Turkish Citizenship by Investment

For some time, we were quite sceptical about the Turkish citizenship by investment program, as the Turkish passport is not particularly strong in terms of visa-free travel. Compared to the Caribbean passports, which offer visa-free access to the UK and the Schengen Area, Turkish citizenship lacked similar advantages.

The situation changed dramatically in March 2022 amid the conflict in Ukraine and the virtual collapse of the citizenship by investment market in Russia. All Caribbean countries with passport programs, as well as almost all European states offering so-called golden visa schemes, stopped accepting applications from Russian and Belarusian nationals. This led to a sharp reduction in available programs, while demand from Russia grew rapidly.

In these circumstances, Russian investors reasonably concluded that there is no such thing as too many passports, resulting in a surge of demand for Turkish real estate and citizenship. Against this backdrop, Türkiye became the main beneficiary of redirected foreign direct investment from the Russian citizenship by investment market.

Below is a summary of the Turkish citizenship by investment program.

Financial Conditions
Foreign nationals who meet any of the following criteria are eligible to obtain Turkish citizenship:

  • Made a minimum investment of USD 500,000 in fixed capital, confirmed by the Ministry of Economy.
  • Acquired real estate worth at least USD 400,000 with a restriction on the title deed not to sell the property for at least three years. This investment must be confirmed by the Ministry of Environment and Urbanization.
  • Created employment for at least 50 people, confirmed by the Ministry of Labour and Social Security.
  • Deposited USD 500,000 in a Turkish bank with a restriction not to withdraw the funds for at least three years, confirmed by the Banking Regulation and Supervision Agency.
  • Purchased government bonds worth at least USD 500,000 with the condition not to sell them for three years, confirmed by the Turkish Treasury.
  • Invested at least USD 500,000 in a private pension scheme, with funds held for three years in accounts designated by the Insurance and Private Pensions Regulation and Supervision Agency.

All investments must be made in Turkish lira. The effective selling rate of the Central Bank of the Republic of Türkiye on the investment date is used to determine the applicable transaction values.

Questions & Answers

Q: Is there a minimum residency requirement for Turkish citizenship, either before or after receiving it?
A: There is no residency requirement before or after obtaining citizenship. Successful applicants receive full Turkish citizenship, identical to that of citizens by birth.

Q: Apart from the service costs listed on your website, what additional expenses are involved when obtaining citizenship through real estate purchase?
A: Türkiye levies a 3% property transfer tax. For a USD 400,000 purchase, this equals USD 12,000. Other typical costs include: notary fee USD 120, notarized translation USD 380, legalization USD 200, health insurance USD 50, residence permit and residence card fees USD 350, and passport fee USD 500. The total administrative expenses amount to approximately USD 1,600.

Q: Who can be included in a single citizenship application?
A: The main investor may include a spouse and children under 18 years of age in the same application.

Q: Must all personal assets be declared to Turkish authorities, as is the case with many Caribbean programs?
A: No. Turkish tax and immigration authorities do not inquire about global assets or financial status. It is assumed that funds transferred into Türkiye through the banking system have already been verified by the banks.

Q: Which regions of Türkiye offer the best prospects for real estate investment?
A: Istanbul remains Türkiye's largest and most profitable real estate market. Izmir has also seen significant property appreciation in recent years. The capital, Ankara, and the southern city of Antalya host large foreign communities. Particularly promising is the area surrounding Istanbul’s new international airport, the largest in Europe, expected to serve approximately 200 million passengers annually once completed. This largely undeveloped area presents potential opportunities for investment in assets such as hotels.

Q: How attractive is the bank deposit option compared to real estate investment?
A: Under the deposit-based option, an investor places USD 500,000 (in Turkish lira) in a Turkish bank for three years. This is a simple and transparent route that allows a straightforward exit. Three years after receiving citizenship, the investor may withdraw funds without affecting their citizenship status. However, we consider real estate investment a more secure option. Inflation in Türkiye is high, and since the deposit must be held in Turkish lira (foreign currency deposits are not accepted for citizenship purposes), the real value of the deposit may decline more than that of real estate.

Professional Services

At Elma Capital, we cooperate with reputable construction companies and immigration lawyers in Türkiye  and are ready to assist you in acquiring citizenship by investment at the best available market conditions. If you have any questions, please contact us today.