Türkiye offers a pathway to citizenship for investors through its Citizenship by Investment Program. This program provides several advantages, including the possibility of acquiring a Turkish passport, which comes with various rights and privileges.
Vladlena Baranova, Lawyer, AML Compliance officer at Immigrant Invest, certified CAMS specialist, will explore the legal basics of Turkish citizenship, focusing on the obligations, rights, and benefits it grants to investors.
What is Turkish citizenship by investment?
Turkish citizenship by investment allows foreign investors and their families to obtain Turkish citizenship by making an eligible investment in the country starting at $400,000. This program is designed to attract international investors by offering them a fast-track route to citizenship. The Turkish government introduced this option to boost the economy and create more business opportunities for foreign nationals.
Investors can choose from different investment options, such as real estate purchases, bank deposits, or business investments. Once the investment is made, and the necessary requirements are met, citizenship can be granted within eight months.
9 benefits of Turkish citizenship
- Visa-free travel. Turkish passport holders can travel to over 100 countries without a visa. This includes access to many countries in Europe, Asia, and the Middle East.
- Dual citizenship. Turkey allows dual citizenship, which means investors do not need to renounce their current nationality when applying for Turkish citizenship.
- Family inclusion. Investors can include their spouse and children under 18 in their application.
- Access to healthcare. Turkish citizens enjoy access to the country’s high-quality healthcare system, which includes both public and private medical services.
- Education opportunities. With Turkish citizenship, children can attend public schools and universities in Türkiye at domestic rates.
- Right to live and work. Turkish citizenship provides the right to live, work, and operate a business within the country.
- Attractive tax regime. Turkey has tax treaties with many countries, and its tax system is designed to be investor-friendly, with incentives for international businesses.
- Strategic location. Turkey’s position between Europe and Asia offers significant advantages for trade, travel, and business.
- Economic stability. Turkey’s growing economy and large domestic market make it an attractive place for investors seeking to expand their operations or make profitable investments.
Turkish citizenship requirements
To qualify for Turkish citizenship by investment, applicants meet certain criteria set by the Turkish government. The most common investment routes include:
- Real estate investment. Investors purchase real estate in Türkiye valued at a minimum of $400,000. The property must be held for at least three years before it can be sold.
- Bank deposit. Investors can make a deposit of at least $500,000 in a Turkish bank for a minimum of three years.
- Business investment. Applicants can also invest in a Turkish business or start a new one, creating jobs for at least 50 Turkish citizens.
- Government bonds. Another option is purchasing government bonds worth at least $500,000, which must be held for three years.
- Fund units purchase. Investors buy units in an investment fund for at least $500,000 and get passive income.
These investments must be made through approved channels, and the investor is obliged to provide the necessary documentation to verify the legitimacy of the funds.
How to apply for Turkish citizenship by investment
The process of applying for Turkish citizenship by investment involves several steps:
- Choose an investment option. Investors first decide which investment option they wish to pursue, such as buying real estate, making a bank deposit, or investing in a business.
- Make the investment. Once the investment option is selected, the investor completes the necessary financial transactions.
- Apply for residency. After the investment is made, the investor and their family can apply for Turkish residence permits. This is a crucial step before applying for citizenship.
- Submit the citizenship application. With the residency permits in place, the investor can submit their application for citizenship. The application is reviewed by the relevant Turkish authorities.
- Approval and naturalisation. If all requirements are met, Turkish citizenship will be granted within a few months, and the investor will receive their Turkish passport.
It is important to note that the entire process can take as little as eight months, making it one of the fastest citizenship by investment programs available.
Turkish passport renewal process
Once an individual has obtained Turkish citizenship and received their passport, it is important to understand the process for renewing it when necessary. Turkish passports are typically valid for 10 years. To renew a Turkish passport, one must:
- Apply for renewal. The applicant should visit the Turkish consulate or embassy in their country of residence to begin the passport renewal process.
- Submit required documents. Proof of citizenship, such as the current passport, along with any additional documents required by Turkish authorities, must be provided.
- Pay the fee. A renewal fee is required, and the amount may vary depending on the type of passport and the location of the application.
- Wait for processing. Once the application and documents are submitted, it typically takes a few weeks to process and receive the new passport.
The renewal process is straightforward and ensures that Turkish citizenship can be maintained without interruption.
Conclusion
Turkish citizenship by investment offers investors a range of benefits, from the ability to travel visa-free to accessing a favourable tax regime and enjoying high-quality healthcare and education. The process is relatively simple, and the requirements are clear, making it an attractive option for those seeking to expand their opportunities globally.