Turkish Citizenship by Investment: The Passport Guide

Looking for an attractive second passport that provides access to Europe and Asia?

Turkey’s popular citizenship by investment program allows foreigners to obtain Turkish citizenship relatively quickly and easily by purchasing real estate. With a minimum investment of just $400,000, it’s one of the most cost-effective options available.

Since the program’s launch in 2017, over 25,000 foreign investors and their families have become Turkish citizens through real estate investment.

Turkey’s CBI program brings in around $250 million per month on average, or $3 billion annually – more than any other citizenship by investment scheme in the world.

In this guide, we’ll break down everything you need to know about getting a Turkish passport, including benefits, requirements, application process, and an overview of Turkey’s real estate market.

Let’s dive in!

Why Get Turkish Citizenship?

There are many compelling reasons to pursue Turkish citizenship:

• Visa-free or visa-on-arrival access to over 110 countries, including Japan, Hong Kong, Singapore, and all of South America
• The ability to live and work in the UK by applying for a Turkish Businessperson visa
• Eligibility for the US E-2 investor visa after being domiciled in Turkey for 3 years
• Access to high quality free healthcare for you and your family as Turkish citizens
• Citizenship in a strategically located country that bridges Europe and Asia and acts as a key regional business and transportation hub
• A mild Mediterranean climate, beautiful scenery, and overall high standard of living

Turkey also has a young, dynamic population of 85 million people with an average age of just 31.8.

Despite its rapidly depreciating currency, the Turkish economy surpassed $1 trillion in GDP for the first time in 2023 cementing its status as an emerging market powerhouse.

Investment Options and Requirements

To qualify for Turkish citizenship, you must make one of the following economic contributions:

• Purchase at least $400,000 worth of property in Turkey
• Invest a minimum of $500,000 in fixed capital
• Deposit at least $500,000 in a Turkish bank account
• Invest at least $500,000 in government bonds
• Invest at least $500,000 in a real estate investment fund or venture capital fund
• Contribute at least $500,000 to a private pension system for 3+ years
• Create 50+ jobs as confirmed by the Ministry of Labor

As a whole, the real estate investment option is the most popular route by far.

You are required to hold the real estate for a minimum of 3 years in order to retain your Turkish citizenship.

It provides the lowest minimum investment amount at $400,000. There are no restrictions on the type of property, whether an apartment, house, or land.

You can also purchase multiple properties as long as the total value exceeds the minimum.

One important rule is that any properties purchased must be located in the same geographical area of Turkey. You cannot, for example, buy one in Istanbul and another elsewhere in the country.

All properties must also be registered on the same day to count towards the citizenship investment.

After making your investment, you are required to hold the real estate for a minimum of 3 years in order to retain your Turkish citizenship.

But there are no physical stay requirements, so you don’t actually need to live in Turkey.

The Application Process

Applying for Turkish citizenship by investment is a relatively quick and straightforward process, typically taking just 3-5 months from submission to approval. Here’s a step-by-step overview:

1. Choose your preferred investment route (real estate or otherwise)
2. Apply for a residence permit for yourself and any family members
3. Open a local Turkish bank account
4. Prepare all required documents, including applicable certifications and translations
5. Make the qualifying investment/contribution in Turkish lira
6. Submit a completed application to the government
7. Visit Turkey in person to provide biometrics for the residence permit
8. Await approval and issuance of citizenship documents (usually 3-5 months)
9. Apply for your Turkish passport

Some key things to note:

• The main applicant can include a spouse, dependent children under 18, and any disabled adult children living with them on the same application
• There is no Turkish language or interview requirement
• You must use a local bank account and make the investment in Turkish lira, even though the amount is based on USD
• Gift and inheritance taxes apply to worldwide assets of Turkish citizens, so it’s important to seek professional tax advice

Turkey’s Economy and Real Estate Market

Turkey is the world’s 17th largest economy, driven by its strategic location, young workforce, and growing manufacturing base.

GDP per capita increased by 4.5% in 2023 as the economy surpassed $1 trillion for the first time.

The Turkish property market, especially in Istanbul, presents attractive opportunities for foreign investors.

Prime city center properties in Istanbul are some of the most affordable in Asia. Historical data shows values can increase dramatically over a 5-10 year period.

However, Turkey’s lira has depreciated over 1000% in that time. It’s worth keeping in mind that, when you invest in a country, you’re also making a bet on its currency.

The real estate market, especially in Istanbul, presents attractive opportunities for foreign investors.

At the same time, the Turkish lira has depreciated significantly in recent years.

Other economic and political risks include high inflation, and tensions with neighboring countries like Syria and Armenia. The failed military coup attempt underscores the potential for instability.

For these reasons, obtaining Turkish citizenship is appealing more for the passport itself rather than as an investment.

Many view it as an attractively-priced “backup plan” rather than a place to park significant capital.

Is Citizenship by Investment in Turkey a Good Idea?

There’s no denying that Turkey’s citizenship by investment program offers excellent value for money. Especially when compared to other CBI and residence options in Asia.

For a real estate investment in Turkey of at least $400,000, applicants can obtain a Turkish passport in just a few short months. It’s the most cost-effective CBI program available in a country of Turkey’s size and strategic importance.

The Turkish passport provides access to 110+ countries visa-free, including major Asian destinations like Japan, Singapore and Hong Kong. It’s a relatively strong travel document, but doesn’t have access to the Schengen area.

Citizens can also apply for the US E-2 investor visa and UK Turkish Businessperson visa, opening up pathways to live and work in those countries.

You won’t have visa free access to the “anglosphere” or the EU by default though. That’s one of the main negatives of traveling on a Turkish passport.

While Turkey’s economy faces some geopolitical challenges, the real estate market still presents interesting opportunities, especially in Istanbul.

The country has a rising population of 85 million which will continue to grow. Combined with ongoing urbanization, real estate values in Turkey may continue to climb over the long-term.

But for most investors, the main draw is the citizenship and passport benefits rather than potential returns.

If you’re looking for an affordable Plan B passport that expands your global mobility and business options, Turkey’s CBI program is definitely worth considering.

As always, be sure to consult with reputable professional advisors to evaluate if it’s the right fit for your personal situation and goals.

Turkey does have a history of changing the minimum price on its citizenship program every few years, and on short notice. Consider moving forward sooner rather than later if you’re truly interested.

FAQs: Turkish Passport by Investment