Whether you’re after a new place to live, more travel options or a ‘Plan B’ alternative to your home country, a second passport opens all these doors.
It can be a great asset to help build your dream international lifestyle and many countries are now making it simple for investors to obtain their passports.
One of those countries is Turkey.
Turkey’s Citizenship-by-Investment (CBI) program didn’t raise many eyebrows when first introduced in 2017.
However, significant changes have occurred since then, and now it’s one of the more popular CBI programs worldwide.
It’s one we frequently recommend to nomadic investors and entrepreneurs looking for guidance in matters of international diversification.
Below, we’ll explore how the Turkey Citizenship-by-Investment program works, who is likely eligible, and the paths available to obtain a Turkish passport.
Turkey Citizenship-by-Investment Program Overview
The Turkey CBI program is regarded as one of the most accessible routes to a second passport.
If you have US$400,000 to invest in the Turkish economy, there’s every chance you’ll qualify for the program.
There are six investment options to choose from, although some require more capital:
- Fixed capital investment: Invest a minimum of US$500,000
- Buy immovable property: Purchase property worth at least US$400,000
- Provide employment: Employ at least 50 people
- Deposit money: Deposit a minimum of US$500,000
- Buy real estate investment trust shares or venture capital investment trust shares: Invest at least US$500,000
- Private pension fund: Contribute at least US$500,000.
Whichever route you choose, you can expect to get your hands on a Turkish passport and all the benefits that come with it within 7-8 months.
You don’t need to spend any time in Turkey to maintain your citizenship and there’s no need to learn Turkish or study the country’s history or culture for a later exam.
In many ways, this is the ultimate quick and easy second citizenship.
Benefits Of Getting Turkish Citizenship
Among the many benefits of having a Turkish passport are:
- Live and work in Turkey indefinitely: You’re free to put down roots anywhere in this up-and-coming nation.
- Visa-free travel: A Turkish passport permits you to travel to 70 countries visa-free, another 51 nations with a visa-on-arrival and a further 7 with eTA (electronic Travel Authorisation).
- Bring your dependents: Your spouse and all dependents under 18 can apply for Turkish citizenship in the same application.
- Multigenerational citizenship: Not only can your current children come with you, but future children can inherit your Turkish citizenship, ensuring future generations benefit from your investment.
- Dual citizenship is permitted: There’s no need to renounce any other citizenships you may have.
- Easier access to the US: Depending on your current nationality, a Turkish passport could offer you relatively easy access to live and work in the United States, as Turkey is an E2 visa treaty country.
Requirements and Eligibility for Turkish Citizenship-by-Investment
There is a short list of nations that aren’t eligible to apply for Turkish CBI, including countries like:
- Armenia
- Syria
- Cuba
- North Korea
In addition to barring applicants from these countries, Turkey discourages anyone with a criminal record.
Everyone else should be able to apply successfully, provided they have the money to invest and follow the process correctly.
As mentioned above, Turkey offers six investment routes to citizenship through its CBI program. Below, we’ll explore these and the key regulations to be aware of.
1. Real Estate/Buy Immovable Property
Arguably the cheapest option and most stable CBI option, the real estate avenue offers protection against the volatility of the Turkish Lira.
To be eligible for the CBI process, you must invest at least US$400,000 in Turkish real estate, which could be any house, apartment, land, or commercial property within Turkish borders.
You can buy multiple properties, but they must be based in the same region and bought on the same day in order to count toward the US$400,000 minimum investment.
Unlike many other CBI programs, the properties don’t need to be pre-approved by any organisation. This makes it much easier to make a profitable investment, as the prices of pre-approved properties in these schemes tend to be inflated.
There is a caveat here, though – like many other countries, Turkey requires you to retain ownership of your properties for at least three years to maintain your citizenship.
2. Bank Deposit
You can deposit $US500,000 worth of Turkish Lira into a Turkish bank account to be eligible for Turkish citizenship.
For you to keep your citizenship, the money must remain in the account for three years. You can expect to earn decent interest on your deposit during this time, but you’re also relying on the Turkish economy, or at least the currency, to remain stable until you can withdraw it.
3. Invest In A Local Business
With a US$500,000 investment in a Turkish business or venture capital fund, you can apply for Turkish CBI. Again, you’ll need to maintain your investment for three years.
4. Invest In Government Bonds
A government bond is an alternative form of capital investment that’ll make you eligible for Turkish citizenship. Once again, you’ll need to invest at least $US500,000 for at least three years.
5. Start A Business In Turkey And Create 50 Jobs
This might be an attractive alternative for those with an entrepreneurial mindset. No minimum investment is required, although your business will need to create 50 jobs for Turkish citizens. You can sell your share of the business after three years.
6. Invest In A Private Turkish Pension Fund
The funds must remain invested for at least three years. The three-year minimum investment period on all these options is generous, as many other CBI programs require you to invest your funds for at least five years.
Application Process For Turkish CBI
The application process for Turkish CBI varies, depending on your chosen route.
Either way, you’ll be required to provide substantial proof of your investment and proof of identity, among various other personal documents.
Once you’ve made your investment and obtained suitable proof, your next step will involve applying for a Turkish residence permit – you won’t be granted Turkish citizenship without it.
As part of your residency application, you’ll need to travel to Turkey to provide fingerprints and complete a residency interview. Once your documents are submitted, it usually takes a week to confirm your residency.
However, you’ll also need to complete an interview in Turkey as part of your citizenship application, which will likely extend your stay there. In the past, we’ve seen clients buy Turkish property and complete both interviews in a two-week trip to Turkey.
At this point, it’s simply a case of waiting for the Turkish immigration team to process your application.
In our experience, this wait usually lasts several months, so you should expect the entire process to take between eight and nine months.
Is Turkey CBI Right For You?
It’s likely to be a record-breaking year for applications to Turkey’s CBI program, as tens of thousands of applicants have been attracted to the benefits of Turkish citizenship.
That doesn’t mean it’s the best investment of time, effort and money for everyone.
Turkey isn’t a European Union member, and, despite years in the EU waiting room, there seems little chance of joining any time soon due to its internal politics.
An attempted military coup on the Turkish government failed in 2016, but a question mark still hangs over its political stability. Plus, your children may have to complete military service if they become Turkish citizens.
And yet… there are exemptions to military service and a Turkish second passport, depending on your current passport, could make it much easier to relocate to the UK and the US, with opportunities to obtain businessperson and investor visas, respectively.
Privacy in financial matters is a notable perk, as Turkey doesn’t require you to declare global wealth. Furthermore, Turkish citizens enjoy free medical care and more secure inheritance laws than in other parts of the world, ensuring a safety net for your family.
So, it really comes down to personal needs.
If you’re looking for easy access to the European Union, you might prefer to indulge in Malta’s Naturalisation (MEIN) program, which is arguably just as simple as Turkey’s.
Similarly, if your main interests are a strong passport and a lower investment figure, it might be worth exploring a CBI program from one of the Caribbean nations.
Still, there’s a lot to love about Turkey and much to commend its CBI program – which is why it’s one of the most popular, or at least the most profitable, in the world.
There are many factors to consider when choosing your ideal second passport. That’s why so many investors choose to work with our experts to develop a holistic plan based on their unique situation and goals.
Our Turkey Citizenship by Investment Ultimate Guide provides a more detailed view of our thoughts on the Turkish Citizenship-by-Investment program.
