Turkey’s Citizenship by Investment (CBI) program offers a unique opportunity for foreign investors to obtain Turkish citizenship. If you’re considering this route, here’s a detailed guide on how to get Turkish citizenship by investment.
Understanding the Program
Launched in 2017, the Turkish Citizenship by Investment program allows foreign nationals to acquire Turkish citizenship by making a significant investment in the country. The most popular option is real estate investment, but other avenues include bank deposits, capital investments, and government bonds.
Investment Options
1. Real Estate Investment:
Invest a minimum of $400,000 in residential or commercial property.
2. Bank Deposit:
Deposit at least $500,000 in a Turkish bank for a minimum of three years.
3. Capital Investment:
Make a fixed capital investment of at least $500,000 in a Turkish company.
4. Government Bonds:
Purchase government bonds worth at least $500,000 and hold them for three years.
5. Job Creation:
Create employment for at least 50 Turkish citizens.
Eligibility Criteria
• Age:
There is no age restriction for applicants.
• Clean Criminal Record:
Applicants must have a clean criminal record.
• Health:
No specific medical examination is required, but applicants must be in good health.
• Legal Stay:
There is no requirement for prior residence in Turkey.
Step-by-Step Process
1. Choose Your Investment:
Decide on the type of investment that suits your financial capacity and preferences. Real estate is the most common choice due to its potential for appreciation and rental income.
2. Make the Investment:
Complete the investment as per the chosen option. For real estate, ensure the property is officially registered and meets the minimum value requirement.
3. Obtain a Residence Permit:
Apply for a short-term residence permit, which is necessary before applying for citizenship.
4. Submit Citizenship Application:
Gather and submit all required documents, including proof of investment, a valid passport, and a clean criminal record.
5. Approval and Citizenship:
Once the application is approved, you will receive Turkish citizenship and can obtain your Turkish passport.
Required Documentation
• Proof of Investment:
Documents showing the purchase or deposit meeting the investment threshold.
• Valuation Report:
For real estate, an independent valuation report confirming the property’s worth.
• Bank Receipts:
Proof of payment or deposit made.
• Title Deed:
For property investments, the title deed registered in your name.
• Residence Permit:
Proof of obtaining a residence permit.
• Criminal Record:
A clean criminal record certificate from your home country.
Benefits of Turkish Citizenship
• Visa-Free Travel:
Turkish passport holders enjoy visa-free or visa-on-arrival access to over 110 countries.
• Geopolitical Advantage:
Turkey’s location at the crossroads of Europe and Asia offers significant business and travel advantages.
• Lifestyle and Culture:
Turkey is known for its rich cultural heritage, pleasant climate, and high quality of life.
• Economic Opportunities:
Turkey’s growing economy offers numerous investment opportunities in various sectors.
Tax Considerations
• No Inheritance Tax:
Turkey does not impose inheritance tax on foreign property owners.
• Double Taxation Treaties:
Turkey has agreements with many countries to avoid double taxation, benefiting investors with international income.
Popular Investment Locations
• Istanbul:
Known for its cultural and economic significance, Istanbul offers high rental yields and property appreciation.
• Antalya:
Famous for its tourism and beautiful beaches, making it ideal for holiday homes and rental properties.
• Bodrum:
A luxury destination with a vibrant expat community and upscale properties.
• Ankara:
The capital city, offering steady growth and investment potential.
Challenges and Considerations
• Legal Advice:
It’s essential to engage with a reputable legal advisor to navigate Turkish property laws and ensure compliance with regulations.
• Market Fluctuations:
Real estate prices can fluctuate; conducting thorough research is crucial.
• Language Barrier:
While many professionals speak English, knowing some Turkish can be beneficial.
Future Prospects
The Turkish Citizenship by Investment program is expected to remain attractive due to its strategic benefits and competitive investment requirements. As Turkey’s economy continues to grow, the advantages of Turkish citizenship are likely to increase.
In conclusion, obtaining Turkish citizenship by investment is a viable and attractive option for foreign investors. With its relatively low investment threshold, diverse investment options, and strategic benefits, the program offers a straightforward path to Turkish citizenship. Whether you’re interested in real estate, banking, or business investments, Turkey provides a welcoming and lucrative environment for investors.
