Turkey Citizenship

Turkey Citizenship by Investment Program

Launched in 2017, Turkey's CBI program was designed to stimulate foreign investment in the country's economy. The program allows foreign nationals to obtain Turkish citizenship by making qualifying investments, primarily in real estate. Since its inception, the program has evolved significantly, particularly in terms of investment thresholds, making it one of the more dynamic citizenship programs globally.

Investment Options

Real Estate Investment: Investors must purchase real estate worth at least $400,000. The property must be held for a minimum of three years before the investor can sell it.

Application Process

The Turkish CBI process is streamlined, typically taking around 4-6 months from the initial investment to the issuance of a Turkish passport. The process includes the following steps:

1. Preliminary Documentation and Application: The investor gathers all required documents, including passports, birth certificates, clean criminal records, and proof of healthcare coverage

2. Investment: Once the investment is made (e.g., real estate purchase or bank deposit), the investor must submit proof of the investment to the Turkish authorities.

3. Residence Permit: Investors are first granted a residence permit, which allows them to reside in Turkey during the citizenship application process

4. Citizenship Application: After the investment and residence permit are processed, the investor can lodge a citizenship application.

5. Passport Issuance: Once the citizenship application is approved, the investor receives their Turkish passport, typically within four months.

Fees and Costs

In addition to the investment amounts, applicants should be aware of other associated costs:

- Legal and Notary Fees: Approximately $1,000 for a single applicant, with additional fees for family members.

- Application Fees: A standard application fee of around $400, with passport issuance costing an additional $500.

- Taxes: Real estate purchases are subject to stamp duties (4-6%) and VAT (1-18%), although foreign investors may be eligible for VAT exemptions.

Benefits of Turkish Citizenship

1. Visa-Free Travel: Turkish passport holders enjoy visa-free or visa-on-arrival access to over 120 countries, including Japan, Singapore, and Hong Kong

2. No Residency Requirements: Unlike some other programs, Turkey does not require applicants to live in the country to maintain their citizenship.

3. Dual Citizenship: Turkey allows dual citizenship, which is advantageous for those who do not wish to renounce their current nationality.

4. Strategic Location: Turkey's geographic position at the crossroads of Europe and Asia provides significant opportunities for business and travel.

Impact of Recent Changes

The increase in the minimum investment amount to $400,000 reflects Turkey's intention to target higher-net-worth individuals. This change is in line with trends seen in other countries, such as St. Kitts and Nevis, which have also raised their investment thresholds in recent years. The increased requirement is expected to reduce the number of applicants but attract investors with stronger financial profiles.

However, there are concerns about how this price increase will impact the real estate market. Housing sales to foreigners have already been declining, partly due to the aftermath of the 2023 earthquakes and rising housing costs. Whether this new threshold will further dampen foreign interest in Turkish property remains to be seen.

Conclusion

Turkey's Citizenship by Investment program remains a strong option for those seeking a second passport with a relatively fast processing time. Despite the recent price increase to $400,000, the program offers compelling benefits, including visa-free travel, dual citizenship, and a favorable tax regime for foreign investors. However, prospective applicants should consider these recent changes carefully and act promptly to secure their place in the program before further adjustments are made.