The Turkey’s citizenship-by-investment program raised the minimum investment from $250,000 to $400,000 effective June 13th, 2022.
In the past three years, we weren’t sure that Turkish citizenship through investment going to be a huge deal. They had just launched it in January 2017 and had an entry cost of at minimum $1 million. There weren’t a lot of users.
The Turkish government realized they had grossly undervalued their passport and reduced the required investment to $250,000 by mid-2019. It was then one of the most popular passports in the 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 lower, about 800 applicants are accepted for Turkish citizenship through investment every month. In addition, spouses and children and Turkey has granted citizenship to nearly 20,000 citizens since the beginning of the program only three years ago.
Furthermore, Turkey brings in an average of $250 million every month from foreign investors. This amounts to an astounding $3 billion in annual earnings.
No other RCBI program is even close.
The popularity of the program has caused some public pressure in Turkey to raise the investment minimum requirement. The amount was increased by $250,000 up to $400,000.
What is a CITIZENSHIP INVOLVEMENT PROGRAM?
If you’re unsure of what a citizenship by investment plan is, then let us get you acquainted.
The CBI is a plan put in the name of a government in order to attract foreign investment. They do this by providing citizenship to those who invest a certain sum in the country through one of the many investment options that are approved by the government.
Although in this piece we’re talking about the Turkey citizenship through investment, many other nations around the world provide CBI programs.
For instance, you could invest $1 million in Malta and obtain a passport, which will grant access to visa-free almost every country in the world.
Or, you could choose to go offshore to the island located in St Kitts and Nevis and get its citizenship by investing a mere $150,000.
The options are endless and can vary greatly, however there are a few elements that remain the same:
You must either invest or donate an amount that is pre-determined. money
The asset classes that you can be a part of are pre-determined.
You will get a passport upon return
Why would you need an Turkish passport in the first in the first What’s the durability of the security of a Turkish passport?
Turkey is a huge country that is located on between the Euroasian continent, with an ear in the Western European world and one foot in the Middle East. And, with a population of 78 million with a median life expectancy of 31.5 and an estimated life expectancy of 76, Turkey is a highly lively country and a real blend of different cultures.
Turkey is a recently industrialized country that manufactures everything from televisions to home appliances.
Turkey has a number of great factors, including its younger population, the location, and its emerging market status, among several other factors which make it an interesting country for investors to take on.
Turkey is a member of the G20 and NATO in addition to being a candidate of EU membership. It’s no secret the fact that it’s a regional engine and also the world’s 16th largest economy.
It also has among the top GDP rates per capita when compared to other nations that have the best citizenship by investment.
But it’s not all a blanket of flowers. Turkey has many issues just like every country.
The troublesome neighbor is currently a war-torn Syria in the south, their hostile relations with their other neighbor Armenia and Armenia, their Turkish currency, the lira, that’s crashed badly in the last couple of years, their ties with Russia as well as President Recep Tayyip Erdogan’s dictatorial aspirations… It’s a long list that is endless.
The fact that just in 2016 there was an attempted coup d’etat which took place in Turkey is a sign of a country where things could alter at very short notice.
Also, a word of caution. If you plan make an investment in Turkey and get its passport, it’s best to be prudent to closely monitor the political and socio-economic developments there.
You could also have a professional do it for you . The Nomad Capitalist team is ready to help.
THE TURKEY CITIZENSHIP BY INVESTMENT PROGRAM
The Turkey citizenship through investment is one of the easiest methods to get a second passport out there, with even easier rules to get international direct investments.
Ever since January 2017, you can buy the necessary items to obtain Turkish citizenship.
Its basis is the nation’s Citizenship Law, Act No. 5901, and also in the Regulation 2016/9601, which was promulgated and signed into law through the Council of Ministers (i.e. in the Cabinet).
MAIN BENEFITS OF TURKISH CITIZENSHIP INVESTMENT
Turkish citizenship can be passed down to your children
Visit over 110 countries which includes Japan and the entirety of Latin America
You can work and live in USA or UK as Turkish citizens. Turkish citizen
Request your citizenship and you will receive it in 4 months
All of your dependents under 18 years old will get citizenship
Choose one of six routes to get your passport
Three routes to obtain Turkish CITIZENSHIP INVOLVEMENT
Place $400,000 in real estate in Turkey
Transfer some of the work to a less expensive country.
Fund $500,000 to the account of a Turkish Bank account
If you’re thinking of how you can gain Turkish citizenship through the purchase of property, then here’s your complete guide. The Investment Office, under the presidency of the Republic of Turkey, has provided three options on how foreigners can obtain Turkish citizenship through investment.
1. ASSIGNING A PROPERTY
The primary benefit of Turkey citizenship by investment is that you can obtain Turkish citizenship by purchasing property. The lira’s value has dropped dramatically the real estate market is abundant and cost-effective for foreign buyers.
You need to invest $400,000 in real estate in Turkey to get a passport and there are no restrictions on what you purchase. It could be a home or apartment or even land – do whatever will make the most sense financially for you.
There’s no pre-approval required for properties , as you’d find with other CBI programs where the real estate is typically priced too high.
Historically speaking, real estate in Istanbul will double in value in 5-10 years. So if you’re looking to buy, rent, and then hold over long time and want to save money, this is the best opportunity to earn a second passport.
There are some regulations you need to follow, but. If you’re looking to buy several properties, all of which would give your investment at least $400,000.
In other words you could say “I’m going to purchase one in Istanbul for $300,000. the next time I’m buying something along the coast for $10,000.”as long as both properties combined were for at least $400,000.
All of your properties must register on the same day , in order to be considered towards the mandatory $400,000.
Besides the requirement to hold the property for a minimum of three years, that’s all there is to it.
2. CREATING JOBS
Have you always dreamed of starting a business abroad or do you have a business already and want to outsource some of the labour to a less expensive country? Do you want to create jobs in the Turkish market in exchange for citizenship could be a good possibility.
At the time when the CBI program was launched, you needed to employ 100 employees. The amount has been cut to half.
In essence, if you establish a company and employ at least 50 employees then you are eligible for an Turkish passport.
You’ll probably need some legal advice and assistance in how to navigate the business world in Turkey. Additionally, setting up the company, running payroll, and all that comes with its own costs.
It’s difficult to determine exactly what your investment will be, but we’d suggest this method to people who are set on running an authentic business in Turkey for the long-term.
3. MAKING A CAPITAL INVESTMENT
If you prefer not to be tied to real estate or set up a boots-on-the-ground business There are numerous ways to make a capital investment to get citizenship in Turkey.
The most important thing here is the amount you need to invest.
The current number is $500,000. You can put that amount into a savings account at an Turkish bank.
The three options available for capital investment for the Turkish citizenship by investing are:
Fixed capital investment is confirmed through the Ministry of Industry and Technology
Fixed deposit at one of the Turkish bank for a minimum period of three years, which is confirmed by the banking regulation
Government bond for a minimum of 3 years. Confirmed through the Ministry of Treasury and Finance
You also need to maintain your purchase for a minimum of 3 years. That is very short within the CBI world.
What is the best option for you? – Foreign INVESTORS
Follow our suggestions on Turkish citizenship through investment – Invest into real estate for your Turkish citizenship. This isn’t just a matter of saying that because it’s the lowest amount of money you need to invest to take part in the Turkey citizenship through investment program.
Turkish citizenship through real estate property is the choice that makes the most sense to an investor who is an international one.
Yes, you can go through the entire process of establishing a company and hiring 50+ employees. However, you have to be a bit hands-on in running that business or have an individual you trust to run it for you.
It is possible to put $500,000 into an Turkish bank account, or even into government bonds, but why add complexity to things?
Put money into real estate and rent it, then see the value rise before you take it off the market three years later. Turkish Citizenship is now yours.
Despite its rising popularity among expats and its high standing on the global market, Costa Rica has been declining in the World Bank’s Ease of doing Business Index.
After being ranked 67th in 2018 it’s now at 74th most likely due to bureaucracy.
One could say the fact that Costa Rica is very much process-driven rather than results-driven — and that’s true of most non-Western countries.
However it’s a very safe and stable political country, perhaps the most secure in the Latin American region in those terms.
So, if you can see business opportunities there Don’t let a tiny bureaucracy keep you from taking it.
THE STEP-BY-STEP TURKISH CITIZENSHIP the APPLICATION PROCESS
Are you convinced you need the Turkish passport for your passport portfolio? Let’s discuss ways that you can accomplish this in a practical way.
The process typically takes only four months, and doesn’t need you to study any Turkish or take part in a formal interview of any kind.
Neither is there a requirement to live in Turkey. Family members of all your members (spouse as well as children who are under 18 years old) can also obtain Turkish citizenship if they meet all requirements for the main applicant.
The entire process can be done online, but if you’d prefer to complete the process in person you can go to Turkey for a trip of three days where you’ll purchase the property, and return with your deed title. It’s extremely simple.
However, keep in mind that throughout the process, lots of paperwork will be required. Apostilles, official translations, notary certifications, photos… It’s ideal to leave everything for a certified professional. It’s not a good idea to keep an eye on all of that.
Nationalities that are restricted: Armenia, Cuba, Nigeria, North Korea, and Syria.
Here’s what you need to do in order to obtain Turkey citizenship by investment. In the interest of clarifying the process, we’re just going to suppose that you’re using to the real estate investment route (the procedure for other investment types is extremely similar).
1. FIND AND BUY A PROPERTY
This is the part that involves investing of the process. There are many smaller steps that make up the main one, like getting an identification number for tax purposes. You should also open the Turkish bank account if you want to purchase a home in Turkey. After that, your search for a property could begin.
We have a comprehensive article that will give you the complete details about investing in Turkish real estate, and will cover all of the taxes that you need to know about as well as the best places to search at apartments.
2. OBTAIN A CERTIFICATE OF ELIGIBILITY
If you’ve taken the real estate route it is necessary to be able to obtain a Certificate of Eligibility for your investment.
Also, it needs to be judged to have fulfilled the criteria set forth in the law. For 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 an impressive mouthful. Imagine having to deal with that all by yourself too – real headache. It is best to are assisted by a local expert. We’ll be able to guide you in the right direction.
3. OBTAIN A RESIDENCE PERMIT
You need to be a resident of the country at the time when you begin the application process for citizenship. You must also obtain a residence permit when you’ve made the investment to be eligible as a candidate for a Turkish passport.
Normally, this will be granted after the application form for the residence permit has been completed along alongside the Conformity Certificate and the approval for real estate investment. The process will take between three and four working days or a week at most, making it one of the speediest residence processes.
There is no requirement to live or stay in Turkey prior to becoming a resident, but the applicant has to attend the interview in person once.
In the application for a residence permit the applicant is required to reside at Turkey for an indefinite period of 3 months prior to the time they get their permit card.
It’s really just an officiality, and another hoops to jump through. However, Turkey makes it an extremely simple one.
4. LODGE AN APPLICATION FOR CITIZENSHIP
The last step of the journey – actually applying for citizenship. When you have been granted a residence permit then you will be able to submit your documents at the Provincial Directorate of Census and Citizenship
Technically, it could be done within the same day.
And the best news of all? You are not required for physical presence in Turkey anytime either during or after the process in order to have a decision made. Interviews are not required to take place or be conducted. The Turkish requirement for language isn’t specific to you.
In essence, you drop off the paperwork and return home with your title deed on hand. you can expect to receive your passport in the mail within the next four months.
An Turkish visa is good for 10 year, which means you won’t be needing to renew it in the near future.
OTHER methods to OBTAIN TURKISH CITIZENSHIP
As with any other passport, there is a variety of ways to get another (or later) passport.
There are alternative ways to get Turkish citizenship If the investment route isn’t what you’re looking for. There are, however, numerous hoops to go through.
If a marriage is in the cards for you, then marrying with a Turkish national might mean you’re eligible to obtain a Turkish passport. Certain conditions need to be fulfilled, however.
You have to be married for at least three years and then go through an process by which a commission determines whether your marriage is real and valid.
It is also possible to apply in the context of descent and other exceptional circumstances, but the process is extremely long and time-consuming.
THE PROS OF TURKEY CITIZENSHIP BY INVESTMENT
As we stated in the beginning of this article We were of the opinion that the Turkey citizenship through investment program was not much to look at at the time it was launched.
Why do they have to charge this much – $1 million – for a passport of tier C? A Turkish passport simply doesn’t stand up to the majority of other passports issued by countries that provide CBI, e.g. countries in the Caribbean.
However, tier C does not automatically mean a bad pass. The term “tier C” is for passports that don’t have acces to US and the Schengen countries. Besides that, you have access to the majority regions of Asia, South America, and the Caribbean Islands.
In addition, not all would be willing to surrender their citizenship in western countries to be Turkish. It’s an excellent passport that can be used as part of your passport portfolio or as part of my “Belt and Suspenders” strategy.
If you are an investor who enjoys real estate, has cash in the bank, and is looking to expand your options globally, Turkey is a good deal.
Let’s take a look at the various pros that Turkish citizenship has to offer:
You can generate income from your real estate investment. You can rent your property after you have purchased it and earn a profit while you’re at it. There’s no restriction.
Travel to 110+ countries visa-free. Many countries in the world have bilateral agreements with Turkey that provide travelers with a system which does not require a visa prior. This includes Japan, Mexico, South Korea as well as pretty much the entirety of Latin America. If you’re planning to take your current western-friendly passport , and add to it, without having to spend a lot of dollars, it’s an interesting idea to submit for the Turkish passport.
You can move from Turkey to UK. If you’re a Turkish citizen, you are able to live and work in the UK fairly effortlessly. You will need in order to get a Business Person visa, apply for the move to the UK, and later obtain British citizenship if you decide to do so.
You can work in the USA. Another Western country that’s open to business people that originate from Turkey can be found in the United States. If you’re hoping to move to the US quickly using to apply for the E-2 investors visa for getting underway.
The possibility of visa-free travel to the EU. Turkey and the EU are closer to reaching a compromise for visa-free travel between two than at any time before. It’s a very real possibility real soon – Turkey has already fulfilled almost all of the conditions.
You don’t have for you to disclose your assets. Certain countries that have CBI programs will make you declare all of your world-wide wealth in order to apply. Turkey keeps your privacy top of mind.
Medical assistance is provided for the entire of your family members. If you’re an Turkish citizen, you’re entitled to public medical help free of cost, for both those in your immediate family. Sure, public health in Turkey isn’t of the top-level quality you’d like but it’s a good backup plan.
Favorable inheritance law. You do not have to worry about your heirs not having the right to inherit your real estate in the event of your passing. Turkey’s laws fully safeguard your legal heirs and will ensure that your estate passes to them.
The negatives of TURKISH CITIZENSHIP ARISING FROM INVESTMENT
There aren’t as many cons for Turkish citizenship as one may think. With changes to the program that make it more appealing to foreign investors and investors, the Turkey citizenship through investment program is one of the most popular at the moment.
There are some challenging points that you do have to comprehend but.
Turkey is a still developing nation and comes with its own challenges. The socioeconomic and cultural effects of that affect your daily life aren’t too numerous.
In other words, if you’re not a resident of Turkey then you’re unlikely to care about the standard of their roads or their education.
The only time it will become significant is when it starts to impact your investments.
You want a steady government and a stable political environment in which to put your money. Turkey is a bit shaky in this regard.
President Erdogan certainly has ruled with the utmost vigilance, defying human rights and freedoms sometimes. He has dictatorial tendencies , which have made him more than a friend of leaders of the states of the world.
Don’t forget that there was an attempted coup to topple the government by members of the Turkish Armed Forces just back in the year 2016. While that failed, who’s to say it won’t ever happen again?
All in all there aren’t any obvious or tangible disadvantages to acquiring Turkish citizenship but do be aware the risk when investing in a growing state such as this.
What happens next
We’re able to believe that this year’s year is going to be the record-breaking year for the Turkish citizenship by investment program. Since the last few days, Chinese agents have been informed of Turkish citizenship by investment program and have begun to flock to Turkey eager to tell their clients back home about it.
Its primary selling point is its simplicity and the promising real estate market. Investors can visit Turkey for a short period of time and get into the program. After that, they will receive a passport and officially become a Turkish citizen. Your children will also become Turkish citizens as well.
Indeed, Turkey gives you a variety of choices. 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 applying for Turkish citizenship? Perhaps this article has touched you and you’re thinking about it?
We always recommend you do your due diligence.
The information we’ve included in this article should not be substituted for actual and professional advice, as always.
As laws are changed, regulations get outdated and even your personal circumstances might change. And with Turkey, that’s particularly true.
Just now, three changes could throw a spanner in this process: the potential raising of the investment threshold, the implementation of traveling between Turkey with the EU without the requirement of an visa and the increasing property prices in Turkey.
The Turkey’s citizenship-by-investment program raised the minimum investment from $250,000 to $400,000 effective June 13th, 2022.