Turkey’s citizenship by investment program increased the minimum investment to $250,000 to $400,000 effective June 13th, 2022.
Three years ago, we weren’t sure that the Turkish citizenship investment scheme was going to be that significant. It was just announced in January 2017 and with the entry price of at the minimum of $1 million. Unsurprisingly, there weren’t many interested buyers.
The Turkish government recognized that they had overvalued their passport , and lowered the minimum investment requirement up to $250,000 by the middle of 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 accepted for Turkish citizenship through investments every month. In addition to spouses and children and Turkey has granted citizenship to more than 20,000 people since the inception of the program only three years three years ago.
Furthermore, Turkey brings in an average of $250 million per month from foreign investors. This amounts to $3 billion in annual earnings.
No other RCBI program comes close.
Subsequently, the sheer popularity of the program has caused some public concerns in Turkey and the minimum investment requirement . It was raised between $250,000 and $400,000.
What is a CITIZENSHIP ADVESTMENT PROGRAM?
If you’re unsure of what the citizenship by investment scheme is all about, allow us to bring you on the right track.
An CBI is a program set up by a national government to encourage foreign investment. They do so by granting citizenship to investors who make a particular amount of money in the country through one of the various pre-approved investments.
While in this article, we’re talking about the Turkey citizenship through investment program, many other countries around the globe provide CBI programs.
For example, you can invest $1+ million in Malta and receive a passport, which will grant you visa-free entry to nearly all countries in the world.
Or, you could opt for the offshore haven of St Kitts and Nevis and be able to become a citizen for just $150,000.
There are no limits to the options available and vary widely, but a few things are always the same:
You must invest or ‘donate an amount that is pre-determined. money
The asset classes that you are permitted to invest in are also pre-defined
You will receive a passport in return
Why is Turkey?
But why would you want a Turkish passport, in the first place? What is the strength of a Turkish passport?
Turkey is a huge country that lies on its way across the Euroasian continent, with one foot in the Western European world and one foot in the Middle East. Also, with a total country with a population that is 78million with a median age of 31.5 and an estimated life expectancy of 76, Turkey is a highly active country that is an mixture of the cultures.
Turkey is an industrialized nation that produces everything from televisions to household appliances.
Turkey is a great country with a lot of factors, including its younger population, the place of birth, and its rising market status, among many other reasons which make it an attractive country for investors to take on.
Turkey is a member of the G20 and NATO and NATO, and is an applicant in the race for EU membership. It’s no secret that it is a regional economic powerhouse , and also the 16th-largest economy.
It is also one of the best rates of GDP per capita when compared to other countries that provide the best investment in citizenship.
But it’s certainly not a blanket of flowers. Turkey does face many issues just like every country.
The troublesome neighbor that is a war-torn Syria to the southwest, its hostile relations with its other neighbor Armenia the Turkish currency that has been hit to the ground in recent years, their ties with Russia the Russian president Recep Tayyip Erdogan’s dictatorial ambitions… This list goes on.
The fact that it was only in 2016 there was an attempted coup d’etat that took place in Turkey shows that it’s an country that could change at any moment.
A word of caution. If you intend decide to make a bet in Turkey and then obtain its passport, it’s best to be prudent to closely monitor the political and socio-economic developments there.
If you prefer, get a professional to do it for you . The Nomad Capitalist crew is always there to help.
THE TURKEY CITIZENSHIP PROGRAM BY INVESTMENT
The Turkey citizenship by investment is one of the most straightforward methods to get a second passport out there and has even simpler rules to attract the investment of foreign investors.
Since January 17, you can buy your way to Turkish citizenship.
Its basis is the nation’s Citizenship Law, Act No. 5901, as well as in Regulation 2016/9601. Regulation 2016/9601, adopted and signed into law in the Council of Ministers (i.e. also known as the Cabinet).
MAIN BENEFITS of TURKEY CITIZENSHIP through investment
Turkish citizenship can be passed down to your children
Explore more than 110 countries including Japan and the entirety of Latin America
Access to work and live in the USA as well as UK as Turkish citizens. Turkish citizen
Apply for citizenship and get it within 4 months.
All of your dependents that are younger than 18 years of age will receive citizenship.
Select from 6 options to obtain your passport
THREE WAYS TO GET TURKEY CITIZENSHIP by investing
Place $400,000 in real estate in Turkey
Transfer some of the work to a lower cost country.
Deposit $500,000 in the account of a Turkish Bank account
If you’re looking to obtain Turkish citizenship through the purchase of property, here’s your comprehensive answer. The Investment Office, under the jurisdiction of the Presidency of the Republic of Turkey, has laid out three ways for foreigners to get Turkish citizenship by investment.
1. ASSIGNING A PROPERTY
The most appealing aspect of Turkey citizenship through investment is getting Turkish citizenship by buying properties. With the fall of the lira property options are plentiful and they are cheap for foreign buyers.
It is necessary to invest $400,000 in real estate in Turkey to become eligible for the passport. There are no limits on the property you purchase. It could be a house as well as an apartment, land, or a house choose whatever you think makes the most financial sense to you.
There’s no pre-approval required for properties , as you’d find with other CBI programs, where real estate market is often overpriced.
Historically speaking, real estate in Istanbul will double in value in 5-10 years. So if you’re looking to purchase, rent and hold over long time, this is the perfect alternative to get a passport.
There are some minor rules that you must be aware of, but. If you’re looking to buy multiple properties, both of which together 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 then I’m going to buy something on the coast for $10,000.”as long as both properties combined were priced at least $400,000.
Each of your properties must also be registered on the same date to be counted toward the required $400,000.
Apart from the requirement to keep the property for a minimum period of three years, that is all there is to it.
2. CREATING JOBS
Have you ever wanted to start a company abroad ? Or do you already have already established a business and wish to transfer some of the labor to a cheaper country? If so, then creating jobs on the Turkish market in exchange for citizenship could be a desirable possibility.
At the time when the CBI program was first introduced, you needed to employ 100 employees. This requirement has been halved.
Basically, if you can establish a company and employ at least 50 employees, you will become eligible to apply for a Turkish passport.
There’s a good chance that you’ll need legal advice and assistance in dealing with the business world in Turkey. Plus, setting up an organization, managing payroll, and everything that comes with expenses.
It’s difficult to determine exactly what your total investment will be, but we’d only suggest this option for people who plan on operating a legitimate business in Turkey in the long run.
3. MAKING A CAPITAL INVESTMENT
If you prefer not to be tied to real estate or set up an enterprise that operates on boots-on-the ground, there are multiple ways you can make a capital investment to gain citizenship in Turkey.
The most important consideration is to know how much you’ll need to spend.
The current number is $500,000. You can put that amount in as a deposit in a Turkish bank.
The three options available for capital investment needed to get the Turkish citizenship by investment include:
Fixed capital investment confirmed through the Ministry of Industry and Technology
Fixed deposit in an Turkish banking institution for at least of three years, which is confirmed by the banking regulations
Bond issued by the government for a period of 3 years, confirmed through the Ministry of Treasury and Finance
It is also necessary to keep your purchase for a minimum of three years, which is very small in CBI. CBI world.
WHAT IS YOUR BEST OPTION? – FOREIGN INVESTORS
We offer our tips on Turkish citizenship through investment – Invest into real estate to get your Turkish nationality. It’s not just because we say 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 option that makes the greatest sense for an investor from abroad.
Sure, you could take on the entire task of starting a business and employing 50+ people. But , you’ll need to be pretty hands-on to run your company or have someone you can trust run it for you.
You could put $500,000 into the account of a Turkish bank account or in government bonds however, why add more complexity to things?
Invest in real estate, rent it, then see it increase in value and sell it three years after. Turkish citizenship is yours.
Despite its popularity among expats, and its relatively excellent standing on the global world stage, Costa Rica has been being a lagging country in the world bank’s Ease of doing Business Index.
After being ranked 67th in 2018, the country is now ranked 74th most likely due to bureaucracy.
One could say the fact that Costa Rica is very much process-driven , not results-drivenas is the case for many countries that aren’t Western.
However it’s a very safe and stable political and socially stable country perhaps the best in the Latin American region in those terms.
So, if you can see potential business opportunities in the area, don’t let a little bureaucracy keep you from taking it.
STEP-BY-STEP TURKISH CITIZENSHIP APPLICATION PROCESS
Are you convinced that you should have you have a Turkish passport to add to your portfolio? Let’s discuss ways that you can achieve it in a practical way.
The process of applying for the job typically takes just four months and it does not require you to master any Turkish or take part in a formal interview or any other type of interview.
There is no requirement to live in Turkey. Everyone in your family (spouse and kids under 18 years of age) are also eligible for Turkish citizenship if you meet the criteria as the primary applicant.
The whole process can be completed remotely, or if you’d prefer to conduct the transaction in person , then you can go to Turkey to take a three-day vacation and purchase the real estate and return with the deed title. It’s really simple.
But, remember that throughout the entire process, plenty of paperwork will be needed. Apostilles, official translations and translations, notary certifications, photographs… It is ideal to leave everything to a professional who is certified. It’s certainly not your intention to keep track of all that.
Restricted nationalities: Armenia, Cuba, Nigeria, North Korea, and Syria.
Here’s what you’ll need to complete to gain Turkey citizenship by investment. In the interest of showing the procedure, we’re just going to assume you’re going the real estate route (the procedure for other investment types is very similar).
1. SEARCH AND BUY A PROPERTY
This is the investing part of the process. There are several small steps that comprise the main one, like getting an tax registration number. You should also open the Turkish bank account in case you wish to purchase a property in Turkey. Then, the property search might begin.
This article is extensive that will inform you regarding investing into Turkish real estate. It will also cover all of the taxes that you need to know about as well as the best places to search to buy an apartment.
2. OBTAIN A Certificate of ELIGIBILITY
If you’ve chosen to go to the real estate market you’ll need receive an Eligibility Certificate for your investment.
Also, it needs to be deemed as having fulfilled the criteria set forth in the law. In case of 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.
That’s an enormous amount of food. Imagine navigating that by yourself which is a real hassle. It’s best to have local help. We’ll help you navigate the right way.
3. OBTAIN A RESIDENCE PERMIT
You must be a legally resident at the time you apply for your citizenship. Therefore, you need to obtain a residence permit when you’ve made an investment in order in order to qualify to be eligible for a Turkish passport.
Usually, it is issued after the application form to obtain a residence permit is completed along alongside the Conformity Certificate and the real estate investment approval. The process can take three to four working days or a maximum of a week, making it one of the speediest process for residence.
There is no requirement to remain or even reside in Turkey before becoming a resident. However, applicants must attend the interview only once.
In the application for a residence permit applicants must stay within Turkey for an indefinite period of three months until they receive their permit card.
It’s really just a formality and another hoop to leap through. However, Turkey can make it an easy task.
4. SUBMIT AN APPLICATION TO CITIZENSHIP
The last step of the process is actually applying for citizenship. Once your residence permit is granted then you will be able to submit your documents to the Provincial Directorate of Census and Citizenship
Technically, it could be accomplished in the same day.
The best part of all? There is no requirement to physically be present Turkey at any time throughout or following the process in order to have a decision made. There is no requirement for an interview to take place as well. The Turkish language requirement isn’t specific to you.
In essence, you take off the documents and travel home with your title deed and expect to receive a passport through the mail in about four months.
It is important to note that a Turkish passport lasts for 10 years, which means you won’t be needing to renew it in the near future.
OTHER ways to OBTAIN TURKISH CITIZENSHIP
There are numerous ways to apply for another (or the next) passport.
There are alternative methods to get Turkish citizenship If the investment route isn’t the one you’re seeking. There are, however, numerous hoops to cross.
If a marriage is in the cards for you, then marrying with a Turkish national may mean that you’re eligible to obtain the Turkish passport. Certain conditions need to be fulfilled but there are some requirements.
You must be married for at least 3 years. After that, you must go through an examination in which an independent commission decides if your marriage is valid and valid.
You may also apply for a descent based application and special circumstances, but the process is very long and demanding.
THE PROS OF TURKEY CITIZENSHIP BY INVESTMENT
As we mentioned in the beginning of this article We were of the opinion that the Turkey citizenship by investment program wasn’t something to be looking at at the time it was launched.
Why do they have to charge this much , $1 million for a tier C passport? A Turkish passport simply doesn’t stand up to the majority of other passports issued by countries that provide CBI, e.g. countries of the Caribbean.
Tier C does not automatically mean a bad passport. Tier C is a term of passports that don’t have entry into the US and the Schengen countries. Additionally, you will have access to the majority areas of Asia, South America, and the Caribbean Islands.
Also, not many will be giving up their western citizenship only to become Turkish. It’s a good passport to use as part of your passport portfolio or to use 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 many benefits that Turkish citizenship has to offer:
Earn money through your real estate investment. Rent your property as soon as you buy it and turn profit while you’re doing it. There’s no limit.
You can travel to over 110 countries with no visa requirement. A lot of countries in the world have agreements bilaterally with Turkey to establish a travel policy that doesn’t require a visas prior to. This includes Japan, Mexico, South Korea and basically every country in Latin America. If you’re looking to obtain your existing western-friendly passport , and add to it, without having to spend a lot of dollars, it’s an interesting idea to submit for a Turkish passport.
Relocate in the UK. As an Turkish national, you can reside and work in the UK fairly easy. You’ll need the application for a Business Person visa, apply for the move in the future, and eventually, you could even be granted British citizenship if you opt for it.
Working in the USA. Another Western country that is open to business professionals from Turkey is the United States. If your dream is to move quickly to the United States, you can use this E-2 investment visa in order to start started.
Prospective visa-free travel to the EU. Turkey and the EU are closer to striking a deal to allow visa-free travel between the two than they have ever been. It’s a real possibility, and it’s coming soon. Turkey has already fulfilled almost all of the conditions already.
You don’t need to declare your wealth. Some countries that offer CBI programs require you to declare your entire world-wide wealth in order to apply. Turkey places privacy at the top of the list.
Medical assistance is provided for the entire members of your family. If you’re a Turkish citizen, you’re entitled to health care services that are free of expense, for you and your family members. While public health services in Turkey isn’t of the top-level quality you’d want but it’s a fantastic alternative.
Favorable inheritance law. It is not necessary to be concerned about your heirs not being able to inherit the property in the event of your passing. The laws in Turkey ensure your legal heirs are protected and ensure that the property will be passed down to them.
THE CONS OF TURKISH CITIZENSHIP by investing
There aren’t as many negatives for Turkish citizenship as one would think. With the recent changes made to the program to make it more attractive to foreign investors as well as investors from abroad, the Turkey citizenship by investment program is one of the most attractive programs available at the moment.
There are a few difficult issues to comprehend, however.
Turkey is a still developing country and that presents its own unique challenges. The cultural and socioeconomic implications of that affect your daily life aren’t all that numerous.
In other words, if you don’t live in Turkey, you’re not going to care about the standard of their roads, or their education.
The only time it will become significant, it begins to impact your investment.
You want a stable government and a secure political environment where you invest. Turkey is a bit uncertain in this regard.
Turkey’s President Erdogan certainly has been ruled by the utmost vigilance, defying human rights and freedoms at times. Erdogan has a few characteristics of a dictator that have made him more of a friend than one of the leaders of the states of the world.
And don’t forget, there was an attempted coup to take over the government by The Turkish Armed Forces just back in 2016. Even though that didn’t succeed Who can guarantee it can’t happen again?
Overall, there aren’t any obvious and practical negatives of having Turkish citizenship, but be aware the risk when you invest in a state like this.
WHAT COMES NEXT
We’re able to believe that this year’s year will be a record year for the Turkish citizenship by investment program. Only recently, the Chinese agents have heard of the Turkish Citizenship by Investment program and are now flocking to Turkey eager to tell their clients back at home all about it.
The most important thing is its simplicity, as well as the promise of the real estate market. Investors can visit Turkey for a short period of time and then be accepted into the program. After that, they will receive an identity card and be officially an officially Turkish citizen. Your children will also become Turkish citizens too.
In fact, Turkey gives you a variety of choices. It’s a safe place for those who are from the less developed Middle East countries and other nations where people wish to have a backup plan.
Have you thought about applying for Turkish citizenship? Maybe this article has got you thinking about it and you’re contemplating it?
We always recommend you make sure you do your homework.
The information we’ve included in this article cannot be substituted for professional and actual advice, which is always available.
Laws get changed, requirements change, and even your own personal circumstances could alter. With Turkey, that’s particularly true.
Three changes could throw a spanner in working order: The potential increasing of the investment threshold in Turkey, the possibility of allowing travelling between Turkey with the EU without the requirement of an visa and the rising property prices in Turkey.
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