access public medical help free of charge, for the members of your household as well as you. While public health services in Turkey isn’t top-of-the-line quality you’d want however it’s an excellent alternative.
Favorable inheritance law. You don’t have to worry about your heirs ‘ having the right to inherit your real estate in the event of your passing. Turkey’s laws protect your legal heirs and ensure that the property will be passed down to them.
THE CONS OF TURKISH CITIZENSHIP by investing
There aren’t many disadvantages for Turkish citizenship as one may imagine. With changes made to the program to make it more appealing to foreign investors as well as investors from abroad, the Turkey citizenship by investment program is among the best out there at the moment.
There are a few difficult points that you do have to comprehend But, it is not impossible.
Turkey is still a developing country , and it has its own set of challenges. The cultural and socioeconomic implications of that affect your daily life aren’t all that numerous.
That is, if you’re not a resident of Turkey You’re not likely to care about the quality of their roads or their education.
The only time it will become significant, it begins to impact your investment.
You’re looking for a stable, stable government and a stable political environment in which to put your money. Turkey is a little uncertain regarding this.
Erdogan is President Erdogan certainly has been ruled by his fist tightly, and has eroded freedoms and human rights at times. There are some personality traits that make Erdogan more than one of the heads of states around the world.
And don’t forget, there was a coup attempt to topple the government through those in the Turkish Armed Forces just back in the year 2016. Even though that didn’t succeed but who’s to say that it isn’t likely to be repeated?
Overall there aren’t any obvious or practical drawbacks to having Turkish citizenship. However, do keep in mind that there is risk involved when you invest in a country like this.
WHAT HAPPENS NEXT
We think it’s safe to believe that this year’s year will be record-breaking for Turkish citizenship by investment program. Just recently, Chinese agents have caught wind of Turkish citizenship by investment program and have begun to travel to Turkey eager to tell their clients back home all about it.
Its main proposition remains its simplicity as well as its potential real estate market. Investors are able to visit Turkey for a short period of time and get into the program, then receive an identity card and be officially an official Turkish citizen. Your children will become Turkish citizens as well.
In fact, Turkey gives you a lot of options. Turkey is a safe haven for people from less moderate Middle East countries and other countries where people need to have a Plan B.
Are you thinking about trying to obtain Turkish citizenship? Perhaps this article has struck a chord and you’re thinking about it?
We always recommend you do your due diligence.
The information we’ve included in this article cannot be substituted for professional and actual advice, as always.
Changes in laws, rules become outdated, and even your personal situation could change. In the case of Turkey, that’s particularly true.
Three changes could throw a wrench into working order: The possible raising of the investment threshold and the possibility of the possibility of travel from Turkey as well as the EU without the need of visas as well as the increasing property price in Turkey.
Prime Property Turkey
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