Turkey Citizenship By Investment:
The Ultimate Guide 2023
-
AUTHOR
Andre Bothma -
LAST UPDATED
January 9, 2023
Looking to obtain Citizenship By Investment in one of the world’s most vibrant and internationally sought after travel destinations? Since its launch in January of 2017, the Turkey Citizenship By Investment (CBI) Program has become one of the top-selling programs of its kind in the world — despite the Turkish passport not offering visa-free access to the EU.
And the reason?
Boasting an affordable minimum investment price tag of $400,000 and minimal government processing fees, a three-year lock-in period and unrivalled value-for-money property, the Turkish CBI is increasingly in demand among foreign investors the world over.
Find out more about the program below, or contact us now for more information.
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Previous iterations of the Turkish citizenship program had far higher investment requirements and consequently never gained significant market traction. In 2018, however, the picture changed dramatically. Presidential decree 418, “Regulation Amending the Regulation on Implementation of Turkish Citizenship Law”, was issued on December 7.
At the time, the decree meant that foreign investors would have various more affordable investment options to gain citizenship in Turkey, including:
The 2018 changes had brought the program pricing in line with that of many popular Golden Visa (residency) programs — and gave it a competitive advantage.
By as early as June 2020, over 9,000 primary applicants and more than 25,000 dependents obtained Turkish citizenship via the program.
This performance made it the most popular program of its kind globally – and by quite some margin.
During the period March to May 2020, during the height of the Covid-19 pandemic, Turkey’s Interior Ministry approved an average of more than 1,300 main applicants per month, raising an estimated $17 million per day in the process.
Additionally, a relative over-supply of real estate, combined with the rapid devaluation of the Turkish lira, has made property in Turkey super cheap.
Consequently, foreign investors were flocking to popular vacation destinations such as Bodrum and Antalya – and Istanbul, in particular, in their thousands.
But since the 2022 price increase to $400,000, demand for the program has cooled somewhat.
Moreover, the Turkish authorities also announced a raft of changes to the program’s rules, effective as of January 1, 2023. These included the following:
Given that the Turkish passport does not grant the bearer visa-free access to the Schengen Area or the UK, the program’s meteoric growth has confounded industry commentators across the board.
Yet in combination, the country’s unrivalled value, low cost of living, natural beauty and strategic location have proven to be massively popular among a far broader audience than Middle Easterners only.
As a result, Turkey has become somewhat of a call option among CBI programs: The country is already super livable and cheap (whereas Caribbean countries are not).
And considering its increasing political and economic clout, chances are that its passport could become a better travel document in the future.
Excellent Plan B destination: Turkey is a beautiful, affordable and highly livable second home country. Whereas many Citizenship By Investment countries are far-flung island nations, making them logistically ill-suited as bolt-hole destinations, Turkey is situated at the intersection of Western Asia and Southeastern Europe.
The country is increasingly drawing international retirees to its shores, with locations like Antalya, Kalkan and Bodrum all boasting growing expat communities.
Unrivalled value for money: An oversupply of recently developed real estate, combined with the devaluing Turkish lira, puts Turkey on sale. Outside of the COVID-19 pandemic, the right investment property in Turkey could also potentially make sense from a rental yield perspective.
What’s more, you’re not confined to government approved off-plan properties; any property can be purchased on the open market. The only requirement is that it must be confirmed to be worth $400,000 or more by a government authorized valuator.
In many instances, applicants opt to purchase a number of properties with a minimum combined value of $400,000 or higher to ensure they meet the valuation requirement without any issues.
Fast application process: Gain Turkish citizenship by property investment in as little as three to four months. (Citizenship and passports are typically granted within 60 days of application submission.)
Short minimum investment period: In order to qualify for Turkish citizenship, applicants are required to hold their $400,000 investment property for only 3 years, compared to 5 years or longer in many other CBI countries.
No additional government donations: Unlike as in Malta or Montenegro, there is no additional – and hefty! – government donations required in order to obtain Turkish citizenship by investment. There are, however, some nominal government processing fees, and service fees can vary significantly from one provider to the next.
Low cost of living: Compared to the US, the cost of living in Turkey is vastly more affordable. According to Numbeo.com’s figures, property rental prices are a staggering 591% lower in Turkey than in the US, while overall consumer goods pricing (excluding rent) is 122% lower in Turkey.
Furthermore, the cost of dining out is 249% lower, with groceries costing 147% less.
So all things considered, opting to retire in Turkey could stretch your retirement savings significantly, compared with the US and a host of other developed countries.
Family eligibility: Bring the family – your spouse, children under 18, and mentally or physically challenged children of any age can be included under your citizenship application.
No minimum stay requirements: The entire application process can be done remotely; you don’t even need to visit Turkey to collect your passports. A reliable service provider could even help you identify and acquire a suitable property remotely.
Moreover, there are no minimum in-country stays required, making Turkey an excellent option as a “back pocket” destination for second citizenship.
E-2 Visa Program eligibility: Turkey enjoys an E-2 Visa Treaty with the US, so obtaining Turkish citizenship can give applicants from non-treaty countries access to the US via this popular visa program. However, thanks to recent legislative changes, you'll now need to hold Turkish citizenship for at least three years before being able to apply for an E-2 Treaty Visa.
Compare ALL 12 Citizenship-By-Investment
Options At A Glance...
This comparison sheet will give you a birds-eye view of the most important things you need to know about each citizenship-by-investment program…
This comparison table will show you…
It could potentially help you save tens or even hundreds of thousands of dollars by picking the best passport for your personal situation at the lowest price…
While the program is highly popular among Middle Easterners, it’s also a great option for Americans, Europeans, Australians, Russians and investors from many Far Eastern countries as well.
As an added benefit, Turkey recognizes dual citizenship, so you don’t need to give up your native citizenship or any of the privileges you currently enjoy in order to gain second citizenship in Turkey.
As of March 2021, applicants under the Turkish Citizenship By Investment Program must meet one the following investment requirements:
Simply complete the below enquiry form to be put in touch with a vetted Turkish citizenship planning expert. We look forward to hearing from you and accept enquiries 24/7, 365.
Property investments starting from $400,000. Fees from $10,000 (excluding 18% VAT). Contact us now for more information.
