Turkish Citizenship by Investment

Did you know that Turkish citizenship can be obtained through a $250,000 investment in real estate? Naturally, real estate is becoming a very popular way of obtaining residency and citizenship. While Turkey is not the only country offering citizenship by investment, it is offering one of the most attractive Golden Visa programmes globally.

In this article, we will clarify how you can get the Turkish residency and citizenship, and what its benefits are.

Turkish Citizenship by Investment

Part of the Top 10 Rankings

Turkey introduced its citizenship by investment program in 2016. What sets it apart? Why is it consistently part of the Top 10 Citizenship by Investment Rankings? In particular, the real estate route is particularly attractive for investors. So, what are the requirements?

Citizenship investment requirements – $250,000

Essentially, the required investment limit for the citizenship programme is $250,000 through real estate investment. You may also get it through a bank deposit, or a capital investment, however in such a case the required investment is twice higher:

Lowered From $1 Million to $250,000

When Turkey initially introduced its citizenship by property investment programme, the investment figure was set at $1 million. But the law (known as The Ankara Agreement) was amended in September 2018 to a $250,000 investment, which is about 10% of the cost of obtaining British residency. The amended legislation also means investors can obtain a Turkish passport and no longer need to reside in Turkey to obtain residency.

The Benefits of Turkish Passport

Turkish passport holders are able to travel visa free (or visa on arrival) to 110 countries worldwide.  Turkish citizens are also eligible to apply for US residency via its E-2 Investor Visa Programme. Applicants need to invest in and own at least a 50% share in a US business to be eligible. Although there is no minimum investment required, a figure of around $120,000 is advised in order to guarantee a successful application. The whole process takes approximately 3 months, after which applicants are issued with a 5-year residency visa with unlimited renewals.

Thanks to The Ankara Agreement, Turkish citizens are also able to apply for a UK business visa via the Turkish Businessperson Visa Programme. To be eligible, applicants need to start a new business in the UK or be part of an existing business. The visa is initially granted for a year with an option to extend it for a further 3 years. There is then the possibility of remaining in the UK indefinitely after having resided in the country for 5 years. The process to obtain Turkish citizenship and the UK business visa takes around six months. 

Turkish Citizenship Application Process – 5 Steps

So how does the application work, to obtain your Turkish citizenship? It is a five-step process:

1. Your personal circumstances are evaluated by an immigration advisor and a suitable investment option is selected. Dependents may be added to the residency application at this stage.
2. All necessary documents are checked for compliance. Documents include birth certificates, residence permit/tourist visa, marriage certificate, tax receipt for applications, document showing investment completion.
3. Before proceeding with the application for citizenship, a Turkish bank account needs to be opened and the investment completed (eg title deed transfers).
4. Investors can apply for citizenship once the residence permit is granted. Physical presence is not required and a residence permit will be issued on the day of application.
5. A passport will be issued within 60 days and applicants can enjoy all the benefits that come with Turkish citizenship.

Benefits of Turkey’s Citizenship by Investment Programme:

To summarize, the benefits of Turkey’s Golden Visa programme, or better said citizenship by investment programme, are:

• property investment of just $250,000 or more (one or multiple properties can be purchased)
• fast application process (passports are normally granted within 60 days)
• residency can be obtained remotely
• worldwide travel (110 countries including Japan and Qatar)
• good potential returns (option to re-sell in 3 years and high rental yields)
• fast relocation to the UK and US (via the E-2 Investor Visa Programme and Turkish Businessperson Visa Programme)
• entire family are eligible (including spouses and children under 18)
• valid for life (property can be transferred to descendants)

Turkish Property Market

More foreigners are investing than ever before

Whether you are purchasing property as a second residence, or as a straightforward investment, Turkey offers a wide range of modern apartments and luxury seafront villas, at competitive prices compared to other countries in Europe. Investors can benefit from a good rental income and are able to re-sell after 3 years.

The number of property sales to foreign buyers has grown significantly in Turkey in recent years due to the amendments that made it easier to obtain citizenship via real estate investments as well as ongoing campaigns launched by developers and banks. According to the Turkish Statistical Institute (TurkStat), the number of houses sold to foreigners in the first quarter of 2020 increased by 11% to 11,068.

Istanbul, Antalya, Ankara, but also Alanya, Kalkan, Bursa, Trabzon, Fethiye, Marmaris and many more

The country’s most populous city, Istanbul (the country’s business and cultural centre), has consistently been the top choice for foreign buyers, followed by Antalya (for its tourism industry, and beauties) and then Ankara (for its political importance).

Recent research by the US-based international real estate investment company Remote Ventures placed Turkey in 14th place out of 200 in a list of the most advantageous real estate markets, ahead of Spain and Portugal. It highlighted features such as low property prices, low cost of living, low income taxes, low transaction costs, steady growth rate and a healthy tourist sector.

If you’re not sure about which places to look at, consider some of the hotspots for foreign investors:

• Istanbul
• Antalya
• Fethiye
• Ankara
• Izmir
• Bursa
• Kalkan
• Trabzon
• Bodrum
• Marmaris

In case you need a refresh on Turkey’s geography, have a look at the map below.

The Turkish Lira

The Turkish Lira is the official currency of Turkey and it has fluctuated quite a bit in the past months. Therefore, timing is key for buying Turkish real estate. A 30% depreciation in value of the Lira means a 30% discount on a future home. The ongoing pandemic has also seen prices in Turkey depreciate as is the case in most real estate markets. As a consequence, many great investment opportunities are now available for buyers in possession of foreign currencies.